VERITAS Software Reports Record First-Quarter Results
Revenue Up 82% to $245 Million for the Quarter (beats by a penny)
Pro forma Quarterly Net Income Grows 86% Resulting in $0.12 Per Share
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--April 19, 2000--VERITAS© Software Corporation (Nasdaq:VRTS - news), the industry's leading enterprise-class application storage management software provider, today announced record financial results for its first-quarter ended March 31, 2000. The Company achieved first-quarter revenue of $244.6 million, an increase of 82% over last year's pro forma first-quarter revenue of $134.7 million. Pro forma net income, which excludes purchase accounting adjustments, increased to $51.6 million from $27.7 million for the same quarter prior year, an 86% increase. Diluted pro forma net income per share for the first-quarter was $0.12, a 71% increase from $0.07 for the same period last year. VERITAS Software's pro forma operating margin increased to 31% for the first-quarter as compared with an operating margin of 30% for the same quarter last year.
The Company's as-reported revenue for the first-quarter was $244.6 million, compared with $71.9 million for the same period last year. For the first-quarter, VERITAS Software reported a net loss of $174.4 million, or $0.44 per share, compared with net income of $13.6 million, or $0.06 per share on a diluted basis for the prior year. Included in the current period's net loss is $235.2 million of purchase accounting amortization.
``Our record revenue growth again asserts our leadership positioning in the heterogeneous application storage management space,' said Mark Leslie, chairman and CEO of VERITAS Software. ``This success demonstrates the value of our solutions to mission-critical environments that demand continuous data availability, including customers in the financial, telecom and Internet sectors, and our significant position as the partner of choice for today's market-driving technology vendors. We continue to see strong demand for all product lines across the board and significant contributions from all of our key distribution channels, including our direct sales force, one-tier VAR network, two-tier distribution infrastructure, and OEM sales.'
To better facilitate the financial reporting, the Company has added an additional financial table to its earnings releases: ``Pro forma Statements of Operations.' These pro forma statements are intended to present the Company's operating results excluding purchase accounting adjustments but including the results of Seagate Software NSMG and TeleBackup Systems effective at the beginning of 1999.
The Company will host a conference call today at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time to discuss its results. Live Webcast is available at nasdaq.com. Replay number for the call is 800-633-8284 (#148-84-281).
About VERITAS Software
For enterprise customers who demand the continuous availability of business-critical information, VERITAS Software Corporation (Nasdaq: VRTS - news), the industry's leading enterprise-class application storage management software provider, ensures information availability from business-critical applications by delivering integrated, cross-platform storage management software solutions. The Company's products enable Business Without Interruption(TM)and are designed to protect, access and manage business-critical application information. VERITAS Software products are delivered through a global end user sales force and a worldwide network of enterprise VARs, resellers and OEM partners. The Company's corporate headquarters is located at 1600 Plymouth Street, Mountain View, CA 94043. Telephone: (650) 335-8000. Fax: (650) 335-8050. Email: vx-sales@veritas.com. WWW site: veritas.com.
This press release may include estimates and forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of our products and our ability to manage our business effectively, that could cause the actual results we achieve to differ materially from such forward-looking statements. For more information regarding potential risks, see the ``Factors That May Affect Future Results' section of our most recent reports on Form 10-K and Form 10-Q on file with the SEC.
VERITAS is a registered trademark of VERITAS Software Corporation in the US and other countries. The VERITAS logo and Business Without Interruption are trademarks of VERITAS Software Corporation in the US and other countries. Other product names mentioned herein may be trademarks and/or registered trademarks of their respective companies.
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