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Technology Stocks : Son of SAN - Storage Networking Technologies
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To: Douglas Nordgren who wrote (1008)1/28/1999 5:11:00 PM
From: Douglas Nordgren  Read Replies (2) of 4808
 
VRTS Reports Record 4Q, EPS Grows 100%

biz.yahoo.com

For the fourth quarter, the company achieved record revenue of $67.1 million, an increase of 88% over last year's fourth quarter revenue of $35.8 million. License revenue increased 89% while net income for the period rose to $21.5 million, from $12.3 million for the same period in fiscal year 1997.

Most importantly, diluted earnings per share for the quarter, on a fully taxed basis, doubled to $0.24 from $0.12 (excluding a
one-time credit) for the same period last year. During 1998, VERITAS achieved year-over-year revenue growth of 74%.

''The state of the company has never been stronger,'' said Mark Leslie, VERITAS' president and chief executive officer. ''Increasing growth in end user sales worldwide coupled with the expanding breadth and depth of our OEM sales channel puts VERITAS in a position to take full advantage of the opportunities in this rapidly expanding storage management market.''

''1998 was a defining year for VERITAS,'' commented Leslie. ''We articulated two important initiatives early in the year for Storage Area Networking and penetration of the NT market. In the SAN arena we took a leadership position in the industry, and announced and delivered innovative products in the areas of backup, high availability and clustering."
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