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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (83000)	1/17/2003 8:26:57 AM
From: Taki	Read Replies (1) \| Respond to of 122087

VRTS,losing little of it's ass on restatement pre market.Highs of this stock was on month 03/31/00 132.00 174.00 110.00 131.00 -66.87 203,317,798. (PR NEWSWIRE) VERITAS Announces Restatement Related to Previously Disclosed R VERITAS Announces Restatement Related to Previously Disclosed Review of September 2000 Transactions With AOL Time Warner MOUNTAIN VIEW, Calif., Jan. 17 /PRNewswire-FirstCall/ -- VERITAS Software Corporation (Nasdaq: VRTS), today announced that as a result of the previously disclosed review of transactions with AOL Time Warner entered into in September 2000, the Company will restate its financial results to reflect that $20 million of license and support fees paid by AOL will not be recognized as revenue and $20 million of advertising services paid to AOL will not be recorded as expense. The periods affected by the restatement will include fiscal years ended December 31, 2000 and 2001 and quarters ended December 31, 2000 through September 30, 2002. The transactions involved a $50 million software purchase by AOL and a $20 million advertising services purchase from AOL. The Company originally recognized $37 million of revenue in the fourth quarter of 2000 and has been recognizing the remaining $13 million in revenue over a three-year support period. The $20 million advertising services purchase was recorded as an expense as the services were provided beginning in the fourth quarter of 2000 and ending in the fourth quarter of 2001. The principal effect of the restatement for the year ended December 31, 2000 will be to reduce previously reported revenue of $1,207 million by $17 million, or 1.4%, and to increase previously reported net loss of $620 million by $7 million, or 1.1%. For the year ended December 31, 2001, previously reported operating expenses of $1,812 million will be reduced by $13 million, or 0.7%, and previously reported net loss of $651 million will be reduced by $8 million, or 1.2%. For the nine months ended September 30, 2002, previously reported revenue of $1,101 million will be reduced by $1 million, or 0.1%, and previously reported net income of $107 million will be reduced by less than $1 million, or 0.9%. The restatement has no effect on the Company's cash position. An unaudited summary table of the financial impact of the restatement is attached to this release. The Company expects to file restated financial statements for the affected periods with the Securities and Exchange Commission by March 31, 2003. The effects of the restatement described in this release and the attached table are estimates and unaudited. Until the Company issues its restated financial statements, investors should not rely upon the financial information contained in the Company's previously filed annual reports on Form 10-K and auditors' reports thereon for the fiscal years ended December 31, 2000 and 2001 or in the Company's quarterly reports on Form 10-Q for the quarters ended March 31, 2001 through September 30, 2002. About VERITAS Software With revenues of $1.5 billion in 2001, VERITAS Software ranks among the top 10 software companies in the world. VERITAS Software is the world's leading storage software company, providing data protection, storage management, high availability and disaster recovery software to 86 percent of the Fortune 500. VERITAS Software's corporate headquarters is located at 350 Ellis Street, Mountain View, CA, 94043, tel: 650-527-8000, fax: 650-527-8050, e-mail: vx-sales@veritas.com, Web site: