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VeriSign posts 2Q loss; CEO leaving

Thu, 07/28/2011 - 6:06pm
The Associated Press

Internet domain and security company VeriSign Inc. said Thursday that it posted a $10.6 million net loss in the second quarter, reversing a profit from a year ago, mainly due to a big payment to holders of convertible debt. It also said CEO Mark McLaughlin is resigning, with previous CEO Jim Bidzos stepping into his role starting Monday.

The net loss in the three months through June 30 amounted to 6 cents per share, reversing a profit of $35.2 million, or 19 cents per share, in the same quarter a year ago.

Excluding the $100 million interest payment to convertible stock holders, stock-based compensation expenses and other items, adjusted earnings hit 38 cents per share, beating the 35 cents per share expected by analysts polled by FactSet.

Revenue rose 13 percent to $189.8 million from $167.9 million a year earlier. Analysts were looking for higher revenue of $191.4 million.

Shares, which had fallen 2.1 percent in the regular session, were up a penny at $32.03 in after-market trading Thursday.

McClaughlin is leaving to become the chief executive of a private company, VeriSign said.

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