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Symantec Closes Fiscal '07

CUPERTINO, Calif. -- Symantec Corp. (Nasdaq: SYMC) today reported results of its fiscal fourth quarter and the fiscal year 2007, ended March 30, 2007. GAAP revenue for the March 2007 quarter was $1.357 billion and non-GAAP revenue was $1.365 billion. Non-GAAP revenue grew 5 percent over the comparable period a year ago.

For the 2007 fiscal year, GAAP revenue was $5.20 billion and non-GAAP revenue was $5.25 billion. On a non-GAAP basis, 2007 fiscal year revenue grew 5 percent compared to the 2006 fiscal year's non-GAAP revenue of $5 billion.

Symantec adopted Staff Accounting Bulletin 108 during the March quarter. As such, the GAAP and non-GAAP results for the fiscal year 2007 and the fiscal fourth quarter include the adoption of SAB 108. The resulting changes to the previously reported amounts are immaterial to the quarter and fiscal year.

GAAP deferred revenue at the end of March 2007 was $2.75 billion. Non-GAAP deferred revenue grew 19 percent to $2.77 billion compared to $2.32 billion, adjusted for SAB 108 at the end of March 2006.

GAAP Results: GAAP net income for the fiscal fourth quarter was $61 million, compared to $119 million for the same quarter last year. GAAP diluted earnings per share were $0.07, compared to earnings per share of
$0.11 for the same quarter last year. For fiscal year 2007, Symantec reported net income of $404 million, compared to net income of $157 million for fiscal year 2006. Diluted earnings per share were $0.41 compared to earnings per share of $0.15 for fiscal year 2006. During the March quarter, GAAP earnings per share were impacted by a $51 million restructuring charge related to our recent reduction in force and further facilities consolidation activities.

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