The Company achieved fourth quarter revenue of $370.1 million, an increase of 64% over last year’s fourth quarter revenue of $226.2 million. Pro forma net income, excluding purchase accounting adjustments, increased to $83.9 million in the fourth quarter from $50.7 million for the same period in the prior year, a 65% increase. Diluted pro forma net income per share for the fourth quarter was a record $0.19, up 58% from $0.12 for the same period last year.
For the fourth quarter, on an as-reported basis with purchase accounting adjustments for acquisitions, VERITAS Software reported a net loss of $125.0 million, or $0.31 per share, compared with a net loss of $170.6 million, or $0.44 per share for the prior period. Included in the current period’s net loss is a reversal of $4.3 million of previously recorded acquisition and restructuring costs. Purchase accounting amortization amounted to $235.3 million in the current quarter and $235.2 million in last year’s fourth quarter.
We concluded the year with record revenue and we are very optimistic about our growth potential for 2001, said Gary Bloom, chief executive officer and president, VERITAS Software. Data is a critical business imperative, and VERITAS Software has established itself as the de facto industry standard for continuous data availability. We continue to see strong demand for VERITAS Software technology and with our expanding products and platforms we are well prepared to be the leading strategic supplier of solutions to protect our customers’ vital business information.
On a pro forma basis for the years ended December 31, 2000 and 1999, VERITAS Software had revenue of $1,207 million and $700 million, respectively, a 72% year-over-year increase. Pro forma net income increased to $263 million from pro forma net income of $147 million in the prior year, a 79% increase. Pro forma diluted net income per share was $0.60, compared with $0.35 for the prior year, a 71% increase.
The Company’s as-reported revenue for the year ended December 31, 2000 was $1,207 million, compared with $596 million for the prior year. For the year, VERITAS Software reported a net loss of $620 million, or $1.55 per share, compared with a net loss of $503 million, or $1.59 per share for the prior year.
Our exceptional results for the fourth quarter again demonstrated balanced growth, with significant contributions coming from all channels, regions and product lines, said Ken Lonchar, senior vice president and chief financial officer, VERITAS Software. We also demonstrated great cash flow during the quarter, with our December 31, 2000 cash and long term investments balance at $1.3 billion. The Company added almost 50% to its deferred revenue balance in the quarter, and ended the year at $201 million. Financially, we are extremely well positioned entering 2001.
