Veritas Saw Slight Dip in 1Q Profit

The data management specialist reported a profit of $43 million, compared to $44 million a year ago.

Veritas Software Corp., the specialist in data management, on Wednesday reported a profit of $43 million on $394 million in revenue for the first quarter of 2003, officials said.

This is relatively flat compared to the first quarter a year ago, in which the Mountain View, Calif., firm saw income of $44 million with revenue of $370 million.

"The current market trend of business and IT consolidation has given us the opportunity to leverage our heterogeneous and interoperable technology. We have delivered solutions that assist our customers in managing the challenges of consolidation and the continued pressure to do more with less," said Gary Bloom, chairman, CEO, and president, in a prepared statement.

Software sales in the Asia-Pacific region did well last quarter, Bloom said. Also, "We continue to see strength in services, support, and maintenance," he said.

At its annual user conference in Las Vegas next month, Veritas Vision, the company is expected to elaborate on the integration of Jareva Technologies Inc. and Precise Software Solutions Ltd. products with existing Veritas products, officials have said. Veritas acquired both companies for a combined $599 million late in 2002.

Regarding Jareva, "We have begun integrating the server automation technology into our product portfolio and expect to have this product available" soon, Bloom said. As for Precise, "The logical expansion into the adjacent market of performance management will allow our customers to detect and correct," he said.

Recent highlights from Veritas include an upgrade of its flagship enterprise software, NetBackup 4.5; upgrades for the midrange Backup Exec and SANPoint Control software; and expanded partnerships with BMC Software Inc. and EMC Corp.

Despite the advances, "I dont know if its the year of the [storage area network]. SANs are still fighting a complexity problem in the marketplace. People are starting to see the business benefit," he said.