All I can say is that more often than not, revenue issues come from poor policy. Who knows, perhaps this is the same type of situation for Verisign?

MOUNTAIN VIEW, Calif., April 20 /PRNewswire-FirstCall/ — VeriSign, Inc. (Nasdaq: VRSN - News), the leading provider of intelligent infrastructure services for the Internet and telecommunications networks, today reported its results for the first quarter ended March 31, 2006.

VeriSign reported total revenue of $374 million for the first quarter of 2006. On a GAAP basis, VeriSign reported net income of $16 million for the first quarter of 2006 and earnings per share of $0.06 per fully-diluted share. Net income on a GAAP basis for the first quarter of 2006 included a non-cash stock-based compensation charge of $15 million, relating to the implementation of the accounting pronouncements around stock option expensing.

On a non-GAAP basis, using a 30% effective tax rate on non-GAAP pre-tax income of $84 million, earnings per share for the first quarter was $0.24 per diluted share. These non-GAAP results exclude the following items which are included under GAAP: amortization and impairment of intangible assets, acquired in-process research and development, stock-based compensation, litigation settlements, restructuring and other charges, and the net gain on the sale of investments. A table reconciling the GAAP to non-GAAP net income reported above is appended to this release…. Source: VeriSign, Inc

[tags]revenue,verisign,income,gaap,intelligent infrastructure[/tags]