Most surprising, perhaps, is the fact that Veritas is actually forecasting lower revenues for its second quarter. While sales tend to decline from the fourth to first quarters, they're usually flat from first to second, Berg says. For the current quarter, ending June 30, the company said it expects to report revenues of between $370 million and $380 million. Veritas forecasts earnings of 9 to 10 cents a share including charges, or 13 to 14 cents a share before charges.
On a conference call today, Veritas president and CEO Gary Bloom said the ongoing economic environment, as well as concerns in the Asia/Pacific region over Severe Acute Respiratory Syndrome (SARS), could have a negative impact on the company's earnings in the second quarter.
Veritas said it wrapped up the quarter with a record $2.4 billion in cash on its balance sheet, after increasing its cash level by $153 million during the quarter. CFO Gillis said Veritas expects to raise an additional $70 million to $90 million during its second quarter. The company said it had 12 deals worth more than $1 million over the quarter.
The charges anticipated for the June quarter do not include the effect of the companys pending acquisition of Precise Software Solutions (Nasdaq: PRSE), the company said (see Veritas Gets Precise).
As for competition going forward, Bloom said Veritas remains well-positioned. "The competitive landscape has not changed. But weve obviously been very effectively dealing with that competition."
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