Stock Watch: Verity’s Earnings are Strong

Shares of Verity (Nasdaq: VRTY), which develops knowledge-retrieval software for e-commerce providers and online publishers soared nearly 10 percent in early trading today, gaining 5-1/2 to 62-3/4. After the markets closed on Wednesday, Verity reported blowout record earnings that were twice as good as analysts had expected.

Net income grew by 315 percent between the first quarter of fiscal 1999 and the first quarter of fiscal 2000, rising to $5.1 million or 32 cents per share. Wall Street analysts had expected earnings of 16 cents per share. The company’s revenues for the first fiscal quarter of 2000 were $19.8 million, a 50 percent increase over the $13.2 million reported in the same quarter last year. What makes this even more impressive is that the first fiscal quarter has traditionally been Verity’s weakest.

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