Gus, VRTS weighs in today. So far we have this....
VERITAS(R) Software Reports Second Quarter Results; Revenue Up 42% to $390 Million for the Quarter
Pro forma Earnings Per Share Up 46%
MOUNTAIN VIEW, Calif., July 17 /PRNewswire/ -- VERITAS Software Corporation (Nasdaq: VRTS - news) today announced financial results for its second quarter ended June 30, 2001. The Company achieved second quarter revenue of $390 million, an increase of 42% over last year's second quarter revenue of $275 million. Pro forma net income, excluding purchase accounting adjustments, increased to $80 million in the second quarter from $57 million for the same period in the prior year, a 41% increase. Diluted pro forma net income per share for the second quarter was $0.19, up 46% from $0.13 for the same period last year.
For the six-month period ended June 30, 2001 and 2000, VERITAS Software had revenue of $778 million and $520 million, respectively, a 50% year-over-year increase. Pro forma net income increased to $167 million from $109 million in the prior period, a 54% increase. Pro forma diluted net income per share was $0.40, compared with $0.25 for the same period last year, a 60% increase.
``VERITAS' software products and services allow our customers to maximize the return on their storage investments and leverage their data -- helping them more effectively manage their business during these difficult economic times,'' said Gary Bloom, chief executive officer and president, VERITAS Software. ``By helping our customers meet their critical IT requirements, we delivered industry leading growth rates despite the weak economic environment. While we anticipate completing the second half of the year as one of the growth leaders in the technology sector, we are changing our prior guidance of 35-50% annual revenue growth to a new range of 25-35% to reflect the weakness in the economy.''
``Our results for the quarter were exceptional by all financial measures and the strong results in our consulting business are a great leading indicator of future spending intentions by our customers,'' said Ken Lonchar, executive vice president and chief financial officer, VERITAS Software. ``Our financial position has never been better. We demonstrated great cash generation during the quarter, with our cash position increasing to $1.5 billion, an increase of over $125 million from March 31, 2001. Financially, we are extremely well positioned and will continue investing in people and infrastructure to grow our business, increase our market penetration, and gain share from our competitors.''
For the second quarter, on an as-reported basis with purchase accounting adjustments for acquisitions, VERITAS Software reported a net loss of $129 million, or $0.32 per share, compared with a net loss of $172 million, or $0.43 per share for the prior period. Purchase accounting amortization amounted to $237 million in the current quarter and $235 million in last year's second quarter. The Company's as-reported net loss for the six-month period ended June 30, 2001 was $285 million, or $0.72 per share, compared with $347 million or $0.87 per share for the same period in the prior year.
The Company includes a financial table with its earnings release: ``Pro forma Statements of Operations.'' These pro forma statements are intended to present the Company's operating results excluding purchase accounting adjustments.
The Company will host a conference call on Tuesday, July 17 at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time, to discuss its results. The conference call will be broadcast live via the Internet at www.veritas.com and www.nasdaq.com. The conference call will also be available live in a listen-only format at 913-981-5581. A replay will be available until July 24, 2001 at +1-888-203-1112, replay code: 458470.
About VERITAS Software
VERITAS Software Corporation provides essential data availability software solutions that enable customers to protect and access their business-critical data for Business Without Interruption(TM). The Company's corporate headquarters is located at 1600 Plymouth Street, Mountain View, CA 94043. Telephone: +1-650-527-8000. Fax: +1-650-527-8050. Email: vx-sales@veritas.com. WWW site: veritas.com .
This press release may include estimates and forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements involve a number of risks and uncertainties, including the risk that we may not gain market acceptance of our products and services, the risk that we will not be able to maintain the quality of our end-user customer and partnering relationships, and the risk that will not be able 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 report on Form 10-Q on file with the SEC. We undertake no obligation to update any forward- looking statement to reflect events or circumstances after the date hereof.
NOTE: VERITAS, VERITAS Software, the VERITAS logo, Business Without Interruption and other product names are trademarks or registered 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. |
