VeriSign, Inc. and subsidiaries ("VeriSign") reported revenue of $264 million from continuing operations for the first quarter of 2010, up 1% from the prior quarter and up 4% from the same quarter in 2009.
VeriSign reported net income attributable to VeriSign, Inc. stockholders of $51 million and earnings per share attributable to VeriSign, Inc. stockholders of $0.28 on a diluted basis for the first quarter of 2010, compared to net income attributable to VeriSign, Inc. stockholders of $65 million and earnings per share attributable to VeriSign, Inc. stockholders of $0.34 on a diluted basis in the same quarter in 2009. The operating margin for the first quarter of 2010 was 33.6% compared to 29.5% in the same quarter in 2009.
VeriSign reported segment revenue for Internet Infrastructure and Identity Services ("3IS"), or the "core" businesses of Naming Services and Authentication Services, of $263 million for the first quarter of 2010, up 1% from the prior quarter and up 4% from the same quarter in 2009. The non-core CPS business reported $1 million of revenue as part of continuing operations during the first quarter of 2010.
"Our first quarter results are a positive start to the year and reflect an improving economic environment," said Mark McLaughlin, president and chief executive officer of VeriSign. "We are executing well, and we will continue to focus on leveraging VeriSign's core strengths as a provider of Internet infrastructure services."
First Quarter Non-GAAP Financial Results
For its core businesses, VeriSign reported net income attributable to VeriSign, Inc. stockholders of $69 million and earnings per share attributable to VeriSign, Inc. stockholders of $0.37 on a diluted basis for the first quarter of 2010, compared to net income attributable to VeriSign, Inc. stockholders of $62 million and earnings per share attributable to VeriSign, Inc. stockholders of $0.32 on a diluted basis in the same quarter in 2009. The operating margin for the first quarter of 2010 was 39.8% compared to 36.8% in the same quarter in 2009. A table reconciling the GAAP to the non-GAAP results (which excludes items described below) is appended to this release.
"Our continued execution and operational discipline this quarter enabled us to optimize profitability," said Brian Robins, chief financial officer of VeriSign. "In addition, we were able to further strengthen our balance sheet as we generated healthy operating cash flow of $101 million."
First Quarter Non-GAAP Financial Results
For its core businesses, VeriSign reported net income attributable to VeriSign, Inc. stockholders of $69 million and earnings per share attributable to VeriSign, Inc. stockholders of $0.37 on a diluted basis for the first quarter of 2010, compared to net income attributable to VeriSign, Inc. stockholders of $62 million and earnings per share attributable to VeriSign, Inc. stockholders of $0.32 on a diluted basis in the same quarter in 2009. The operating margin for the first quarter of 2010 was 39.8% compared to 36.8% in the same quarter in 2009. A table reconciling the GAAP to the non-GAAP results (which excludes items described below) is appended to this release.
"Our continued execution and operational discipline this quarter enabled us to optimize profitability," said Brian Robins, chief financial officer of VeriSign. "In addition, we were able to further strengthen our balance sheet as we generated healthy operating cash flow of $101 million."
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