Live: 300+ Best Black Friday Deals Live: Black Friday TV Deals BF Deals Under $25 BF Deals Under $50 5 BF Splurges 8 BF Must-Haves 15 Weird Amazon BF Deals BF Cheat Sheet
Want CNET to notify you of price drops and the latest stories?
No, thank you
Accept

Verity dazzles in fourth quarter

Internet software developer Verity Inc. (Nasdaq: VRTY) blew away analysts' estimates in its fourth quarter, earning $5 million, or 34 cents a share, on sales of $19.3 million. Its shares closed off 1 7/8 to 45 7/8.

First Call consensus expected Verity to earn 25 cents a share in the quarter.

The $19.3 million in sales represents a 15 percent improvement versus the year-ago quarter when it earned $1 million, or 8 cents a share, on sales of $16.7 million.

In the quarter, software sales accounted for 75 percent of the company's total sales in the quarter, roughly $14.5 million.

For the year, Verity made $12.1 million, or 88 cents a share, on sales of $64.4 million compared to a loss of $16.5 million, or $1.47 a share, on sales of $38.9 million last year.

"The fourth quarter of fiscal 1999 was our fifth straight quarter of record revenues and profitability," said CEO Gary Sbona in a prepared release. "Our record performance this past year represents a significant milestone for Verity and our team looks forward to the future."

Last quarter, Verity topped analysts estimates on sales growth of 49 percent.

Its shares moved up to a 52-week high of 48 3/4 last week after falling to a low of 5 1/16 in August.

All five analysts following the stock maintain a "strong buy" recommendation.