CUPERTINO, Calif. — Jan. 19, 2000 - Symantec Corporation, (Nasdaq: SYMC) today announced record revenues of $201 million for the third fiscal 2000 quarter, an increase of 29 percent over the same quarter a year ago. Strong performance in the consumer market and continued momentum in the enterprise market contributed to the fifth consecutive quarter of record earnings.
Earnings per share before amortization of goodwill, one-time charges and divestitures was $0.59, representing a 37 percent increase from the same quarter last year. Net income before the amortization of goodwill, one-time charges and divestitures was $37 million, compared to $25 million the same quarter a year ago.
Earnings per share after the amortization of goodwill but before one-time charges and divestitures was $0.53, a 29 percent increase from the same quarter last year. Earnings per share after the amortization of goodwill and after one-time charges of $2.2 million but before divestitures was $0.50.
The divestiture of the ACT! and Visual Café product lines at the end of the quarter resulted in a one-time earnings per share increase of $0.91. As a result, earnings per share after the amortization of goodwill, one-time charges and including the impact of the divestitures was $1.41 per share.
"The worldwide team at Symantec has worked very hard to deliver outstanding results across the board. Strong retail demand during the busy holiday season, combined with a focused effort on reducing costs, produced very healthy profitability during the third quarter," said John W. Thompson, Symantec chairman, president and CEO. "In addition, for the fifth consecutive quarter, we have seen our enterprise license revenue grow by at least 40 percent year over year, continuing the momentum we've seen in this segment around the world."
Strong Consumer Performance
On a worldwide basis, Symantec's consumer revenue in the third fiscal quarter grew by 22 percent compared to the same period last year. The growth was driven by the shipment of nine new retail products late in the September quarter that led to strong retail demand in the December quarter.
Continuing a focus on the consumer suite strategy in the December quarter, Symantec launched Norton Internet Security, the only product that delivers a comprehensive set of security technologies to address the evolving needs of the consumer market, including a personal firewall combined with virus protection and URL filtering.
Continued Momentum in Enterprise
Enterprise revenue for the third fiscal 2000 quarter grew 40 percent compared to the same period last year and represents 46 percent of Symantec's total revenue.
New worldwide enterprise customers during the quarter included Deutsche Post, KPMG Hong Kong, and the University of Southern California.
During the quarter, Symantec announced the appointment of Phil Solk as vice president responsible for establishing Symantec's global Professional Services organization to help large companies identify and implement comprehensive security solutions for increasingly complex enterprise environments.
Growth in International Markets
In the third fiscal 2000 quarter, international revenue represented 42 percent of total revenue, an increase of 30 percent from the same quarter a year ago. Driven by growth in the company's enterprise license business on a worldwide basis, Symantec's Europe, Middle East and Africa (EMEA) region grew by 18 percent. Revenue from the Asia Pacific and Japan regions grew 49 and 57 percent, respectively.
Symantec won more than 60 industry awards during the quarter including:
Symantec has scheduled a conference call for 5 p.m. EST today to discuss fiscal third quarter results. Interested parties may access the conference call on the Internet through Vcall at www.vcall.com. To listen to the live call, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software.
Symantec is the world leader in providing solutions to help individuals and enterprises assure the security, availability, and integrity of their information. Headquartered in Cupertino, Calif., Symantec has operations in more than 40 countries. More information is available at www.symantec.com.
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