SUNNYVALE, Calif - 2002-09-18 - Verity, Inc. (NASDAQ: VRTY), a leading provider of infrastructure software powering corporate intranets and e-commerce sites as well as e-business applications, today announced the elimination of about 50 positions within the company, or about a 12 percent reduction. This move is being made at this time in order to reduce operating expenses and to position the company to achieve its goal of continued profitability. This action is consistent with the revenue and profitability projections Verity made on its quarterly earnings call on September 12, 2002.
"Verity is acting now to adjust its organizational and expense structure to better deal with the effects of the challenging economic climate in which we continue to operate," said Gary J. Sbona, chairman and CEO, Verity, Inc. "We appreciate the contributions made by the people affected by this reduction. This is a difficult move to make, but one which was necessary, in order to reduce expenses and to position the company to maintain profitability going forward."
The employees affected by this staffing reduction were located in the United States and Canada.
Verity does not expect any material impact from this action on earnings in its second fiscal quarter, ending November 30, 2002. The net benefit from this action will be seen in terms of reduced operating expenses, beginning in Verity's third fiscal quarter ending February 28, 2003.
About Verity
Headquartered in Sunnyvale, Calif., 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 intranets used for sharing information within an enterprise; e-commerce sites 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 approximately 80 percent of the Fortune 50 and by more than 1,500 organizations in the public and private sectors. Customers include Adobe Systems, AT&T, Cap Gemini Ernst & Young, Cisco, CNET, Compaq, Dow Jones, EDGAR Online, FairMarket, Financial Times, Globe and Mail, Home Depot, Lotus, SAP, Siemens, Sybase, Time New Media and Timex.
Forward-Looking Statements
The statements in this press release with respect to the effect that the elimination of positions is expected to have on Verity's financial results, and the consistency of these statements with Verity's September 12, 2002 projections, are forward-looking statements. Actual financial results could differ materially as a result of many factors, including: these expectations and beliefs are based on assumptions that may not prove to be accurate, including the timing and magnitude of the expenses incurred as a result of the elimination of the jobs, and future demand for Verity's products may not be as strong as Verity predicts; many of Verity's product orders are large, and a delay in closing a large sale during a quarter or at the end of the fiscal year could materially reduce Verity's revenues for that period; 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 that period; Verity incurs expenses based upon anticipated revenues and, consequently, if the revenues are less than anticipated, Verity will have lower gross margins and operating results; if competitors develop new products that compete favorably against Verity's products, sales of Verity's products will be less than projected; and a portion of Verity's sales are in the international market, which exposes Verity to currency fluctuation and other risks. These and other risks relating to Verity and its business and products are as set forth under the caption "Risk Factors" at the end of Item 1 of Verity's Form 10-K filed with the Securities and Exchange Commission.
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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