Press Release

LinkedIn Facebook Twitter RSS

Symantec Announces 4th Quarter and Fiscal 1996 Results

50% Increase In Earnings Per Share

CUPERTINO, Calif. -- April 25, 1996 -- Symantec Corporation (Nasdaq:SYMC) today announced its financial results for the fourth quarter and fiscal year ended March 31, 1996. The company reported record revenues for the March 1996 quarter of $116.0 million. Earnings per share for the quarter grew 50% to $0.15 on 54.2 million shares.

Revenues for the fiscal year 1996 are $445.4 million compared to $431.3 million for fiscal 1995. During fiscal 1996, Symantec recorded non-recurring charges totaling $39.2 million principally related to the acquisition of Delrina Corporation. The net loss for the year, after acquisition and other non-recurring expenses was $0.76 per share. Excluding one-time-charges and Delrina pre-acquisition losses, operating profit was $35.3 million for fiscal 1996.

"Symantec continued to build market share and technical leadership in key segments of traditional strength by adding value, safety and productivity to users of desktop software and the networks to which they are connected," said Gordon E. Eubanks, Jr., president and CEO of Symantec Corporation. "Going forward, we will continue our commitment to providing products for high growth markets and advanced communications and computing platforms including Windows 95, NT, NetWare, Macintosh and the Internet."

During the March quarter, Symantec announced a definitive agreement to acquire Fast Track, Inc., a company that specializes in providing industry-leading server and device management solutions. These products will expand Symantec’s current network administration product offering which includes hardware and software inventory, software metering and distribution, network anti-virus protection, remote control, access control and network utilities that are sold as the Norton Network Series.

During the quarter, Symantec also entered into three partnerships with leading vendors:

  1. Cheyenne and Symantec announced their intent to integrate ARCserve for NetWare and ARCserve for Windows NT into Symantec’s Norton Network Series via the Norton Enterprise Framework (NEF).
  2. Symantec announced new plans to integrate its popular network administration program, The Norton Administrator for Networks (NAN) with Hewlett-Packard Company’s HP OpenView for Windows, the industry leading network management platform. NAN will become part of Hewlett-Packard’s new HP OpenView Workgroup Node Manager Professional Suite by providing client support for hardware and software inventory, software metering and distribution. In addition, Symantec and Hewlett-Packard will be providing NAN distribution and inventory functionality to HP OpenView for UNIX via HP OpenView IT/Administration. The integration of these two technologies provides an integrated network management solution in a Windows- or Unix-based environment.
  3. Symantec and PC DOCS announced full interoperability between their products, Delrina FormFlow and DOCS Open, providing the ability to manage electronic forms as part of a comprehensive enterprise-wide document management application. This integration allows customers to automate their business processes with FormFlow electronic forms, where the relevant FormFlow files are then organized and managed by DOCS Open.

Desktop Products
As the world’s leading supplier of anti-virus software, Symantec expanded its comprehensive virus solution with detection of the Word Macro and Boza viruses. Symantec also provides detection and repair in its DOS/Windows, Windows 95 and Windows NT anti-virus products. Symantec’s Boza update provides detection for end-users and corporate IS managers with Norton AntiVirus for Windows 95, Norton AntiVirus for NetWare, Norton AntiVirus Scanner for NT and Norton AntiVirus for DOS and Windows.

The Symantec AntiVirus Research Center (SARC) has developed the first native-Java virus scanner for Java applets sent over the Internet. In addition, SARC has also designed an in-house automation technology that can be used to analyze, replicate, detect and define a large subset of the most common computer viruses.

The Norton Group announced the Norton AntiVirus Software Developer’s Kit (NAV/SDK) for application developers. The Norton AntiVirus SDK is a powerful anti-virus engine with exposed API’s that allow application developers to directly embed virus detection into an application. Quarterdeck Corporation was the first company to license the NAV/SDK. Quarterdeck will embed the anti-virus technology into their Quarterdeck Mosaic browser and InternetSuite products.

The Group expanded its comprehensive cross-platform utilities support to the Microsoft Windows NT operating system with the introduction of Norton NT Tools. Norton NT Tools is the only set of utilities that combines anti-virus protection, powerful file management and the ability to monitor key system resources under the Windows NT operating system.

Symantec announced and shipped ACT! for Newton. ACT! for Newton is a powerful contact management application that brings the popular features of Symantec’s best-selling contact manager to mobile devices based on the Newton platform. ACT! for Newton, offers direct synchronization of contact information between a personal computer and a Newton PDA (Personal Digital Assistant).

Network Administration
Symantec announced The Norton Administration for Networks (NAN) 2.5, the popular network administration program that provides a LAN-to-WAN scaleable solution for hardware/software inventory, software distribution and software license metering across heterogeneous desktop and LAN environments. Version 2.5 of NAN extends the management reach of the program through native IP and DMI and continues the program’s commitment to heterogeneity with support for Windows 95 and Windows NT.

Electronic Forms
Symantec’s Delrina Group, the PC electronic forms leader, announced Delrina FormFlow’s support for Lotus Notes Release 4 and Notes Field Exchange (Notes/FX), available in the second quarter of 1996. FormFlow will provide advanced electronic forms creation and routing capabilities for Lotus Notes and will continue its existing support for Notes databases. FormFlow will also take advantage of the workflow, security and messaging enhancements in Notes Release 4.

The Group also announced that the National Software Testing Laboratories (NSTL) selected Delrina FormFlow 1.1 as the leading forms management program among four electronic forms packages tested. Delrina’s overall evaluation of 7.6 for usability and versatility topped Novell (7.4), JetForm (6.8) and Microsoft (5.3).

FormFlow 2.0, represents a revolutionary shift in the power and capabilities of electronic forms technology. FormFlow provides the power to automate the flow of information throughout dynamic organizations. In version 2.0, FormFlow has changed the e-forms landscape in four key areas of enterprise electronic forms technology: forms routing, application integration and development, security and forms management. FormFlow delivers these new capabilities in a non-proprietary, multi-tiered client/server architecture.

Development Tools
This group announced a new Java visual development environment named Symantec Cafe for Windows. Symantec Cafe is a standalone Java development tool not dependent on Symantec C++ and is the first to include graphical tools that dramatically speed up the development of Java applets and applications. Symantec Cafe provides the first fully integrated graphical debugger for Java, allowing developers to do source level debugging of their Java standalone applications, or applets that are embedded inside an HTML web page.

Product Awards and Recognition
The company’s products continued to receive positive recognition in trade publication evaluations and reviews during the quarter. Norton Navigator, Norton AntiVirus and Norton Utilities for Windows 95 all continued to receive very positive reviews. Norton Utilities for Windows 95 received five stars out of five in the March 1996 issue of ComputerLife. pcANYWHERE32 for Windows 95 and Windows NT received several favorable reviews during the quarter, including an Analyst’s Choice in PC Week. pcANYWHERE 2.0 won Infoworld’s Reader’s Choice Award. ACT! 2.0, the best-selling contact manager, won an Editor’s Choice in Home Office Computing. Suitcase 3.0 won "Best of Show" at MacWorld from the Boston Computer Society User Group. In the March/April issue of Java Report, Symantec’s Cafe received the highest possible score. Norton Administrator for Networks 2.0 (NAN 2.0) won Product of Year in the Asset Management category from LAN Magazine. NAN also won "Best of the Best" from PC Week and the "Well Connected" award from Network Computing.

This press release contains forward-looking statements. There are certain important factors that could cause results to differ materially from those anticipated by some of the statements made above. Among these are the anticipation of the growth of certain market segments, the positioning of Symantec’s products in those segments, the competitive environment in the software industry, dependence on other products, such as Windows 95 and the importance of new Symantec products. Additional information concerning those and other factors is contained in the "Risk Factors" section of the Proxy Statement dated October 17, 1995 and the company’s Form 10-Q for the quarterly period ended December 29, 1995.

About Symantec Corporation
Symantec Corporation develops, markets, and supports a complete line of application and system software products designed to enhance individual and workgroup productivity as well as manage networked computing environments. Platforms supported include IBM personal computers and compatibles, Apple Macintosh computers as well as all major network operating systems. Founded in 1982, the company’s global operations span North America, Europe and several fast growing markets throughout Asia Pacific and Latin America. Information on the company and its products can be obtained by calling (800) 441-7234 toll free or (541) 334-6054.

NOTE TO EDITORS: If you would like additional information on Symantec Corporation and its products, please view the Symantec Press Center at on Symantec's website.

Consolidated Statements of Operations

Consolidated Balance Sheets

Brand and products referenced herein are the trademark or registered trademark of their respective holders.

Product and Ordering Information:
Symantec Corporation, 10201 Torre Avenue, Cupertino, CA 95014 USA
(800) 441-7234 or (541) 334-6054