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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. ®

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