VeriSign, Inc. (Nasdaq: VRSN) announced today that it has filed with the SEC its Annual Report on Form 10-K for the year ended December 31, 2006 as well as its previously delayed Quarterly Reports on Form 10-Q for the second and third quarters of 2006. These reports contain financial statements that were restated as a result of an independent review by an ad hoc group of independent Directors of VeriSign’s Board of Directors into VeriSign’s historical stock option grant practices and include adjustments to consolidated financial statements for the years ended December 31, 2005, 2004, 2003 and 2002.In November 2006, the Company announced that its Board of Directors had determined the need to restate historical financial statements to record additional non-cash, stock-based compensation expense related to past stock option grants with incorrect measurement dates, without required documentation, or with initial grant dates and prices that were subsequently modified. At that time, the company estimated that the non-cash stock-based compensation charge for the years 2002 - 2005 would not exceed $250 million.
The total non-cash, stock-based compensation expense related to past stock option grants for the years 2002 -2005 was $160.3 million, after tax.
The Company also announced today that Chief Financial Officer, Dana Evan, resigned on July 10, 2007, and Bert Clement, former Senior Vice President, Finance and Controller, has been elected Chief Financial Officer.
On January 31, 2007, the Company announced that the independent review was substantially completed, and did not find intentional wrong doing by any current member of VeriSign’s senior management, including former CEO, Stratton Sclavos, and former CFO, Dana Evan.
Additional financial information for the full year 2006 periods is available on the Company’s investor relations website at http://investor.verisign.com
VeriSign intends to file its quarterly report on Form 10-Q for the first quarter of 2007 as soon as practicable.
About VeriSign
VeriSign, Inc. (NASDAQ: VRSN), operates digital infrastructure services that enable and protect billions of interactions every day across the world’s voice, video and data networks. Additional news and information about the company is available at www.verisign.com
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