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Symantec Reports Q1 Results

Symantec reports strong first-quarter revenue and earnings

CUPERTINO, Calif. -- Symantec Corp. (Nasdaq: SYMC) today reported the results of its first quarter of fiscal year 2009, ended July 4, 2008. GAAP revenue for the quarter was $1.650 billion and non-GAAP revenue was $1.655 billion, up 16 percent over the comparable period a year ago.

GAAP Results: GAAP net income for the first quarter of fiscal year 2009 was $187 million, compared to $95 million for the same quarter last year. GAAP diluted earnings per share were $0.22, compared to earnings per share of $0.10 for the same quarter last year.

Non-GAAP Results: Non-GAAP net income for the first quarter of fiscal year 2009 was $342 million, up 30 percent compared to $263 million for the same quarter last year. Non-GAAP diluted earnings per share were $0.40, up 38 percent compared to earnings per share of $0.29 for the year ago quarter. For a detailed reconciliation of our GAAP to non-GAAP results, please refer to the attached condensed consolidated financial statements.

GAAP deferred revenue at the end of the quarter was $3.012 billion. Non-GAAP deferred revenue grew 12 percent to $3.025 billion compared to $2.709 billion at the end of the first quarter of fiscal year 2008.

Cash flow from operating activities for the first quarter of fiscal year 2009 was $414 million, up 18 percent compared to $351 million for the same quarter last year.

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