Symantec Reports Q1 Results

Symantec reports strong first-quarter revenue and earnings

July 31, 2008

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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.The quarter’s strong growth was driven by our team’s ability to cross-sell and up-sell the breadth of our product portfolio which is reflected in the number of large transactions that include multiple products,” said John W. Thompson, chairman and chief executive officer, Symantec. “The fiscal year is off to a terrific start with solid execution and performance across all segments and geographies.”

Symantec Corp.

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