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Symantec reports Q3 2009-10 results, issues guidance for Q4 |
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Symantec reported its results for the third quarter of fiscal year 2010, which ended January 1, 2010. GAAP revenue for the fiscal third quarter was $1.548 billion. Operating margin was 17.9 percent, and net income was $300 million as compared to a $6.82 billion loss during the same quarter last year. Symantec said diluted earnings per share were $0.37 as compared with a loss per share of $8.25 for the same quarter last year. The company realized a one-time benefit of $78.5 million to GAAP net income, or a $0.10 benefit to GAAP earnings per share in the December 2009 quarter as a result of the favorable ruling by the US Tax Court regarding the Veritas Software tax assessment for 2000 and 2001. It realized this benefit since the previous accrual exceeded Symantec’s revised estimated incremental tax liability. The net loss for the year-ago quarter includes a non-cash goodwill impairment charge of approximately $7 billion. Symantec's deferred revenue as of Jan. 1, 2010 was $3.05 billion compared with $2.92 billion as of Jan. 2, 2009, up 4 percent, or 3 percent year-on-year after adjusting for currency. Cash flow from operating activities was $393 million. Symantec ended the quarter with cash, cash equivalents and short-term investments of $2.61 billion. Enrique Salem, president and CEO of Symantec said the company's consumer business continued to show momentum while the security and compliance business contributed to the better-than-expected results. He said Symantec's hosted services, data loss prevention and compliance solutions also performed well. In Q3 of fiscal year 2010, Symantec repurchased 6.8 million shares for $121 million at an average price of $17.76 per share. For the fourth quarter , ending April 2, 2010, Symantec said it estimates revenue to be between $1.507 billion and $1.522 billion, while diluted earnings per share are estimated between $0.16 and $0.17 and deferred revenue is expected to be in the range of $3.162 billion and $3.192 billion. The company assumed an exchange rate of $1.40 per Euro for the March 2010 quarter versus the actual weighted average rate of $1.30 per Euro for the March 2009 quarter, equivalent to an approximately 8 percent currency benefit. |
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