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VRSN » Topics » NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

This excerpt taken from the VRSN 8-K filed Nov 23, 2005.

NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

 

(1) Represents the removal of assets sold and liabilities assumed related to VeriSign’s sale of its payment gateway business as of September 30, 2005.

 

(2) Represents consideration for VeriSign’s sale of its payment gateway business to PayPal. VeriSign received approximately $370 million in cash.

 

(3) Represents the accrual of transaction costs related to VeriSign’s sale of its payment gateway business for investment banking fees, legal and accounting fees, plus additional taxes resulting from the sale.

 

(4) Represents the tax benefit resulting from the realization of previously unrecognized net operating loss carryforwards attributable to exercised stock options.

 

(5) Represents the estimated gain on VeriSign’s sale of its payment gateway business as if sold on September 30, 2005.

 

(6) Represents removal of results of operations of the payment gateway business for the respective periods. Payments Services costs were based on charges directly incurred by the business unit.

 

(7) Assumes an estimated tax rate of 40.4% for the nine months ended September 30, 2005 and 12.9% for the year ended December 31, 2004 for the payment gateway business. These rates are consistent with those used in the respective Forms 10-Q and 10-K.
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