MOUNTAIN VIEW, Calif., April 20 /PRNewswire-FirstCall/ -- VeriSign, Inc. (Nasdaq: VRSN), the leading provider of intelligent infrastructure services for the Internet and telecommunications networks, today reported its results for the first quarter ended March31, 2005.
VeriSign reported revenue of $401 million for the first quarter of2005, a 75 percent increase compared to the same period of 2004. On a GAAP basis, VeriSign reported net income of $49 million for the first quarter 2005 and earnings per share of $0.19 per fully-diluted share. This compares with net income of $9 million and earnings per share of $.04 per fully-diluted share for the same period of 2004.
On a non-GAAP, after tax basis, using a 30% effective tax rate on non-GAAP pre-tax income of $95 million, earnings per share for the first quarter was $0.25 per fully-diluted share, as compared to non-GAAP pre-tax income of $50 million and earnings per fully-diluted share of $0.14 for the same period in 2004. These non-GAAP results exclude the following items, which are included under GAAP: amortization of intangible assets related to acquisitions, the net gain or loss on the sale of investments or the impairment of investments, restructuring and other recoveries/charges, and stock-based compensation charges related to acquisitions. A table reconciling the non-GAAP to GAAP numbers reported above is appended to this release.