Updated from April 21 Veritas Software ( VRTSE) doubled its net income and handily beat Wall Street's expectations for revenue and profit in the first quarter, the Mountain View, Calif., company reported after the closing bell Wednesday. The stock was recently up 75 cents, or 2.7%, to $28.57. Net income for the quarter was $103 million, or 23 cents per diluted share, compared to a profit of $42.5 million, or 10 cents a share last year, according to generally accepted accounting principles. Revenue grew 24% to $487 million, up from $394 million for the period a year ago. Analysts polled by Thomson First Call were expecting a 21-cent profit on sales of $469.87 million. The company, which makes software used by large businesses to manage data storage, generated $202 million from operations during the March quarter. License revenue, a key metric for software companies, was up solidly, rising from $254.6 million a year ago to $303.3 million. Large deals, which often indicate that customers are confident enough to make a long-term commitment, grew. The company recorded 25 deals greater than $1 million, compared to 12 in the previous quarter and 12 a year ago. Thomas Mancino of Pacific Growth Equities noted that all product areas grew to expectations during the quarter, including backup -- up 13% -- which is often seen as a somewhat stagnant market. "We are reiterating our overweight rating and continue to believe the company is especially well positioned to leverage the economic/IT spending recoveries as they unfold throughout the remainder of 2004 and into 2005," he wrote. (Pacific Growth does not have a current banking relationship with Veritas.) In mid-March, Veritas said it would
restate three years of financial results because of accounting irregularities. The restatement will cut net income by $15 million to $20 million for the year ended Dec. 31, and slash revenue for that period by $10 million to $15 million.