Verisity (Nasdaq:VRST) yesterday reported its sixth consecutive quarter of revenue growth.
The Mountain View, California-based company makes products to verify designs of electronic systems and complex integrated circuits used in the electronics industry. So far it seems unhurt by the semiconductor slump or general slowdown.
The company reported quarterly revenue of $9.8 million, up 63% from the $6 million it posted in the comparable third quarter. In the second quarter it recorded revenue of $9 million.
The company was cash-flow positive in the third quarter, posting $2.4 million income that boosted its reserves to $6.5 million.
Net income for the third quarter rose to 6 cents per share, or $1.3 million. Robertson Stephens had predicted 5 cents.
In the corresponding quarter of 200 Verisity lost a net $194,000, or 3 cents per share. In the second quarter it netted $1 million, or 5 cents per diluted share.
Revenue for the nine months ended September 30, 2001, was $27.4 million, 96% up from revenue of $13.9 million for the parallel three quarters of 2000.
For the nine months ended September 30, 2001, the company's net income was $2.8 million, or $0.15 per diluted share, compared to a net loss of $4.5 million, or $0.66 per share, for the nine months ended September 30, 2000.