Veritas achieves good Q4 revenues
Veritas achieves good Q4 revenues
Veritas banked US$405 million in revenue for the fourth quarter of 2002, up from the $374 million it took home for the September quarter.
Announcing the results for the quarter, which ended on December 31, 2002, Veritas also announced that their revenue for 2002 was a healthy $1.51 billion, up a little form the $1.49 billion they achieved in 2001.
Earnings for each diluted pro-forma share was $0.18, compared to $0.14 for the September quarter and up from the $0.16 for the fourth quarter of 2001.
Net loss for the quarter was $49 million, which is $0.12 per share and compares to a net loss of $36 million for the September quarter.
Garry Bloom, the chairman, president and CEO of Veritas said of the results; "The strength of the quarter was primarily attributable to the acceleration of demand in December and increased end of year spending by our customers," said Bloom. "Our revenue for the first quarter of 2003 is expected to be approximately $370 million, taking into account our strong fourth quarter of 2002 performance and the seasonal pattern typical of the software industry. While full year results remain difficult to project, we expect relatively flat Q1 to Q2 results and continue to believe that the second half of 2003 could line up to generate some positive revenue and earnings momentum."
Veritas will restate its financial results for the fiscal years ending December 31 2000 and 2001as a result of a review of transactions with AOL Time Warner, which today posted the largest annual loss in American history; $100 billion was reportedly lost in 2002 by AOL Time Warner.
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