Verity posts most profitable quarter ever

Search & retrieval player Verity has released its strongest financial quarter to date.

The company realized a 48% jump in profits between Q2 and Q3 '99 to $3.5 million. Revenue increased 10% since Q2 '99 and 47% since Q3 '98.

Software product revenue, representing 75% of total revenue, were up 8% over Q3 '98 to $12.5 million, and 44% over Q3 '98. Verity posted a $610,000 loss in the same quarter a year ago.

In conjunction with the positive financials, Verity has named CEO Gary Sbona as chairman of the board. Verity has also extended by another 18 months its agreement with Regent Pacific, which provides the services of Sbona and other Verity executives.

Key sales in the telecom, financial services, consulting, pharmaceutical, chemical, higher education and high tech markets boosted the jump in revenue. Verity execs also point to increased activity in business and consumer services, e-commerce sites, online publishers and government agencies, and resale agreements with Corel and Ricoh.

Board member Steven Krausz says Verity's directors are "delighted at the progress Verity has made during the past nineteen months."

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