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Market Recap 4/28/16 Verisign Reports Earnings – Stock up in After Hours

April 28, 2016 by Raymond Hackney

Market Recap 4/28/16

Verisign (VRSN) reported earnings today, the stock was down 1.5% to $89.42 on the day but is up over $90 in after hours.

First Quarter GAAP Financial Results

VeriSign, Inc. and subsidiaries (“Verisign”) reported revenue of $282 million for the first quarter of 2016, up 9.1 percent from the same quarter in 2015. Verisign reported net income of $107 million and diluted earnings per share (diluted “EPS”) of $0.82 for the first quarter of 2016, compared to net income of $88 million and diluted EPS of $0.66 for the same quarter in 2015. The operating margin was 59.2 percent for the first quarter of 2016 compared to 55.8 percent for the same quarter in 2015. First Quarter Non-GAAP Financial Results Verisign reported, on a non-GAAP basis, net income of $112 million and diluted EPS of $0.85 for the first quarter of 2016, compared to net income of $99 million and diluted EPS of $0.74 for the same quarter in 2015. The non-GAAP operating margin was 63.3 percent for the first quarter of 2016 compared to 59.7 percent for the same quarter in 2015. A table reconciling the GAAP to the non-GAAP results (which excludes items described below) is appended to this release. “The Company’s strong and consistent financial performance reflects the focus and discipline of our teams in executing our strategy,” commented Jim Bidzos, Executive Chairman, President and Chief Executive Officer.

Financial Highlights

  • Verisign ended the first quarter with cash, cash equivalents and marketable securities of $1.9 billion, a decrease of $20 million from year-end 2015.
  • Cash flow from operations was $144 million for the first quarter of 2016, compared with $133 million for the same quarter in 2015.
  • Deferred revenues on March 31, 2016, totaled $992 million, an increase of $31 million from year-end 2015.
  • During the first quarter, Verisign repurchased 1.8 million shares of its common stock for $150 million. At March 31, 2016, $916 million remained available and authorized under the current share repurchase program which has no expiration.
  • For purposes of calculating diluted EPS, the first quarter diluted share count included 21.1 million shares related to subordinated convertible debentures, compared with 15.8 million shares for the same quarter in 2015. These represent diluted shares and not shares that have been issued.
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Disclaimer – Any stock price and market data provided on our website is for informational purposes only, and should not be relied upon for trading purposes. Historical and current stock price performance data is not necessarily indicative of future performance.

The writer of this article has no positions in the stocks mentioned. Staff of TheDomains.com may take positions long or short in the above mentioned companies.

*P denotes Pence

Filed Under: Market Recap, Publicly Traded Domain Co

About Raymond Hackney

Raymond is a writer, domain trader and consultant based in Pennsylvania. Raymond is the founder of 3Character.com and TLDInvestors.com.

« “We will move from mobile first to an AI first world”
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