verisign inc (VRSN) Key Developments
Verisign, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Revises Earnings Guidance for the Full Year 2015
Apr 23 15
VeriSign, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the first quarter, the company reported revenue of $258.422 million for the first quarter of 2015, up 3.9% from $248.796 million for the same quarter in 2014. Operating income was $144.237 million against $139.585 million a year ago. Income before income taxes was $116.665 million against $124.716 million a year ago. Net income was $88.238 million or $0.66 per diluted share against $94.423 million or $0.64 per diluted share a year ago. Net cash provided by operating activities was $132.669 million against $141.629 million a year ago. Purchases of property and equipment were $13.042 million against $11.262 million a year ago. Non-GAAP operating income was $154.365 million against $149.578 million a year ago. Non-GAAP net income was $99.032 million or $0.74 per diluted share against $94.956 million or $0.64 per diluted share a year ago. Adjusted EBITDA was $171.120 million against $166.968 million a year ago.
For full year 2015 guidance, revenue for 2015 is now expected to be in the range of $1,043,000,000 to $1,057,000,000, representing an annual growth rate of 3% to 5%. This revenue range is changed from the $1,040,000,000 to $1,060,000,000 range given in last call. Non-GAAP gross margins is still expected to be at least 80%. Full year 2015 non-GAAP operating margin is still expected to be between 60% and 62%. Non-GAAP interest expense and non-GAAP non-operating income net is now expected to be an expense of between $104 million to $110 million, changed from between $84 million and $90 million for 2015 and reflects the interest expense of the new bond issue. Capital expenditures for the year are still expected to be between $40 million and $50 million.
Corero Announces Integration with Verisign OpenHybrid to Enable Best of Breed DDoS Protection
Apr 14 15
Corero Network Security announced its integration with Verisign OpenHybrid and support for Verisign's open standards-based approach for hybrid DDoS solutions. For Verisign and Corero customers, this integration combines on-premises technology from Corero Network Security to defeat sub-saturating DDoS attacks alongside cloud-based DDoS Protection Service from Verisign for high volume and complex application layer attacks that exceed the customer's network and resource capacity. Together, these solutions are designed to provide Internet-dependent organizations with scalable DDoS protection capabilities. This collaboration with Verisign further underscores the momentum in the market for a hybrid approach to DDoS defense.
VeriSign, Inc., Annual General Meeting, May 21, 2015
Apr 8 15
VeriSign, Inc., Annual General Meeting, May 21, 2015., at 10:00 US Eastern Standard Time. Location: 12061 Bluemont Way. Agenda: To elect directors each to serve until the next annual meeting, or until a successor has been elected and qualified or until the director's earlier resignation or removal; to approve its annual incentive compensation plan; to approve, on a non-binding, advisory basis, its executive compensation; to ratify the selection of KPMG LLP as its independent registered public accounting firm for the year ending December 31, 2015; to vote, on an advisory basis, on a stockholder proposal, if properly presented at the meeting, requesting that the Board take steps to permit stockholder action by written consent; and to transact such other business as may properly come before the 2015 Annual Meeting of Stockholders or any adjournment thereof.
VeriSign Seeks Acquisitions
Apr 3 15
VeriSign, Inc. (NasdaqGS:VRSN) is looking for acquisition. VeriSign states, "Any borrowings under the Facility may be used for working capital purposes, to finance acquisitions, stock repurchases, and capital expenditures, and other general corporate purposes.”
VeriSign, Inc. Enters into a Revolving Credit Agreement
Apr 1 15
On March 31, 2015, veriSign, inc. entered into a credit agreement among verisign, any of its borrowing subsidiaries made a party thereto, JPMorgan chase bank, n.a., as administrative agent, JP. Morgan Europe limited, as London agent, and the lenders party thereto . The credit agreement provides for a $200 million committed senior unsecured revolving credit facility, under which the company and certain designated subsidiaries may be borrowers. Loans may be extended in U.S. dollars and certain specified alternative currencies. the facility includes a $35 million sublimit for the issuance of standby letters of credit for the account of any borrower or any of its subsidiaries, a $35 million sublimit for swingline loans to the borrowers, and a $35 million sublimit for loans in alternative currencies. Loans will bear interest at a rate per annum equal to the following rates: for abr loans, a rate equal to the great of the prime rate, the federal funds effective rate plus 0.5%, and the adjusted libor rate plus 1%, plus, in each case. The facility terminates on April 1, 2020 at which time outstanding borrowings under the facility are due. VeriSign may optionally prepay loans in whole or in part under the credit agreement at any time (other than competitive bid loans, which shall require the prior consent of the bidding lenders) without penalty but subject to payment of any broken-funding costs of the lenders. VeriSign may also, at any time, terminate the commitments or permanently reduce them from time to time.