Legato Revenues Rise, Losses Widen

 
 
By eweek  |  Posted 2002-07-23 Email Print this article Print
 
 
 
 
 
 
 

Legato expects to return to profitability by the end of this year, officials said.

Storage backup specialist Legato Systems Inc. on Tuesday announced $61.6 million in second-quarter revenues, up $6 million from the first quarter, but with widening losses, officials said. "Legato made admirable progress in the second quarter … with the OTG Software business contributing just over $5 million," said Chairman and CEO David Wright, referring to Legatos $403 million acquisition of rival OTG Software Inc. in February.
Despite the revenue increase, Legato, of Mountain View, Calif., widened its losses as well, at $7.6 million, versus $5.7 million for first quarter and just $2.1 million a year ago.
Legato expects to return to profitability by the end of this year, officials said. Thats good news for customers, as Legato is considered a viable alternative to products from the larger Veritas Software Corp. and Computer Associates International Inc. The market could substantially change later this year, as officials of storage hardware leader EMC Corp. have publicly stated their intention to enter the back-up market as well, likely through an acquisition. Related Stories:
  • Legato to Acquire OTG for $403 Million
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