Quantum Narrows Losses

By eweek  |  Posted 2003-01-28 Print this article Print

Meanwhile, Veritas increased its revenue to $405 million but lost $48.7 million for the fourth quarter of 2002.

Veritas Software Corp. increased its revenue to $405 million but lost $48.7 million for the fourth quarter of 2002, while Quantum Corp. earned $229 million and narrowed its losses to $15 million for its third quarter of 2003, officials of each company said today. For storage software specialist Veritas, of Mountain View, Calif, the figures compare to a $36 million profit on $366 million in revenue last quarter. Veritas earned $1.5 billion for the year, and has $2.2 billion in cash, officials said. "Our fourth-quarter performance was nothing short of stellar with record revenues," said Gary Bloom, chairman, president, and CEO.
Veritas major challenge this year is to integrate its products with those of Jareva Technologies Inc. and Precise Software Solutions Ltd., both acquired in December. The $62 million deal with Jareva closed recently, and the $537 million deal for Precise will close in the second calendar quarter of this year, Bloom said. "The value and relevance of Veritas software has never been greater," he said.
Veritas other highlights for the quarter were Backup Exec 9.0, for midrange users, new remote technical support plans, and the acquisition of Storage Reporter, a product of NTP Software Inc., for an undisclosed sum. Looking forward, Veritas will upgrade its high-end Net Backup product from version 4.5 to version 5.0 in the second half of this year, and will launch the first generation of its Global Operations Manager suite in the summer, Executive Vice President of Product Operations Mark Bregman recently told eWEEK. GOM is a single portal for users to manage applications, servers and storage. Veritas is also supporting upcoming new Windows snapshot features, he said. Veritas currently has 5,650 employees worldwide, officials added. Meanwhile, for tape and disk backup specialist Quantum, of Milpitas, Calif., todays earnings compare to revenue of $204 and a loss of $111 million in the prior quarter. "We made progress on our strategic priorities—strengthening our leadership in tape drives, growing our tape automation business faster than the market, building momentum in enhanced data protection, and lowering expenses faster than expected," CEO Rick Belluzzo said in a statement. The Milpitas, Calif., company made news recently by enhancing its tape products and by spinning out its network-attached storage division.

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