VeriSign, Inc. (NASDAQ: VRSN), treported financial results for the second quarter ended June 30, 2013 after the market closed.
As of the quater ending June 30 there were 124.3 million .com/.net domain names an increase of 4.9%
Second Quarter GAAP Financial Results
VeriSign, Inc., and subsidiaries (“Verisign”) reported revenue of $239 million for the second quarter of 2013, up 12 percent from the same quarter in 2012. Verisign reported net income of $87 million and diluted earnings per share (EPS) of $0.55 for the second quarter of 2013, compared to net income of $68 million and diluted EPS of $0.42 in the same quarter in 2012. The operating margin was 55.2 percent for the second quarter of 2013 compared to 50.0 percent for the same quarter in 2012.
Second Quarter Non-GAAP Financial Results
Verisign reported, on a non-GAAP basis, net income of $92 million and diluted EPS of $0.58 for the second quarter of 2013, compared to net income of $74 million and diluted EPS of $0.45 for the same quarter in 2012. The non-GAAP operating margin was 58.9 percent for the second quarter of 2013 compared to 54.0 percent for the same quarter in 2012. A table reconciling the GAAP to the non-GAAP results (which excludes items described below) is appended to this release.
“We posted solid operational and financial results for the second quarter and repurchased 7.1 million shares for $334 million during the quarter,” commented Jim Bidzos, executive chairman, president and chief executive officer.
Financial Highlights
- Verisign ended the second quarter with Cash, Cash Equivalents and Marketable Securities of $2.0 billion, an increase of $441 million from year-end 2012, primarily reflecting the April 2013 issue of $750 million of its 4.625% senior notes due May 2023 and other items noted in the condensed consolidated statements of cash flows.
- Cash flow from operations was $147 million for the second quarter compared with $135 million for the same quarter in 2012.
- Deferred revenues on June 30, 2013, totaled $856 million, an increase of $44 million from year-end 2012.
- Capital expenditures were $20 million in the second quarter of 2013.
- During the second quarter, Verisign repurchased approximately 7.1 million shares of its common stock for approximately $334 million.
- On July 24, 2013, the Board of Directors approved an additional authorization for share repurchases of approximately $519 million of common stock, which brings the total amount to $1 billion authorized and available under the Company’s share buyback program, which has no expiration. …
