Verity posts increased Q1 '99 results

Verity (Nasdaq: VRTY) reports Q1 99 revenue of $13.2 million, compared with Q1 '98 revenue of $5.3 million and $13.1 million in Q4 '98. Net income of $1.2 million compares with a net loss of $9.8 million in Q1 '98 and a net income of $1.0 million in Q4 '98. Software revenues were up 217% over Q1 '98, but dipped slightly (3%) from Q4 '98. Verity president and CEO Gary Sbona notes that the first fiscal quarter is historically soft for the company, making these figures all the more impressive. During the quarter Verity resolved a contract dispute with Lotus over licensing rights regarding Verity's search technology in Lotus Notes. Verity also introduced a profiler kit and an enhanced version of its developer's kit.