Storage management software provider Veritas had a strong second quarter, but posted a loss after charges relating to the purchase of Seagate's network and storage management business and TeleBackup Systems.
For the quarter ended 30 June 1999, the company reported a net loss of $162.3 million or $1.33 per share, compared with net income of $8.5 million or 8 cents a share for the same quarter last year. The loss included one time charges of $103.1 million for the two acquisitions and $76.6 million for purchase accounting amortisation.
Revenue for the quarter was $114.6 million, up from $48.1 million in the same quarter 1998.
Mark Leslie, chief executive of Veritas commented: "With the successful completion of the Seagate Software and Telebackup Systems mergers, Veritas emerges as the largest and most potent force in the storage management and high availability software sectors."
He added: "I am pleased with the results for the second quarter which were outstanding by any financial measure."
The company's share price rose 6 cents following the news, to $53.31.
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