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SYMANTEC ANNOUNCES FINANCIAL RESULTS FOR FIRST FISCAL QUARTER '94; REVENUES UP 6 PERCENT FROM LAST QUARTER

 CUPERTINO, Calif., July 22 /PRNewswire/ -- Symantec Corp. (NASDAQ: SYMC) today reported that revenues for its first fiscal quarter 1994 were $59.1 million, an increase of 6 percent or $3.5 million compared to revenues reported in the previous quarter, and a decrease of 9 percent or $5.8 million compared to the comparable period a year ago. Earnings per share before acquisition and restructuring charges were $0.05 on 27.8 million shares outstanding in the June 1993 quarter, compared with a loss per share of $0.06 on 26.0 million shares outstanding in the March quarter of fiscal year 1993. The first fiscal quarter ended on July 2, 1993.
 In the June 1993 quarter, the company had a charge of $7.4 million for the acquisition of Contact Software International Inc., and a $4.7 restructuring charge for the relocation of the company's technical support and customer service departments to Eugene, Ore., totaling $12.1 million or $0.32 per share. The net loss reflecting these charges was $0.27 per share.
 "We have taken steps to keep expenditures in line with revenue, and will continue to review where and how we can decrease operating expenses on an on-going basis," said Gordon E. Eubanks, Jr., Symantec's president and chief executive officer. "As we move forward, our main focus continues to be the development and marketing of products that meet customer requirements and take advantage of market opportunities in a timely manner."
 Q1 Q1
 FY94 FY93
 (in millions, except per-share data)
 Net revenues $ 59.1 $ 65.0
 Operating income before acquisition
 and restructuring charge $ 2.0 $ 7.8
 Operating income (loss) $(10.1) $ 7.8
 Income before acquisition and
 restructuring charge $ 1.3 $ 5.1
 Income per share before acquisition
 and restructuring charge $ 0.05 $ 0.18
 Net income (loss) per share $(0.27) $ 0.18
 Contact Acquisition and Customer Support Relocation
 During the June quarter, the company completed the acquisition of Contact Software International Inc., the developer of ACT!, the leading contact management software package. The acquisition was a pooling of interests in which Symantec issued approximately 2.6 million shares of its common stock for the current outstanding shares of Contact Software International Inc.
 In addition, the company announced the consolidation of its technical support and customer service departments and their relocation to Eugene. The move is expected to provide improved and consistent customer service and support, and save the company approximately $2 million a year.
 Major New Products Introduced
 Several products were introduced in the first fiscal quarter that support the company's commitment to cross-platform solutions. These products include The Norton Backup version 2.2 for Windows, the industry standard in backup protection that is fast, reliable and easy-to-use; Norton Commander version 4.0, the world's best selling DOS shell that provides the fastest and easiest way to manage, view, compress and uncompress files; Q&A Write version 3.0 for Windows, a low-priced, memory-efficient word processor; and Symantec C++ version 6.0 for Macintosh, the first development environment for the Macintosh with an integrated, native C++ compiler.
 Symantec Corp. develops, markets and supports a complete line of application and system software products for IBM personal computers and compatibles, and Apple Macintosh computers. Founded in 1982, the company has offices in the United States, Canada, Australia and Europe. Information on the company and its products can be obtained by calling 408-253-9600.
 NOTE: Brand and product references herein are the trademarks or registered trademarks of their respective holders.
 SYMANTEC CORP.
 Consolidated Statements of Operations
 (In thousands, except per-share data; unaudited)
 Three months ended
 June 30,
 1993 1992
 Net revenues $ 59,117 $ 64,950
 Cost of revenues 13,765 14,763
 Gross margin 45,352 50,187
 Operating expenses:
 Research and development 11,298 9,671
 Sales and marketing 27,844 29,086
 General and administrative 4,200 3,655
 Total operating expenses 43,342 42,412
 Operating income before acquisition
 and restructuring expenses 2,010 7,775
 Interest income 353 293
 Other income (expense), net (538) (109)
 Income before income taxes,
 acquisition and restructuring
 expenses 1,825 7,959
 Provision for income taxes
 before acquisition and
 restructuring expenses 566 2,886
 After-tax income before
 acquisition and restructuring
 expenses $ 1,259 $ 5,073
 Acquisition and restructuring
 expenses $ 12,100 $ 0
 Tax benefit from acquisition
 and restructuring expenses (3,751) 0
 Net income (loss) $ (7,090) $ 5,073
 After-tax income per share
 before acquisition and
 restructuring expenses $ 0.05 $ 0.18
 Net income (loss) per share $ (0.27) $ 0.18
 Shares used to compute per-
 share data before acquisition
 and restructuring expenses 27,803 27,964
 Shares used to compute net per-
 share data 26,288 27,964
 Consolidated Balance Sheets
 (In thousands)
 June 30, March 31,
 1993 1993
 (unaudited)
 ASSETS
 Current assets:
 Cash and short-term investments $ 51,281 $ 53,771
 Trade accounts receivable 27,382 31,434
 Inventories 2,668 3,664
 Deferred income taxes 16,728 14,766
 Other 7,530 10,688
 Total current assets 105,589 114,323
 Equipment and leasehold improvements 22,079 23,184
 Purchased intangibles 4,839 6,114
 Other 3,710 2,769
 Total $136,217 $146,390
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 9,893 $ 18,664
 Accrued compensation and benefits 7,083 8,289
 Accrued other expenses 28,011 20,594
 Income taxes payable 179 1,457
 Current portion of long-term obligations 841 1,000
 Total current liabilities 46,007 50,004
 Long-term obligations 26,153 26,278
 Stockholders' equity:
 Preferred stock --- ---
 Common stock 265 260
 Capital in excess of par value 82,641 80,515
 Notes receivable from stockholders (217) (217)
 Translation adjustment (1,481) (389)
 Retained earnings (deficit) (17,151) (10,061)
 Total stockholders' equity 64,057 70,108
 Total $136,217 $146,390
 -0- 7/22/93
 /CONTACT: Brian K. Fawkes of Symantec, 408-446-8886; or Julie McHenry of Wilson McHenry Company, 415-592-7600, for Symantec/
 (SYMC)


CO: Symantec Corp. ST: California IN: CPR SU: ERN

TM-GT -- SJ005 -- 4736 07/22/93 16:16 EDT
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Date:Jul 22, 1993
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