Veritas Reports Record Results

 
 
By eweek  |  Posted 2003-10-23 Email Print this article Print
 
 
 
 
 
 
 

The company reports third-quarter earnings of $77.6 million on $451 million in revenue, versus $49 million on $413 million last quarter.

For the second straight quarter, Veritas Software Corp. has reported record results. On Wednesday, the company reported third-quarter earnings of $77.6 million on $451 million in revenue, versus $49 million on $413 million last quarter and $36.2 million on $366 million last year. The results are a record for the Mountain View, Calif., software company, said Gary Bloom, chairman, CEO and president.
"It is clearly evident why Veritas is winning in the market. We provide customers with what they need," such as lower costs and better use of capital investments, he said. Furthering that is the utility computing concept, which "in the weeks to come we will unveil the next phase of our strategy," he said.
Regarding recent acquisitions, Veritas own deal with the former Precise Software Solutions Ltd. started off slower than expected, but now the sales force hierarchies have been tweaked, he said. Regarding Legato Systems Inc., recently bought by EMC Corp., "weve been at a really strong conversion rate" of users switching to Veritas products like NetBackup, he said. NetBackup is due for a major upgrade this winter. Veritas currently has 6,325 employees and $2.3 billion in cash and investments, officials said. Revenue in the current quarter will probably total $480 million to $490 million, they said.
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