Verisign has recently reported its financial results for the first quarter of 2012.The company reported 13% year-over-year revenue growth.

Verisign reported net income of $68 million in the first quarter of 2012,compared to the net income of $41 million in the same quarter in 2011.

You can see the entire report after the jump :

"VeriSign, Inc. (NASDAQ: VRSN), the trusted provider of Internet infrastructure services for the networked world, today reported financial results for the first quarter ended March 31, 2012.

First Quarter GAAP Financial Results

VeriSign, Inc. and subsidiaries ("Verisign") reported revenue of $206 million for the first quarter of 2012, up 13% from the same quarter in 2011. Verisign reported net income of $68 million and diluted earnings per share (EPS) of $0.42 for the first quarter of 2012, compared to net income of $41 million and diluted EPS of $0.24 in the same quarter in 2011. The operating margin was 48.1% for the first quarter of 2012 compared to 36.1% for the same quarter in 2011.

First Quarter Non-GAAP Financial Results

Verisign reported, on a non-GAAP basis, net income of $68 million and diluted EPS of $0.42 for the first quarter of 2012, compared to net income of $55 million and diluted EPS of $0.32 for the same quarter in 2011. The non-GAAP operating margin was 51.9% for the first quarter of 2012 compared to 45.9% for the same quarter in 2011. A table reconciling the GAAP to the non-GAAP results (which excludes items described below) is appended to this release.

"The first quarter was another record in terms of new domain name registrations, reflecting the global growth in internet adoption and e-commerce," commented Jim Bidzos, executive chairman, president and chief executive officer. "We believe that the security and stability Verisign has provided spanning two decades, and continues to provide, is an important factor in that growth."

"Our first quarter results demonstrate our continued financial and operational discipline," said John Calys, interim chief financial officer of Verisign. "We remain committed to delivering shareholder value."

In addition, the company has appointed George E. Kilguss, III to the position of chief financial officer effective May 14, 2012. Kilguss will report directly to Jim Bidzos, and will have full responsibility for the company's financial operations. John Calys will remain with the company as vice president, controller.

Kilguss most recently served as chief financial officer of Internap Network Services and has significant financial management, operations, and development experience in publicly traded technology companies, as well as in the investment banking sector. In addition to Internap, Kilguss has served as chief financial officer of Towerstream Corporation and Stratos Global Corporation.

"We are very pleased to announce George Kilguss as Verisign's new Chief Financial Officer," said Bidzos. "With over 25 years of strategic and operational financial management experience, including as CFO of three public companies, George brings a broad wealth of knowledge and expertise to Verisign."

FINANCIAL HIGHLIGHTS

Verisign ended the first quarter with Cash, Cash Equivalents, Marketable Securities and Restricted Cash of $1.39 billion, an increase of $40 million from year end 2011.

Cash flow from operations was $110 million for the first quarter compared with $90 million for the same quarter in 2011.

Deferred revenues on March 31, 2012, totaled $783 million, an increase of $55 million from year end 2011.

Capital expenditures were $13 million in the first quarter of 2012.

During the first quarter, Verisign repurchased approximately 1.8 million shares of the company's common stock for a cost of $68 million. At March 31, 2012, approximately $763 million remained available and authorized under the current share repurchase program.

For purposes of calculating diluted EPS, the first quarter diluted share count included 2.5 million shares related to the convertible debentures, compared with 0.5 million shares in the same quarter in 2011. These represent diluted shares and not shares that have been issued.

BUSINESS HIGHLIGHTS

Verisign Registry Services added 2.86 million net new names and ended the first quarter with approximately 116.7 million active domain names in the adjusted zone for .com and .net, representing an 8.1% increase year-over-year.

In the first quarter, Verisign processed a record 8.9 million new domain name registrations, representing an increase of 7.7% year-over-year.

On March 27, 2012, the Internet Corporation of Assigned Names and Numbers ("ICANN") posted renewal terms negotiated between Verisign and ICANN for the .com Registry Agreement which are substantially the same as the terms contained in the existing .com Registry Agreement except for new provisions regarding indemnification and audit rights, consistent with the other five largest generic top level domain (gTLD) registry agreements (including the .net agreement).

Through ICANN's new gTLD application process, which we expect to close in May 2012, Verisign applied for 14 new gTLDs including 12 transliterations of .com and .net. In addition, applicants for approximately 220 new gTLDs selected Verisign to provide back-end registry services.

NON-GAAP ITEMS

Non-GAAP financial results exclude the following items that are included under GAAP: discontinued operations, stock-based compensation, amortization of other intangible assets, impairments of goodwill and other intangible assets, restructuring charges, contingent interest payments to holders of our Convertible Debentures, unrealized gain/loss on contingent interest derivative on Convertible Debentures, and non-cash interest expense. Non-GAAP financial information is also adjusted for a 30% tax rate which differs from the GAAP tax rate. A table reconciling the GAAP to non-GAAP operating income and net income attributable to Verisign stockholders is appended to this release. All non-GAAP figures for each period presented herein have been conformed to exclude the foregoing items under GAAP. Prior disclosures of non-GAAP figures do not exclude the same items and as such should not be used for comparison purposes."

Source from http://www.domainnews.com

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