SYMANTEC ANNOUNCES SEPTEMBER QUARTER RESULTS
SYMANTEC ANNOUNCES SEPTEMBER QUARTER RESULTS CUPERTINO, Calif., Oct. 27 /PRNewswire/ -- Symantec Corp.
(NASDAQ: SYMC) today announced financial results for the September quarter of fiscal year 1993 which ended on Oct. 2, 1992. The loss was $5.9 million, before charges associated with the acquisitions of MultiScope Inc. and The Whitewater Group Inc., restructuring and other charges. Revenues were $43.7 million, compared to $54.3 million in the September quarter of fiscal year 1992. Loss per share before acquisition, restructuring and other charges of $8.1 million was $0.25 on 23.1 million shares outstanding, compared with earnings per share of $0.23 on 24.1 million shares outstanding in the September quarter of fiscal year 1992. Reflecting these charges, the net loss was $0.48 per share, or $11.2 million for the current quarter.
Q2 Q2 FY93 FY92
(in millions, except per share data; before acquisition, restructuring and other charges)
Net Revenues $ 43.7 $ 54.3 Operating Income (Loss) $ (8.9) $ 8.7 Income (Loss) $ (5.9) $ 5.7 Income (Loss) Per Share $(0.25) $ 0.23 The net loss for the quarter reflects acquisition charges of $2.1 million associated with the acquisitions of The Whitewater Group Inc. and MultiScope Inc. Also included are restructuring costs of $4.4 million associated with headcount reduction and consolidation of facilities and a charge for legal fees of $1.6 million associated with a civil suit filed against the company by Borland International on Sept. 2, 1992. New Products and Acquisition Announced During the September quarter, Symantec announced several new products and enhancements that support its networking strategy. These include The Norton AntiVirus(TM) version 2.1 for DOS and Windows, providing enhanced network support, updated detection features and Symantec's new support services. The new version is designed to provide additional virus protection capabilities needed by corporate and end- user customers. The company also announced The Norton Desktop(TM) (NDW) 2.0 for Windows Network Menuing Admin Pack. The NDW network pack gives network administrators centralized security and enables NDW users to access applications form the network. In addition, the company recently introduced network installation for The Norton Utilities(R) for Macintosh (NUM) and Symantec AntiVirus for Macintosh (SAM(TM)). This new technology enables network managers to quickly install NUM and SAM on select computers or across entire local area networks (LANS) and wide-area networks (WANS). On Oct. 9, 1992, Symantec announced the acquisition of Certus International Corp. Certus develops and markets NOVI, an award-winning antivirus product that prevents, detects and repairs PC viruses; and Certus, a comprehensive PC systems security product that prevents viruses, enhances network security and prevents the use of unauthorized software. Certus LAN allows network-wide software standardization and version control and extends system fault tolerance to local workstations. Symantec will issue 394,000 to 533,000 shares of its common stock for the acquisition of Certus which will be accounted for as a pooling of interests. 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 Three months ended Six months ended Sept. 30, Sept. 30, (in thousands, except per share data; undaudited) 1992 1991 1992 1991 Net revenues $ 43,716 $ 54,274 $104,411 $ 97,481 Cost of revenues 13,557 15,601 27,426 25,495 Gross margin 30,159 38,673 76,985 71,986 Operating expenses: Research and development 9,784 7,731 19,034 14,924 Sales and marketing 25,107 20,088 51,318 37,967 General and administrative 4,034 2,267 6,671 4,925 Total operating expenses 38,925 30,086 77,023 57,816 Operating income (loss) before acquisition, restructuring and other charges (8,766) 8,587 (38) 14,170 Interest income 261 270 554 592 Other income (expense), net (388) (143) (415) (277) Income (loss) before income taxes, acquisition, restructuring and other charges (8,893) 8,714 101 14,485 Provision (benefit) for income taxes before acquisition, restructuring and other charges (3,024) 3,063 (155) 4,998 After-tax income (loss) before acquisition, restructuring and other charges $ (5,869) $ 5,651 $ 256 $ 9,487 Restructuring and other charges 6,000 0 6,000 0 Acquisition costs 2,100 4,500 2,100 4,500 Tax benefit from acquisition, restructuring and other charges (2,753) (1,575) (2,753) (1,575) Net income (loss) $(11,216) $ 2,726 $(5,091) $ 6,562 After-tax income (loss) per share before acquisition, restructuring and other charges $ (0.25) $ 0.23 $ 0.01 $ 0.40 Net income (loss) per share $ (0.48) $ 0.11 $ (0.22) $ 0.27 Shares used to compute per share data 23,139 24,062 23,056 23,912 SYMANTEC CORP. Consolidated Balance Sheets (In thousands) Sept. 30, March 31, 1992 1992 ASSETS Current Assets: Cash and short-term investments $ 28,869 $ 31,947 Trade accounts receivable 32,087 39,932 Inventories 3,650 5,588 Deferred income taxes 9,001 9,984 Other 12,619 8,271 Total Current Assets 86,226 95,722 Equipment and leasehold improvements 21,579 17,636 Purchased intangibles 7,576 8,122 Other 1,469 1,337 Total $ 116,850 $ 122,817 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 12,026 $ 14,257 Accrued compensation and benefits 6,318 6,834 Accrued other expenses 19,468 16,437 Income taxes payable 1,411 6,824 Current portion of long-term obligations 1,151 1,182 Total current liabilities 40,374 45,534 Long-term obligations 1,131 1,641 Stockholders' equity: Preferred stock --- --- Common stock 229 226 Capital in excess of par value 68,729 58,599 Notes receivable from stockholders (217) (275) Translation adjustment 1,586 32 Retained earnings 5,018 17,060 Total stockholders' equity 75,345 75,642 Total $ 116,850 $ 122,817 -0- 10/27/92 /CONTACT: Terri Sammonds of Symantec, 408-725-2752, or Julie McHenry of Wilson McHenry, 415-592-7600, for Symantec/ (SYMC) CO: Symantec Corp. ST: California IN: CPR SU: ERN
TM -- SJ009 -- 5714 10/27/92 19:29 EST
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|Date:||Oct 27, 1992|
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