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VERITAS Software Corporation (NASDAQ:VRTS - News) today announced financial results for the quarter ended September 30, 2004. Revenue was $497 million, compared to revenue of $447 million for the same period a year ago, representing 11 percent growth year-over-year.

GAAP net income for the quarter ended September 30, 2004 was $96.2 million, or $0.22 per diluted share, compared to GAAP net income of $68.1 million, or $0.15 per diluted share, for the same period a year ago. Included in GAAP net income were non-cash charges of $1.4 million, net of taxes, for the quarter ended September 30, 2004, and $14.8 million, net of taxes, for the same period a year ago, related to amortization of intangibles, in-process research and development, stock-based compensation, restructuring reversals and, for the third quarter in 2003, charges associated with the adoption of FASB Interpretation No. 46, "Consolidation of Variable Interest Entities" and the loss on extinguishment of debt related to the redemption of our convertible notes.

"We are pleased with our results for the quarter and the solid demand for our data protection and emerging products," said Gary Bloom, chairman, president and CEO, VERITAS Software. "With the strength we are seeing in our distribution channels, the growth of our services business, and the success of our global expansion strategy, we remain confident that we will achieve the goal we set a year ago to drive our business to $2 billion in revenue for 2004."

"During the quarter, we generated approximately $106 million in cash from operating activities, and after using $256 million for the acquisition of KVault Software and Invio Software and $71 million for our stock repurchase program, we exited the quarter with $2.5 billion in cash and short-term investments," said Ed Gillis, executive vice president and chief financial officer, VERITAS Software.

"Taking into account the measured IT recovery and our typical end-of-year seasonal strength, we expect our revenue for the fourth quarter to be in the range of $530 million to $550 million, including revenue from KVS, and diluted earnings per share to be in the range of $0.22 to $0.24 on a GAAP basis," said Bloom. "Our position as the leader in the storage software market remains strong, as demonstrated by our solid performance, market leadership and healthy customer demand for VERITAS technology."

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