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Symantec Reports First Quarter Results - Sets New Company Record For Net Revenue and Earnings

CUPERTINO, Calif. --July 29, 1997-- Symantec Corporation (Nasdaq: SYMC) today reported record results for the first quarter fiscal year 1998 ended July 4, 1997. The company posted net revenue for the quarter of $135 million, a new company record, and a 24 percent increase over prior year revenues of $109 million. Earnings per share were $0.32 cents an increase of over 400 percent versus the prior year first quarter.

“The record results reflect an excellent quarter for Symantec, our customers and shareholders,” said Gordon E. Eubanks Jr., president and CEO of Symantec. “Our success is an outcome of our continued ability to deliver value to our customers as we focus on market growth opportunities while increasing profitability.”

Symantec Corporation is a worldwide leader in desktop software that helps make users productive and keep their computers safe and reliable anywhere and anytime. Key factors to the net revenue increase include a growing international contribution due to growth in the company’s Latin America and Southeast Asia regions as well as particularly strong U.S. distribution. The Norton AntiVirus business is still growing and all products that support the Microsoft NT platform continue to do well.

Quarterly Highlights
In the first quarter, the company experienced growth in the Security and Assistance business group with The Norton AntiVirus product line continuing to dominate its software category. The Security and Assistance business group announced a Multi-Tier AntiVirus Strategy for corporate environments that provides comprehensive anti-virus protection at the desktop, server, Internet gateway and firewall levels. Key milestones for the AntiVirus business include delivery of Norton AntiVirus for Internet Email Gateways to end users and the announcement of Norton AntiVirus for Firewalls. The company also opened new Symantec AntiVirus Research Centers (SARC) in the U.S. and Australia. These state-of-the-art facilities are staffed by teams of highly experienced engineers who work around the clock to detect and destroy computer viruses. In addition, the Security and Assistance business group demonstrated growth in the Norton Utilities product line for Windows NT.

Security and Assistance’s products, Norton AntiVirus and Norton Utilities won PC World’s “World Class” awards and both consistently ranked in PC Data’s Top Ten Sales list.

The Remote Productivity Solutions group demonstrated solid performance in the quickly evolving communications market with an extremely strong showing from the WinFax product line capitalizing on the launch of WinFax Pro 8.0 in the previous quarter. In the first quarter, the Remote Productivity Solutions group announced ACT! 1.5 for Notes which is now the most popular contact management solution for the Lotus Notes platform. In addition, Symantec announced an agreement to bundle pcANYWHERE32 with Hewlett Packard’s NetServer systems, a new remote-support initiative by HP to provide remote server management for self supported workgroups.

Products in this group continued to win a number of awards in the June quarter, including Secure Computing’s award for “Best Communications Security”, WinFax Pro was awarded Windows Magazine’s “Expert’s Choice in the category of “Best Business Application” and both WinFax Pro and pcANYWHERE 32 won PC World’s annual “World Class” awards.

Symantec’s Internet Tools group continued to provide a visual, robust and easy-to-use product line in the aggressive Java development marketplace. In the June quarter, Symantec's Visual Café Pro won Web Techniques’ prestigious “Best Java Tool of the Year” award.

About Symantec
Symantec Corporation helps make users productive and keep their computers safe and reliable anywhere and anytime. Symantec offers a broad range of solutions and is acclaimed as a leader in both customer satisfaction and product brand recognition. The company is focused on addressing customer needs in three main application areas: the Norton product line of anti-virus and PC-assistance products; the ACT! product lines that cater to remote user productivity; and the Café product lines in Internet development tools.

Founded in 1982, the company's global operations span North America, Europe, Japan - and several fast growing markets throughout Asia Pacific and Latin America. Traded on Nasdaq under the symbol SYMC, Symantec Corporation is based in Cupertino, California and employs more than 2000 people. Information on the company and its products can be obtained by calling (800) 441-7234 toll free, (541) 334-6054 or accessed on the World Wide Web at http://www.symantec.com.

Click here to download a spreadsheet containing both a Consolidated Balance Sheet and Income Statement for the first quarter.

This press release contains forward-looking statements. There are certain important factors that could cause Symantec's future development efforts 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, changes to operating systems and product strategy by vendors of operating systems, 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 28, 1997.

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.

Brands and products referenced herein are the trademarks or registered trademarks of their respective holders. All prices noted are in US dollars and are valid only in the United States.