Veritas 1Q Sales Up 15 Percent

This is expected to be the Mountain View, Calif., vendor's last earnings report as an independent company. Its acquisition by Symantec is expected to close this quarter.

For its first quarter, the storage management software giant reported revenue of $559 million, compared with $486 million reported for the same quarter last year.

Net income was $105 million, or 24 cents per share, up about 5 percent from the $100 million, or 22 cents per share, it earned last year.

For the U.S. market, however, Veritas reported a 1 percent drop in overall revenue, to $295 million, from the same period last year. License revenue in the U.S. fell 17 percent, said Veritas CFO Ed Gillis. He said Veritas has seen an overall slowdown in the U.S. business environment.

About 60 percent of Veritas' sales come from direct sales, 28 percent from distributors and 12 percent from OEMs, said Gillis.

Gary Bloom, chairman, president, and CEO of Veritas, said he expects Veritas revenue to be in the $500 million to $540 million range for the second quarter, up from the $485 million it reported for the same quarter last year.

He also said he expects revenue for all of 2005 to be up 11 percent to 12 percent, and earnings to rise 16 percent to 21 percent, over 2004.