Veritas Reports 3rd Quarter Results, Highlights New Customers
VERITAS Software Corporation this week announced financial results for its third quarter ended September 30, 2001. The Company achieved third-quarter revenue of $340 million, compared with revenue of $317 million reported for the third quarter of fiscal 2000. Pro forma net income for the third quarter, excluding purchase accounting adjustments and the loss on strategic investments, was $51 million, compared with $70 million for the same period in the prior year.
For the nine-month period ended September 30, 2001, VERITAS Software had revenue of $1.118 billion, compared with revenue of $837 million, for the same period of fiscal 2000, a 34 percent year-over-year increase. Pro forma net income for the nine-month period ended September 30, 2001, excluding purchase accounting adjustments and the loss on strategic investments, increased to $218 million from $179 million in the prior period.
"Our robust product portfolio and clear value proposition for our customers is supporting strong financial results for the business as demonstrated by our cash generation and positive balance sheet," said Ken Lonchar, executive vice president and chief financial officer, VERITAS Software. "
During the third quarter, VERITAS Software expanded its offerings to existing and new government clients such as the United States Intelligence Agencies and Office of the Secretary of Defense, the Executive Office of the U.S. Attorney; the United Nations, National Cancer Institute, the Korean Ministry of Information and Communication and Korea's Public Procurement Service. In the financial services and insurance industries, customers included Bank of America, VISA International; in Korea, Shinhan Bank, Samsung Capital and Kookmin Credit Card Co, Ltd; and in Mexico, both Banco Santander and Grupo Nacional Provincial.
New contracts in the technology sector included Business Objects, Tellabs, Telia, U.S. Cellular; in Brazil, Siemens and TNEXT; in Mexico, TelCel; in Korea, Korea Telecom, SK Telecom and Dacom; and in Russia, VimpelCom, a leading cellular telecommunications services provider and the first Russian company to be listed on the New York Stock Exchange. In media and entertainment, McGraw-Hill and SkyNews, the UK-based television and web site news source, turned to VERITAS Software. Other customer wins included Caterpillar, Inc., Deere and Company, Hyundai Heavey Industries, LG Electronics, LG Chemical Ltd, Xcel Energy, China Railway Communication Corporation and PKN Orlen, the largest fuel producer and distributor in Poland.
"Although storage was once treated with relative complacency, it has quickly become the strategic infrastructure component that keeps companies open for business," said Gary Bloom, president and chief executive officer, VERITAS Software. "Whether our customers are working directly with us or through our channel partners, they know that their IT investments and corporate data are more effectively utilized and safe with VERITAS."