Feeds

Veritas cleans up financials

Points to NetBackup future

  • alert
  • submit to reddit

Boost IT visibility and business value

In SEC statements there is truth, eventually. Veritas yesterday made good on its promise to restate past financial statements, as a result of an investigation of its accounting practices. The company charged itself with incorrectly booking professional services revenue and expenses in some periods. The restatement is Veritas' second recent foray into SEC filing revision in as many years. Last year, Veritas removed $20m in revenue from its 2000 and 2001 books as a result of dealing between it and AOL.

Away from the fray, Veritas also released a revamped version of its NetBackup product, but more on that later.

The new numbers have Veritas reporting $1m less in revenue for this year's first quarter. The revenue total now stands at $486m. Net income also dropped to $100m from $103m.

For the year ended December 31, 2003, Veritas has now reported revenue of $1.75bn - a a decrease of $24m. Net income, however, actually increased to $347m from the $274m reported before. Excluding a Seagate tax settlement, net income would have dropped by $22m. For the year ended December 31 2002, Veritas has now reported revenue of $1.51bn - a decrease of $1m. Net income for that year has risen to $58m from $57m. And for 2001, Vertias has cited $1.499bn in revenue - a decrease of $3m. The net loss for the year is lower at $636m from $642m.

On the product front, Veritas released Version 5.1 of its NetBackup software, which includes a few performance boosts and better support for other vendors' products. In the release, work Veritas and Network Appliance have done comes to fruition. The Advanced Client version of NetBackup can now tap into NetApp's Snapshot and SnapRestore technology.

"Our software has supported other snapshot technology, EMC for example, in the past," said Glenn Groshans, director of product marketing at Veritas. "It's really just an extension of that technology to NetApp."

The Advanced Client software can also take snapshots of DB2, SQL and Exchange data, as it has done for Oracle in the past. Last and probably least on the support track, Veritas announced that NetBackup will now run on Intel's 64-bit Itanium 2 processor if the customer uses Windows, HP-UX or Linux. Veritas has also stepped up its encryption technology, moving past 4-bit and 56-bit. NetBackup 5.1 provides up to 256-bit encryption. ®

Related stories

EMC puts voodoo in new software biz
Can Veritas shift from dove to hawk?
Sun and Veritas bury the hatchet
Veritas cluster roadmap raises the ceiling
Veritas gratifies itself, users and Sun with new product
Veritas gives products second billing to tired hype

Build a business case: developing custom apps

More from The Register

next story
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.