Symantec closes Q4 with record revenue and earnings

Published Date
05 - May - 2008
| Last Updated
05 - May - 2008
 
Symantec closes Q4 with record revenue and earnings

Symantec reported results of Q4 and the fiscal year 2008

Symantec reported results of Q4 and the fiscal year 2008, ended March 28, 2008.  GAAP revenue for the March 2008 quarter was $1.540 billion and non-GAAP revenue was $1.548 billion, up 13 percent over the comparable period a year ago.  For the fiscal year, GAAP revenue was $5.874 billion and non-GAAP revenue was $5.937 billion.  On a non-GAAP basis, 2008 fiscal year revenue grew 13 percent compared to the 2007 fiscal year’s non-GAAP revenue of $5.253 billion. 

GAAP operating margins for the March 2008 quarter were 13.9 percent and fiscal year 2008 GAAP operating margins were 10.3 percent.  Non-GAAP operating margins for the March 2008 quarter were 27.8 percent, up 540 basis points year-over-year.  Fiscal year 2008 non-GAAP operating margins were 26.6 percent, up approximately 100 basis points versus fiscal year 2007. 

GAAP Results: GAAP net income for the fiscal fourth quarter was $186 million, compared to $61 million for the same quarter last year.  GAAP diluted earnings per share were $0.22, compared to earnings per share of $0.07 for the same quarter last year.  For fiscal year 2008, Symantec reported GAAP net income of $464 million, compared to net income of $404 million for fiscal year 2007.  GAAP diluted earnings per share were $0.52, up 27 percent compared to earnings per share of $0.41 for fiscal year 2007. 

Non-GAAP Results: Non-GAAP net income for fiscal fourth quarter was $309 million, compared to $227 million for the same quarter last year.  Non-GAAP diluted earnings per share were $0.36, up 50 percent compared to earnings per share of $0.24 for the year ago quarter.  For fiscal year 2008, Symantec reported non-GAAP net income of $1.127 billion, compared to $992 million in fiscal year 2007.  Non-GAAP diluted earnings per share for the year were $1.27, up 26 percent compared to earnings per share of $1.01 for fiscal year 2007.  For a detailed reconciliation of our GAAP to non-GAAP results, please refer to the attached consolidated financial statements. 

GAAP deferred revenue at the end of March 2008 was $3.077 billion.  Non-GAAP deferred revenue grew 11 percent to $3.088 billion compared to $2.772 billion at the end of March 2007.

Cash flow from operating activities for the March 2008 quarter was $674 million, compared to $567 million for the March 2007 quarter. Cash flow from operating activities for fiscal year 2008 was $1.819 billion, up 9 percent compared to $1.666 billion for fiscal year 2007. 

“Our team executed very well across the board and made significant progress in selling the broader portfolio of products and services to customers,” said John W. Thompson, chairman and chief executive officer, Symantec. “With the strongest product portfolio we’ve had in years and a solid pipeline, we are well positioned for a strong start and continued success in fiscal year 2009.”

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