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Veritas: All Systems 'Go'

Earnings are up and execs are ready for merger with Symantec

Veritas Software Corp. (Nasdaq: VRTS) posted a strong quarterly and year-end report today (see Veritas Claims Record Quarter). And execs said the second-quarter closing of its proposed merger with Symantec Corp. (Nasdaq: SYMC) is still on track.

The vendor's quarterly revenues were $574 million, up 16 percent sequentially and 14 percent year-over-year (see Veritas Rebounds and Veritas Posts Q4 Returns). Net income was $128.7 million ($.30 per share), down from last year's fourth-quarter net income of $190.6 million ($43 per share).

For the year, Veritas posted $2.042 billion in revenue, a 17 percent increase over 2003's annual figure of $1.747 billion, which in turn was an 18 percent increase over 2002. Net income for 2004 was $411.4 million ($.96 per share), up from $347.4 million ($.83 per share) in 2003.

"This is the highest revenue quarter in the company's history... It demonstrates the continued strength and overall health of our business," said CEO Gary Bloom on a call with analysts.

Bloom several times alluded to positive anticipation of the company's proposed merger with Symantec, which has made it through a key round of regulatory approval (see Veritas, Symantec Merger Passes Review and Symantec & Veritas: It's a Deal). In particular, he stressed that the closure of a number of large deals at the end of the quarter, after the merger announcement, signaled what he thinks is a "largely positive" reception by customers.

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