Veritas to restate financial results


Veritas to restate financial results

Veritas Software will restate its results for 2000 and 2001 as a result of an investigation into a deal the software maker made with AOL Time Warner in September 2000.

Veritas will issue results that erase $20m (£12.4m) in revenue that was previously booked as licensing and support fees paid by the AOL Internet unit of AOL Time Warner.

The US Securities and Exchange Commission (SEC) subpoenaed documents last year in relation to deals between Veritas and AOL as part of an investigation into AOL Time Warner's accounting practices. Veritas said it would no longer count $20m in advertising paid to AOL as an expense.

Veritas received $37m (£23m) from AOL in the fourth quarter of 2000 as part of a $50m software purchase. Veritas had been counting the other $13m (£8.1m) in revenue over a three-year support period.

Veritas expects to file the restated results with the SEC by 31 March.

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