Symantec Announces Fiscal First Quarter 2002 Results
CUPERTINO, Calif. - July 18, 2001 - Symantec Corp. (Nasdaq:SYMC), a world leader in Internet security technology, today reported results for the fiscal first quarter 2002, ended June 29, 2001. Due to weak spending in the consumer and small business segments worldwide and negative foreign currency effects, the company posted net revenue for the quarter of $228.0 million, as compared to the June 2000 quarter's revenue of $225.4 million.
Net income before acquisition related amortization and one-time charges for the first quarter was $33.9 million, compared to $47.7 million from the June quarter last year. Earnings per share before all acquisition related amortization and one-time charges for the first quarter was $0.44, compared to earnings per share of $0.60 for the June 2000 quarter.
All figures include historical results of operations from the acquired AXENT Technologies.
"By effectively managing resources during these tough economic times and focusing on the long-term opportunities for the company, we expect Symantec to continue to be a profitable company with market-leading solutions," said John W. Thompson, Symantec chairman, president and CEO. "The breadth of our product line and diverse customer base provides us a significant advantage. We are winning against our competitors with our new anti-virus solution at the gateway and we're gaining ground in the intrusion detection and firewall markets."
Symantec's worldwide enterprise solutions, comprised of both security and enterprise administration products, accounted for 70 percent of total sales compared to 65 percent in the June quarter last year. The enterprise security business performed solidly, with growth of 16 percent over June quarter last year.
International revenues comprised 44 percent of total revenues and grew by 8 percent compared to the June quarter last year. Overall, the Asia Pacific region grew 28 percent and Latin America grew by 35 percent compared to the June quarter last year.
- Symantec signed 17 deals worth more than $300,000 during the quarter, including new or extended contracts with customers such as the Navy/Marine Corps Intranet, the U.S. Postal Service and Verizon Communications.
- Symantec's enterprise anti-virus product sales increased 36 percent during the quarter, outpacing the market growth rate in the low 20 percent range. Sales of the company's intrusion detection solutions increased 14 percent from the same quarter a year ago, with sequential growth of 66 percent.
- Sales to federal, state and local institutions increased more than 100 percent over the June quarter last year.
- Symantec Security Services continues to show momentum with an increase in its U.S. bookings of
30 percent from the March 2001 quarter. In addition, Symantec expanded its state-of-the-art 24x7x365 Security Operations Center in San Antonio to manage firewall, intrusion prevention, anti-virus and other security operations for companies of all sizes.
- Symantec swept the annual PC Magazine utility face-off, earning the coveted Editors' Choice designation in the June 2001 Ultimate Utilities Guide for Norton SystemWorks, Norton AntiVirus and Norton Ghost. In addition, Symantec's firewall appliance, VelociRaptor, was named Product of the Year in the firewall category by CMP Media Inc.'s Network Magazine.
Symantec has scheduled a conference call for 4:30 p.m. EDT today to discuss fiscal first quarter results. Interested parties may access the conference call on the Internet at www.symantec.com/invest/. 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. In addition, conference call numbers are available. The number for domestic listeners is
1-800-289-0528, while international listeners can dial 913-981-5522. A replay of the call will be available on the Internet at www.symantec.com/invest/ until Aug. 17, 2001.
Consolidated Financial Statements
Symantec, a world leader in Internet security technology, provides a broad range of content and network security solutions to individuals and enterprises. The company is a leading provider of virus protection, firewall and virtual private network, vulnerability management, intrusion detection, Internet content and e-mail filtering, remote management technologies and security services to enterprises around the world. Symantec's Norton brand of consumer security products leads the market in worldwide retail sales and industry awards. Headquartered in Cupertino, Calif., Symantec has worldwide operations in 37 countries. For more information, please visit www.symantec.com.
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 Web site. All prices noted are in US dollars and are valid only in the United States.
Symantec, the Symantec logo, AXENT, AXENT Technologies, and the AXENT logo are trademarks or registered trademarks, in the United States and certain other countries, of Symantec Corporation or its subsidiaries. Additional company and product names may be trademarks or registered trademarks of the individual companies and are respectfully acknowledged.
FORWARD LOOKING STATEMENT: This press release contains forward-looking statements that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the risks that current global adverse economic conditions and reduced spending will continue or worsen; currency exchange fluctuations will adversely affect our results; the continuing integration of the Symantec and AXENT will not be successful; the difficulty of developing and marketing products that compete effectively with others and other economic, business, competitive and/or regulatory factors affecting Symantec's business generally. Actual results may differ materially from those contained in the forward-looking statements in this press release. Additional information concerning these and other risk factors is contained in the Risk Factors sections of the Company's previously filed Form 10-K for the year ending March 30, 2001.
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