VeriSign, Inc., the leading provider of trusted Internet infrastructure services, today reported financial results for the fourth quarter of 2009 and year ended December 31, 2009.
Fourth Quarter GAAP Financial Results
VeriSign reported revenue of $263 million from continuing operations for the fourth quarter of 2009, compared to $249 million in the same quarter in 2008. VeriSign reported net income attributable to VeriSign, Inc. and subsidiaries of $92 million and earnings per share attributable to VeriSign, Inc. and subsidiaries of $0.48 on a diluted basis for the fourth quarter of 2009, compared to net loss attributable to VeriSign, Inc. and subsidiaries of $(96) million and net loss per share attributable to VeriSign, Inc. and subsidiaries of $(0.50) on a diluted basis in the same quarter in 2008. The operating margin for the fourth quarter of 2009, which includes a $4 million out of period VeriSign Japan related depreciation adjustment, was 31.4% compared to (2.0)% in the same quarter in 2008.
VeriSign reported segment revenue for Internet Infrastructure and Identity Services ("3IS"), or the "core" businesses of Naming Services and Authentication Services, of $262 million for the fourth quarter of 2009, up 2% from the prior quarter and up 5% from the same quarter in 2008.
Fourth Quarter Non-GAAP Financial Results
For its core businesses, VeriSign reported net income attributable to VeriSign, Inc. and subsidiaries of $59 million and earnings per share attributable to VeriSign, Inc. and subsidiaries of $0.31 on a diluted basis for the fourth quarter of 2009, compared to net income attributable to VeriSign, Inc. and subsidiaries of $54 million and earnings per share attributable to VeriSign, Inc. and subsidiaries of $0.28 on a diluted basis in the same quarter in 2008. The operating margin for the fourth quarter of 2009, which includes a $4 million out of period VeriSign Japan related depreciation adjustment, was 36.8% compared to 33.7% in the same quarter in 2008. A table reconciling the GAAP to the non-GAAP results (which excludes items described below) is appended to this release.
"We had a good year in 2009 in which we delivered solid top line revenue growth while increasing the operating leverage in our core businesses and completing the divestitures of our non-core businesses," said Mark McLaughlin, president and chief executive officer of VeriSign. "I believe we're well positioned for 2010 and beyond."
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