Actions Being Taken Now to Position Verity to Return to Profitability by Next Quarter
SUNNYVALE, CA. - 2001-10-29 - Verity, Inc. (NASDAQ: VRTY), a leading provider of infrastructure software that powers enterprise and e-commerce portals as well as e-business applications, said today it will reduce its workforce by 65 employees, or approximately 13 percent of its work force, during its fiscal quarter ending November 30, 2001. This reduction, along with other actions being taken by the company, is intended to position the company to return to profitability by its third fiscal quarter, which ends February 28, 2002.
"Verity's business fundamentals and its long-term prospects for growth and profitability continue to be strong," said Gary J. Sbona, Verity's chairman and chief executive officer. "However, based upon current economic conditions, we believe the actions we are announcing today are necessary and appropriate. As much as we will miss the people affected by this action, it is important for us to align Verity's organization and its expense structure with near-term revenue expectations. These actions are intended to position the company to achieve the objective of returning to profitability in our third quarter, while preserving the infrastructure we have put in place to support our future growth objectives."
Important Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements regarding Verity's objective of returning to profitability in its third fiscal quarter. Actual results could differ materially as a result of many factors, including: the objective was set and determined to be attainable based on assumptions Verity believes to be reasonable, but these assumptions may not prove to be accurate; economic conditions have been weak and may deteriorate, especially in light of recent terrorist activities, which could decrease the demand Verity believes will exist for its products; many of Verity's product orders are large, and a delay in closing a large sale during the third quarter could prevent Verity from being profitable for the quarter; transactions accounting for a disproportionate percentage of Verity's quarterly revenues are frequently closed in the last few weeks or days of a quarter and, accordingly, even a slight delay in the closing of some of these transactions could materially reduce Verity's revenues for the third quarter, which could cause Verity to not become profitable during the quarter; Verity incurs expenses based upon anticipated revenues and, consequently, if the revenues in the third quarter are less than anticipated, Verity may not achieve profitability. These and other risks relating to Verity and its business and products are as set forth in Verity's most recent Form 10-K and Form 10-Q's as filed with the Securities and Exchange Commission.
About Verity
Headquartered in Sunnyvale, California, Verity is a leading provider of business portal infrastructure software. Verity software gives businesses a multitude of ways to improve access to vital information and perform a range of e-business operations, while enhancing the end-user experience. Verity-powered business portals, which include corporate portals used for sharing information within an enterprise; e-commerce portals for online selling; and market exchange portals for B2B activities, all provide personalized information to employees, partners, customers and suppliers.
Verity products are used by 80 percent of the Fortune 50 and by more than 1,500 corporations in various markets. Customers include Adobe Systems, American Greetings, AT&T, Cisco, CNET, Compaq, Dow Jones, EDGAR Online, Caps Gemini Ernst & Young, FairMarket, Financial Times, Globe and Mail, Home Depot, Lotus, NewsEdge Corporation, SAP, Siemens, Sybase, Time New Media and Timex. In 2001, Delphi Group named Verity as the market leader in the portal infrastructure software market.
NOTE: Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc. All other trademarks are the property of their respective owners. World Wide Web site http://www.verity.com.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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