Veritas Reports on Q2

Revenue up 42% to $390 million for the quarter; pro forma earnings per share up 46%

July 18, 2001

1 Min Read

MOUNTAIN VIEW, Calif. -- VERITASSoftware Corporation (Nasdaq: VRTS) today announced financial resultsfor its second quarter ended June 30, 2001. The Companyachieved 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 millionfor the same period in the prior year, a 41% increase. Diluted pro formanet income per share for the second quarter was $0.19, up46% 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 formanet income increased to $167 million from $109 million in the priorperiod, a 54% increase. Pro forma diluted net income per sharewas $0.40, compared with $0.25 for the same period last year, a 60% increase. "VERITAS' software products and services allow ourcustomers to maximize the return on their storage investments andleverage their data — helping them more effectively managetheir business during these difficult economic times," said Gary Bloom,chief executive officer and president, VERITAS Software. "Byhelping our customers meet their critical IT requirements, we delivered industry leading growth rates despite the weakeconomic environment. While we anticipate completing the second half ofthe 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 theeconomy."Veritas Software Corp.

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