CUPERTINO, Calif. --January 23, 1997-- Symantec Corporation (Nasdaq: SYMC) today announced revenues for the December 1996 quarter of $124.1 million compared to revenues of $111.1 million reported in the December 1995 quarter. Net income for the quarter, was $13.9 million or $0.25 per share. This compares to net income of $0.01 per share before non-recurring charges of $0.70 per share in the December 1995 quarter.
"The results reflect pent-up demand for upgraded products released this quarter and late last quarter," said Gordon E. Eubanks, Jr., president and CEO of Symantec Corporation. "Symantec also demonstrated improved execution in Europe and good seasonal sales there."
Symantec announced several new products during the quarter, from mainstream desktop products to Java development tools. The desktop products include Visual Page to market.
During the quarter, Symantec entered into several relationships with leading vendors: Symantec entered into two strategic agreements with Netscape Communications Corporation. In the first agreement, Netscape has the right to market the new Symantec Visual Café Pro for Windows and Macintosh, including the dbANYWHERE Workgroup Server, through its direct corporate sales force, Value Added Resellers and traditional distribution channels worldwide. Additionally, this agreement establishes Symantec Visual Café as Netscape's preferred visual Java development tool for the Netscape ONETM platform.
In the second agreement, Symantec has the right to bundle Netscape NavigatorTM Internet client software with Symantec Café, Visual Café and Visual Page and will bundle Netscape FastTrack ServerTM software with Visual Café Pro and Visual Café Enterprise. Additionally, this agreement reinforces a strong commitment to provide a tight integration of the Visual Café product family on both Windows and Macintosh platforms with Netscape ONE.
Symantec, the worldwide leader in desktop communications software, also announced an agreement with White Pine Software, makers of Enhanced CU-SeeMe, the leading desktop videoconferencing software solution. These leaders in their respective markets will team to extend future releases of pcANYWHERE32's remote access and file transfer capabilities through the addition of desktop videoconferencing.
Symantec and NetCentric Corporation, the leading provider of software for the Internet Infrastructure, announced an alliance to develop, co-market and deliver a comprehensive Internet fax solution. By working with NetCentric, Symantec is offering its millions of WinFax PRO users access to the Internet as a reliable, inexpensive network for worldwide transmission of their faxes.
Symantec received some excellent reviews during the December 1996 quarter. Norton Your Eyes Only for Windows 95 and Symantec Café both won Editor's Choice Awards from PC Magazine. Norton Your Eyes Only also won Government Best Buy from Federal Computer Week. Norton Utilities 2.0 for Windows 95 and Symantec Café both won Most
Valuable Product from PC/Computing. Symantec Café won Editor's Choice from ZD Internet
Magazine and it also won the World Class Award from Java Developer's Journal. Symantec Café also won an Editor's Choice from New Media Magazine for Best Java Programming Environment. Visual Café Pro won Best of Comdex from BYTE Magazine. Visual Café was voted Most Important Product from InformationWeek. Norton AntiVirus 2.0 for Windows 95 won the Reader's Choice Award from Home Office Computing and Norton Utilities 3.2 for Macintosh won Best Macintosh Utility from Home Office Computing. WinFax PRO and Norton Utilities for Windows 95 won Reader's Choice Awards from Computer Currents Magazine. Symantec also won its second consecutive Best Vendor Award at VarVision Fall '96.
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 company's annual report on form 10-K for the fiscal year ended March 29, 1996 and the company's quarterly report on form 10-Q for the fiscal quarter ended September 27, 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.
NOTE TO EDITORS: If you would like additional information on Symantec Corporation and its products, please view the Symantec Press Center at http://www.symantec.com/PressCenter/ on Symantec's Website.
Consolidated statements of operations and balance sheets follow.