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Veritas Rides Earnings See-Saw

Things werent quite as bad for Veritas Software Corp. (Nasdaq: VRTS) last quarter as the company thought they'd be three weeks ago (see Veritas Takes a Dive). But things weren't as good as execs thought they'd be three months ago.

Veritas reported financial results today lower than originally forecast last quarter, but with higher net income than the company’s revised forecast issued July 6. Veritas revenue was $485 million, and net income was $91 million, or $0.21 earnings per share. Veritas's earlier warning was EPS of $0.18 to $0.20 and revenues from $475 million and $485 million. Reuters' estimates for Veritas were $479.6 million and $0.19.

In the same quarter last year, Veritas had revenue of $408 million and EPS of $0.19.

Even with the improvement, Veritas CEO Gary Bloom told analysts it was not a good result. “We’re clearly not happy that we came in below expectations,” he said.

Bloom said U.S. sales weakened late in June, but international and channel sales were strong during the quarter. U.S. license revenue was down 6 percent from last year, although overall U.S. revenue was up 9 percent.

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