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The Mountain View, California-based company posted GAAP net income attributable to VeriSign and subsidiaries of $54 million or $0.28 per share for the third quarter, compared to a loss of $201 million or $1.03 per share in the prior year quarter. Excluding items, non-GAAP net income attributable to VeriSign and subsidiaries grew to $64 million or $0.33 per share from $48 million or $0.25 per share in the year-ago quarter. On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share for the third quarter. Analysts' estimates typically exclude special items. Income from continuing operations rose to $48.4 million or $0.24 per share from $42.3 million or $0.21 per share in the previous year quarter. Third quarter revenues increased 5% to $258.0 million from $245.9 million in the same quarter last year. Seventeen analysts had a consensus revenue estimate of $258.79 million for the third quarter. On a GAAP basis, VeriSign's segment revenue for Internet Infrastructure and Identity Services, or the "core" businesses of Naming Services and Authentication Services, grew 6% to $257 million for the third quarter of 2009. VeriSign's core business, Internet Infrastructure and Identity Services, consists of Naming Services, and Authentication Services comprising of Business Authentication and User Authentication. Revenue from discontinued operations was $41 million for the quarter. Revenues from core operations rose to $256.9 million from $241.3 million a year earlier. VeriSign Naming Services ended the third quarter with about 94.9 million active domain names in the domain name base for .com and .net, representing a 6% increase year-over-year. VeriSign Business Authentication Services, previously known as SSL Certificate Services, ended the quarter with 1.20 million SSL certificates in the installed base, representing a 9% growth over a year ago. Total costs and expenses for the third quarter rose to $182.9 million from $178.8 million in the prior year quarter. During the quarter, Syniverse Technologies (SVR | Quote | Chart | News | PowerRating) agreed to purchase VeriSign's messaging business for cash consideration of $175 million, subject to working capital adjustments. Syniverse said that its business has had an annual revenue run-rate of around $140 million over the last 12 months, and the transaction is expected to be immediately accretive to cash net income. For the nine-month period of 2009, net income attributable to VeriSign and subsidiaries was $153.5 million or $0.79 per share, compared to a loss of $278.3 million or $1.37 per share in the previous year period. Revenues for the period increased to $769.6 million from $723.2 million in the prior year period. VeriSign closed Thursday's regular trading session at $24.00, up 82 cents or 3.54% on a volume of 3.57 million shares. However, in after-hours, the share lost $1.16 or 4.83%. For comments and feedback: contact editorial@rttnews.com Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved
For full details on Verisign Inc (VRSN) click here. Verisign Inc (VRSN) has Short Term PowerRatings of 5. Details on Verisign Inc (VRSN) Short Term PowerRatings is available at This Link.
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