VERITAS reports revenue growth

VERITAS Software Corporation has announced financial results for the quarter ended December 31st, 2003. Revenue was a record $513 million, compared to revenue of $406 million for the same period a year ago, representing 26 percent growth year over year. Revenue for the year ended December 31st, 2003 was $1.77 billion, compared to revenue of $1.51 billion for the same period a year ago, representing 18 percent growth year over year.

GAAP net income for the quarter ended December 31st, 2003 was $105.3 million, or $0.24 per diluted share, compared to GAAP net loss of $49.4 million, or $0.12 per diluted share, for the same period a year ago. Included in GAAP net income are charges related to amortisation of intangibles and stock compensation of $4.4 million, net of taxes, for the quarter ended December 31st, 2003 and amortisation of intangibles and special charges related to facilities restructuring, totalling $123.8 million, net of taxes, for the same period a year ago.

GAAP net income for the year ended December 31st, 2003 was $274.2 million, or $0.63 per diluted share, compared to GAAP net income of $57.4 million, or $0.14 per diluted share, for the same period a year ago. Included in GAAP net income for the year ended December 31st, 2003 are charges related to purchase accounting adjustments, including write off of in-process research and development, amortisation of intangibles and stock-based compensation; gains and losses on strategic investments, write-off of debt issuance costs, and the adoption of FASB Interpretation Number 46, "Consolidation of Variable Interest Entities," totalling $78.4 million, net of taxes. For the same period a year ago, GAAP net income includes amortisation of intangibles, losses on strategic investments and disposal of assets, and a facilities restructuring charge, totalling $199 million, net of taxes.

•Date: 29th January 2004 •Region: N.America/World •Type: Article •Topic: BC markets
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