Cupertino, Calif. --January 20, 1998--Symantec Corporation (Nasdaq: SYMC) today announced its fifth consecutive record quarter with results for the December quarter 1997 (ended January 2, 1998). The company posted net revenues of $148.2 million, up 20 percent from the corresponding quarter in 1996. Earnings per share rose 48 percent to 37 cents for the December quarter.
"The growth in our international business combined with the momentum of our base business has helped deliver a fifth consecutive revenue and profit quarter record for our shareholders," said Gordon E. Eubanks Jr., president and CEO of Symantec. "Throughout 1997 we maintained 20 percent revenue growth and won significant new corporate clients. By focusing our development efforts on understanding the needs of customers in new markets and producing innovative products to satisfy them, we are confident of maintaining the momentum in 1998."
Symantec Corporation is a worldwide leader in desktop software that helps make users productive and keep their computers safe and reliable anywhere and anytime. The strong performance of Symantec's operations around the world is a significant factor in the record December quarter results. In particular contributions from EMEA (Europe, Middle East and Africa) increased 35 percent over the corresponding period in 1996.
In North America, the company expanded its channel with the addition of 450 new VARs in the December quarter. Symantec was also named "Vendor of the Year" by Staples and "Software Vendor of the Year" by CompUSA during the quarter, and Visual Café won Merisel Hot List awards.
Symantec's business units maintained strong revenue growth throughout 1997. For the 12 month calendar period, revenue in the Security and Assistance Business Unit and Remote Productivity Solutions Business Unit grew 25 percent and 23 percent respectively. In the December quarter, a number of innovative products were launched including Norton Uninstall Deluxe.
Performance in the Internet Tools Business Unit remained strong with the launch of new products including Visual Café 2.1 for Java Professional Development Edition and Database Development Edition. The product is the first to be able to de-bug Java apps in both Netscape Navigator and Microsoft Explorer.
Across the world the Norton AntiVirus product line continued to perform strongly. A series of high profile corporate client accounts were secured, including Nestle and Unisys which selected the solution as their global anti-virus standard for 70,000 and 25,000 workstations respectively in more than 200 locations around the world. Hewlett Packard standardized on Norton AntiVirus for its 2,000 servers worldwide, and Wells Fargo replaced a competitive product with Norton AntiVirus and standardized on pcANYWHERE.
Product awards and accolades
Symantec products continued to be recognized by the press for their innovation during the December quarter:
Each year Home Office Computing recognizes the "smartest buys for business" and this year made Editor's Picks Awards to Norton AntiVirus and Norton Utilities. In addition, Small Business Computing also awarded Norton Utilities and Norton AntiVirus Editors' Picks Awards.
Download Consolidated Statements of Operations here.
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 pcANYWHERE, WinFax and ACT! product lines that cater to remote user productivity; and the Cafe 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 2,000 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.
Forward looking statement
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 and in the company's quarterly report on Form 10-Q for the fiscal quarter ended October 3, 1997.
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