Feeds

Veritas posts solid Q1 results

Investors back-up shares

  • alert
  • submit to reddit

The next step in data security

Veritas shrugged off recent accounting problems to post solid first quarter results, profiting from an upswing in storage spending.

Veritas reported $487m in revenue for the quarter ended 31 March. This marks a 24 per cent rise over the $394m posted one year ago. Net income for the first quarter hit $103m, which compares to $43m in net income from last year's Q1.

"Our strong first quarter financial results demonstrate the fundamental strength of our business strategy and the benefit of an improvement in IT spending," said Gary Bloom, chairman and CEO at Veritas. " This quarter, we further extended our leadership in backup and storage software solutions, with some of the most significant upgrades to Veritas products in the past 10 years. We remain focused on the fundamentals of our business and we are highly motivated to drive the company past our $2bn revenue target in 2004."

In March, Veritas announced it would restate financial results from 2001 and 2002 after an internal investigation turned up accounting methods that did not adhere to generally accepted practices. The revised reports are expected to lower 2001 revenue as much as $5m and increase 2002 revenue as much as $10m.

Veritas has delayed the filing of its annual report for 2003, while it goes over past statements. It does not expect the changes to affect this year's first quarter results.

During the first quarter, Veritas enjoyed gains in both product sales and services. Software user license fees rose to $303m from $255m last year. Services rose to $184m from $140m last year.

Veritas makes most of its money from selling back-up, file system and volume manager software. Its gains are in line with those reported last week by another storage software powerhouse - EMC.

Shares of Veritas surged during Thursday's trading, hitting $29.25, at the time of this report. The is a large turnaround from the $26.73 per share mark in March after Veritas reported its accounting changes.

Veritas expects second quarter revenue to come in between $490m and $505m. ®

Related stories

Veritas and BEA vow to love Java together
Storage software is all the rage in Q4
Investors scamper from Veritas shares
Veritas to restate results after probe
Veritas retools its past with Storage Foundation 4.0
Veritas intros midmarket backup software
Veritas overperforms in Q4
Veritas expanding Linux utility offerings

Security for virtualized datacentres

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Why Oracle CEO Larry Ellison had to go ... Except he hasn't
Silicon Valley's veteran seadog in piratical Putin impression
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.