Feeds

Veritas posts solid Q1 results

Investors back-up shares

  • alert
  • submit to reddit

Choosing a cloud hosting partner with confidence

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

Internet Security Threat Report 2014

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
America's super-secret X-37B plane returns to Earth after nearly TWO YEARS aloft
674 days in space for US Air Force's mystery orbital vehicle
10 Top Tips For PRs Considering Whether To Phone The Register
You'll Read These And LOL Even Though They're Serious
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
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?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.