Steady progress for Verisity

Verisity has published its financial results for the second fiscal quarter ended 30th June 2003.

Verisity has published its financial results for the second fiscal quarter ended 30th June 2003.

Revenue for the quarter was $12.5 million, a slight increase from the quarter ended 30th June 2002, and a 7% increase from revenue of $11.7 million for the quarter ended 31st March 2003.

The company's net income for the quarter ended 30th June 2003 was $2.2 million, or $0.10 per diluted share, compared with net income of $3.2 million, or $0.15 per diluted share, for the quarter ended 30th June 2002 and net income of $1.9 million, or $0.09 per diluted share, for the quarter ended 31st March 2003.

Revenue for the six months ended 30th June 2003, was $24.2 million, a 1% increase from revenue of $24.0 million for the six months ended 30th June 2002.

For the six months ended 30th June 2003, the company's net income was $4.1 million, or $0.19 per diluted share, compared with a net income of $5.5 million, or $0.26 per diluted share, for the six months ended 30th June 2002.

"We are pleased with our ongoing progress on the financial front.

We were able to deliver healthy sequential growth both in terms of revenue and net income for the quarter.

Demand for Verisity's solutions increased as customers evaluated their need for sophisticated verification process automation solutions that address the exponential growth in both development costs and complexity of their electronic designs", said Moshe Gavrielov, Chief Executive Officer of Verisity.

"Verisity continues to advance its functional verification solutions.

During the quarter we announced a broad upgrade to our product line to enhance the scalability of our solutions as the markets moves towards nanometer geometries and system level complexities.

Verisity's leadership position in functional verification places us as a preferred provider of advanced technology and methodology combined to automate the functional hardware and system verification processes.

These solutions enable customers to detect potential flaws in their designs and accelerate time to volume with the highest quality and confidence", said Gavrielov.

"In addition to our product announcements, last month the Institute of Electrical and Electronics Engineers (IEEE) Design Automation Standards Committee announced that it has approved Verisity's e verification language as a basis for standardisation.

By encouraging widespread industry adoption of our e language we ensure interoperability of our products with new emerging technologies".

Revenue in the third quarter of 2003 is expected to be approximately $12.7 to $13.2 million.

Earnings per fully diluted share in the third quarter of 2003 is expected to be approximately $0.10 to $0.11.

Revenue for fiscal 2003 is expected to be between $50 and $52 million.

Earnings per fully diluted share for fiscal 2003 is expected to be between $0.40 and $0.45.

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