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VERITAS Software reports third quarter results

  • 27 October, 2004 11:04

<p>For Immediate Release</p>
<p>VERITAS Software Reports Third Quarter Results</p>
<p>Revenue of $497 Million, 11% Growth Year-Over-Year</p>
<p>MOUNTAIN VIEW, Calif. – October 27, 2004 - VERITAS Software Corporation (NASDAQ: VRTS) today announced financial results for the quarter ended September 30, 2004. Revenue was $497 million, compared to revenue of $447 million for the same period a year ago, representing 11 percent growth year-over-year.</p>
<p>GAAP net income for the quarter ended September 30, 2004 was $96.2 million, or $0.22 per diluted share, compared to GAAP net income of $68.1 million, or $0.15 per diluted share, for the same period a year ago. Included in GAAP net income were non-cash charges of $1.4 million, net of taxes, for the quarter ended September 30, 2004, and $14.8 million, net of taxes, for the same period a year ago, related to amortization of intangibles, in-process research and development, stock-based compensation, restructuring reversals and, for the third quarter in 2003, charges associated with the adoption of FASB Interpretation No. 46, “Consolidation of Variable Interest Entities” and the loss on extinguishment of debt related to the redemption of our convertible notes.</p>
<p>“We are pleased with our results for the quarter and the solid demand for our data protection and emerging products,” said Gary Bloom, chairman, president and CEO, VERITAS Software. “With the strength we are seeing in our distribution channels, the growth of our services business, and the success of our global expansion strategy, we remain confident that we will achieve the goal we set a year ago to drive our business to $2 billion in revenue for 2004.”</p>
<p>“During the quarter, we generated approximately $106 million in cash from operating activities, and after using $256 million for the acquisition of KVault Software and Invio Software and $71 million for our stock repurchase program, we exited the quarter with $2.5 billion in cash and short-term investments,” said Ed Gillis, executive vice president and chief financial officer, VERITAS Software.</p>
<p>“Taking into account the measured IT recovery and our typical end-of-year seasonal strength, we expect our revenue for the fourth quarter to be in the range of $530 million to $550 million, including revenue from KVS, and diluted earnings per share to be in the range of $0.22 to $0.24 on a GAAP basis,” said Bloom. “Our position as the leader in the storage software market remains strong, as demonstrated by our solid performance, market leadership and healthy customer demand for VERITAS technology.”</p>
<p>The company will hold a conference call today at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time, to review the results and business outlook. The conference call will be available to all investors. The telephone dial-in number for listen-only access to the live call is 913-981-5509, passcode: 864205. A live webcast will also be available at www.veritas.com, Investor section.
In addition, a replay will be available via audio webcast at www.veritas.com, Investor section, or via telephone at (719) 457-0820, replay code: 864205 beginning on Tuesday, October 26th at 4:00 p.m. Pacific Time until January 2005.</p>
<p>About VERITAS Software
VERITAS Software, one of the 10 largest software companies in the world, is a leading provider of software to enable utility computing. In a utility computing model IT resources are aligned with business needs, and business applications are delivered with optimal performance and availability on top of shared computing infrastructure, minimizing hardware and labor costs. With 2003 revenues of $1.75 billion, VERITAS delivers products and services for data protection, storage &amp; server management, high availability and application performance management that are used by 99 percent of the Fortune 500. More information about VERITAS Software can be found at www.veritas.com.</p>
<p>Safe Harbor Statement
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, including statements relating to projections of future revenue and earnings. These forward-looking statements involve a number of risks and uncertainties, including the risk that we will 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, the risk that our customers will reduce or defer purchases of our products and services due to economic or industry conditions or the impact of regulatory requirements, and the risk that we will not 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 for the quarter ended June 30, 2004 on file with the SEC. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof.</p>
<p>Non-GAAP Financial Statements
The company uses certain non-GAAP financial measures in this press release that are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. Investors are encouraged to review the non-GAAP reconciliation table attached to this press release, which describes the reasons why management believes the presentation of these non-GAAP financial measures provides useful information to investors and any additional purposes for which management uses these non-GAAP financial measures. The table also includes a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.</p>
<p># # #</p>
<p>Press Contact:
Narelle Wilson, General Manager Marketing, Australia and New Zealand, VERITAS Software
(61 2) 8220 7000, narelle.wilson@veritas.com</p>
<p>Fiona Martin, Account Director, Max Australia
(61 2) 9954 3492, fiona.martin@maxaustralia.com.au</p>
<p>Copyright © 2004 VERITAS Software Corporation. All rights reserved. VERITAS, the VERITAS Logo and all other VERITAS product names and slogans are trademarks or registered trademarks of VERITAS Software Corporation. VERITAS and the VERITAS Logo Reg. U.S. Pat. &amp; Tm. Off. Other product names and/or slogans mentioned herein may be trademarks or registered trademarks of their respective companies.</p>

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