CUPERTINO, Calif. -- October 29, 1996 -- Symantec Corporation (Nasdaq: SYMC) today announced revenues for the September 1996 quarter of $109.2 million compared to revenues of $108.5 million reported in the September 1995 quarter. Before acquisition and other non-recurring expenses, income for the quarter was $8.6 million or $.16 per share. Net income for the quarter, after acquisition and other non-recurring expenses, was $0.9 million or $0.02 per share.
During the quarter, Symantec recorded acquisition and other non-recurring expenses of $8.5 million. Of this, $7.3 million was related to acquisition and research and development centralization activities and $1.2 million to other non-recurring expenses associated with the transfer of FormFlow technology and assets to JetForm for future royalties.
"On balance, the company delivered expected results this quarter, with some of our key products outperforming, but with other of our businesses experiencing softer sales consistent with industry-wide or seasonal weakness in the U.S. and European distribution channels," said Gordon E. Eubanks, Jr., president and CEO of Symantec Corporation.
Building on its top-rated expertise in developing award-winning utility applications, Symantec announced the release of Norton Utilities 2.0 for Windows 95. As the leading 32-bit utility that prevents and solves problems and tunes up a Windows 95 computer, this new version solves software conflicts, prevents Windows problems, retrieves and stops lost files, PC crashes, screen freezes and more.
Aiming to maximize network reliability and reduce computing costs of large distributed networks, Symantec announced Norton Administrator Suite - Premier Edition. Norton Administrator Suite - Premier Edition integrates a wide array of features into an single, ideal tool for administering large, distributed networks, providing an unparalleled degree of centralized control to the IS department.
The company announced NAV 2.0 for Windows 95, giving users the security of knowing that they have the most complete virus protection possible, whether they are downloading files from the Internet, opening attached Word documents or accessing a floppy dsk. Key new features include: LiveUpdate, which provides one button access to the latest virus definition updates; Striker, a next generation scanning engine that scans for the latest and most elusive polymorphic viruses; and a Repair Wizard which guides users through the sometimes intimidating process of virus elimination.
The company announced the newest addition to its award winning line of anti-virus software, Norton AntiVirus (NAV) 2.0 for the Microsoft Windows NT operating system. Version 2.0 provides the most complete and effective anti-virus protection for organizations using and migrating to Windows NT as it becomes a corporate standard at the desktop and server. NAV 2.0 for Windows NT is the first anti-virus product from Symantec to protect both servers and workstations operating under Windows NT 4.0 and Windows NT 3.51 from computer viruses transmitted over the Internet, through Intranets, attached to electronic mail, hidden in compressed files, or on floppy disks, hard drives, CD-ROMs, network drives and drives shared between peer machines.
With the explosive rise of Internet usage, finding specific files or information has quickly become a tedious and frustrating task for all levels of Internet users. To help alleviate the frustration of checking multiple search engines, Symantec announced Internet FastFind. Internet FastFind is Symantec's first Internet specific product that helps users find and retrieve information on the Internet faster and easier. Internet FastFind is the only product that combines simultaneous multi-engine search, notification of changes to selected Websites, FTP and network sites, extensive Internet file searching, zipping and unzipping capabilities, and access to favorite Web sites from the Taskbar.
Symantec, developer of the top-selling Macintosh and PC anti-virus solutions, announced a new version of Symantec AntiVirus for Macintosh (SAM). SAM 4.5 now provides effortless up-to-date protection against most viruses inadvertently downloaded from the Internet. SAM can simply and easily be updated with the click of a button using Automatic Update. SAM also continues to provide detection and repair for all known Macintosh viruses including known HyperCard viruses, Trojan Horses, and Word Macro Viruses.
Symantec announced that Hewlett-Packard Company will OEM Symantec's Exposé as the exclusive technology for managing PC servers through HPís OpenView Professional Suite. The new HP Exposé provides server monitoring, control, alerts and graphs from the OpenView Workgroup Node Manager console to manage NT and NetWare network operating system (NOS) environments.
Symantec received several excellent reviews for the September 1996 quarter. pcANYWHERE32 won an Analysts Choice from PC Week and received a WinLabs Recommended from Windows Magazine for the best remote control software. pcANYWHERE32 also received the Reader's Choice award from ENT Magazine. Norton Navigator received an A grade from Government Computer News. Norton AntiVirus and Norton Utilities for Windows 95 both were on PC Computing's A-List. Exposé and Norton Your Eyes Only each won LAN Times Best of LAN Times awards. Your Eyes Only (YEO) also won a Stellar award from Windows Sources. Norton Administrator Suite Premier Edition received a "Hot" product nomination from Infoworld. Symantec AntiVirus for Macintosh (SAM) and Norton Utilities for Macintosh (NUM) both garnered some very positive reviews from the trade publications. Norton NT Tools also received very positive reviews from the trade press. ACT! 3.0 received a Windows Magazine Recommended from Windows Magazine and had several other positive reviews. Symantec Café beat Java Workshop 1.0 in a head-to-head review in PC Computing. Symantec Café received several very positive reviews from the Java trade publications.
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. Additional information concerning these and other factors is contained in the "Risk Factors" section of the company's Annual Report on form 10-K for the fiscal year ended March 31, 1996 and Quarterly report on form 10-Q for the fiscal quarter ended June 30, 1996.
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.
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Consolidated statements of operations and balance sheets follow.