Symantec Reports Strong Q1

CUPERTINO, Calif. -- Symantec Corp. (NasdaqGS:SYMC - News) today reported the results of its first quarter of fiscal year 2008, ended June 29, 2007. GAAP revenue for the quarter was $1.40 billion and non-GAAP revenue was $1.42 billion. Non-GAAP revenue grew 10 percent over the comparable period a year ago.

GAAP deferred revenue at the end of the June 2007 quarter was $2.66 billion, compared to $2.31 billion at the end of the June 2006 quarter. Non-GAAP deferred revenue at the end of the quarter reached $2.71 billion, up 16 percent compared to $2.34 billion at the end of the June 2006 quarter. Symantec continues to benefit from an increasing volume of predictable revenue rolling off the balance sheet driven by its deferred revenue model.

GAAP Results: GAAP net income for the June 2007 quarter was $95 million, versus last year's equivalent figure of $101 million. Diluted earnings per share of $0.10 were flat versus the same quarter last year. Profits were impacted by a $19 million restructuring charge related to the reduction in force announced in February 2007 and further facilities consolidation activities.

Non-GAAP Results: Non-GAAP net income for the June 2007 quarter was $263 million, up 4 percent compared to $253 million for the same quarter last year. Non-GAAP diluted earnings per share were $0.29, up 21 percent compared to diluted earnings per share of $0.24 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.

"Performance for the quarter was driven by strong demand in many of our core and emerging technology solutions, as well as solid execution by our services, consumer and Altiris teams," said John W. Thompson, chairman and chief executive officer, Symantec. "We're off to a good start to our fiscal year."Symantec Corp.