Symantec Reports Q2

CUPERTINO, Calif. -- Symantec Corp. (Nasdaq: SYMC) today reported the results of its second quarter of fiscal year 2008, ended Sept.28, 2007. GAAP revenue for the quarter was $1.42 billion and non-GAAP revenue was $1.44 billion. Non-GAAP revenue, including revenue from the Altiris acquisition, grew 13 percent over the comparable period a year ago.

GAAP deferred revenue at the end of the September 2007 quarter was $2.60 billion, compared to $2.33 billion at the end of the September 2006 quarter.Non-GAAP deferred revenue at the end of the quarter reached $2.62 billion, up 12 percent compared to $2.35 billion at the end of the September 2006 quarter.

Cash flow from operating activities for the September 2007 quarter was $331 million, up 20 percent compared to $277 million for the September 2006 quarter.

GAAP Results: GAAP net income for the September 2007 quarter was $50 million, compared to $126 million in the September 2006 quarter. Diluted earnings per share of $0.06 compared to earnings per share of $0.13 for the same quarter last year. The earnings per share result includes a write-down of $87 million associated with non-strategic Data Center Management assets.

Non-GAAP Results: Non-GAAP net income for the September 2007 quarter was$263 million, compared to $261 million for the same quarter last year.Non-GAAP diluted earnings per share were $0.29, up 11 percent compared to diluted earnings per share of $0.26 for the same quarter last year. For a detailed reconciliation of our GAAP to non-GAAP results, please refer to the condensed consolidated financial statements below.

"With strong demand for a number of our emerging enterprise technology solutions and improving business operations, our team delivered a solid quarter," said John W. Thompson, chairman and chief executive officer, Symantec. "Core business areas like our consumer business and our Windows-based backup solutions had strong results, which contributed to healthy cash flow performance this quarter."

Symantec Corp. (Nasdaq: SYMC)