This excerpt taken from the VRSN 8-K filed Aug 6, 2009.
Achieves 29% Core Earnings Per Share Growth Year-Over-Year
MOUNTAIN VIEW, CA August 6, 2009 VeriSign, Inc. (NASDAQ: VRSN), the trusted provider of Internet infrastructure services, today reported financial results for the second quarter ended June 30, 2009.
On a GAAP basis, VeriSign reported revenue of $257 million from continuing operations for the second quarter of 2009. On a GAAP basis, VeriSign reported net income attributable to VeriSign, Inc. and subsidiaries of $35 million and earnings per share attributable to VeriSign, Inc. and subsidiaries of $0.18 on a fully-diluted basis.
On a GAAP basis, VeriSign reported segment revenue for Internet Infrastructure and Identity Services, or the core businesses of Naming Services and Authentication Services, of $255 million for the second quarter of 2009, up 1% from the prior quarter and up 9% year-over-year. GAAP core operating margin for the second quarter was 32.6%.
On a non-GAAP basis (which excludes items described below) for its core businesses, VeriSign reported net income attributable to VeriSign, Inc. and subsidiaries of $61 million for the second quarter of 2009 and fully-diluted earnings per share of $0.31. Non-GAAP operating margin for the second quarter was 38.4%. A table reconciling the GAAP to the non-GAAP results reported above is appended to this release.
Under economic conditions that continue to make our environment a challenging one, we have delivered another successful quarter while, at the same time, refocusing the company, said Jim Bidzos, VeriSign executive chairman and chief executive officer on an interim basis. We continue to make progress with our divestiture program, with only two of thirteen businesses left to divest.
We believe our positive results this quarter and for the past several quarters validate our key position in critical Internet infrastructure services, said Mark McLaughlin, president and chief operating officer of VeriSign. Billions of times each day, VeriSign technologies bring trust to the Internet. We believe that the continued growth of Internet usage, concurrent cyberattacks and fraud further underscore the importance of our services.
We had a very good quarter, fueled by strong 9% year-over-year revenue growth in our core businesses, said Brian Robins, chief financial officer of VeriSign. The macroeconomic environment continues to be challenging, but our results this quarter on the top and bottom line speak to the resiliency of our business model.