Verity Reports Loss Totaling $2.5 Million

Verity Inc. posted a fiscal first-quarter loss of $2.5 million, or 7 cents a share, contrasted with profit of $7.2 million, or 20 cents, a year earlier. Revenue dropped 36% to $20.1 million at the Sunnyvale, Calif.-based seller of software for searching the Internet.

Verity postponed its earnings conference call until today because of the terrorist attacks on the U.S.

Last month, Verity said it expected to post a first-quarter loss of as much as 12 cents a share, and forecast revenue of $20 million to $24 million, down from an estimate of $34 million to $36 million.

The company also said its board approved the repurchase of as much as $50 million of Verity common stock through the end of its fiscal year ending May 2002.