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EMC Reports Strong Revenue, Income Growth

EMC, one of the last big IT vendors to fall with the end of the dot-com era, continues to be one of the leaders of the IT recovery coming off one of its best quarters in years.
The Hopkinton, Mass.-based storage giant on Thursday reported strong revenue and profit growth for the first quarter of 2004, which ended March 31.

Revenue for the company was $1.9 billion, up 35 percent compared with the $1.4 billion recorded in the same quarter of 2003. However, that figure included revenue from three acquisitions that occurred since the end of the 2003 quarter: Legato Software, acquired in October; Documentum, acquired in December; and VMware, acquired in January.

Discounting the revenue from the acquisitions, EMC's core business still grew a respectable 21 percent year-to-year, EMC executives said.

Revenue for each of EMC's new divisions grew as well year-to-year, with combined revenue from Legato, Documentum and VMware up 30 percent compared with their results a year ago.

Overall, EMC had income of $140 million, or 6 cents per share, for the first quarter of 2004, compared with $35 million, or 2 cents per share, for the same quarter a year ago. The 2004 figure includes income from its three acquisitions.

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