Symantec reports record revenue

Symantec has reported record results during September as the company announced findings of its second quarter of fiscal year 2013 today.

Revenue for the quarter was NZ$2.1 billion, up 1 percent over-year and up 5 percent after adjusting for currency.

“I am pleased with the team’s results and progress made this quarter. We delivered solid results during the first quarter of a significant transition for the company,” says Steve Bennett, chairman, president and chief executive officer, Symantec.

“After travelling the world speaking to employees, customers and shareholders, there is a strong sense of excitement about our future success.

"While focused on running the company, the team is also hard at work building a strategy and operational plan to deliver greater than 5 percent organic growth and 30 percent operating margins on a sustainable basis within the next two-to-three years.”

GAAP Results for second quarter of fiscal year 2013

* GAAP operating margin was 18.0 percent compared with 17.0 percent for the same quarter last year, up 6 percent year-over-year.

* GAAP net income was $193 million compared with net income of $182 million for the year-ago period, up 6 percent year-over-year.

* GAAP diluted earnings per share were $0.27 compared with $0.24 for the year ago quarter, up 13 percent year-over-year.

* GAAP deferred revenue was $3.619 billion compared with $3.452 billion for the year ago quarter, up 5 percent year-over-year on an actual and currency-adjusted basis.

* Cash flow from operating activities was $178 million compared with $308 million for the year ago period due to higher tax, restructuring and transition payments, foreign currency movements as well as lower September quarter cash collections.

* Symantec ended the quarter with cash, cash equivalents and short-term investments of $4 billion. During the quarter, Symantec repurchased 12 million shares for $200 million at an average price of $16.48. Symantec has $483 million remaining in the current board authorised stock repurchase plan.

Geographic Highlights for the Quarter

* International revenue represented 51 percent of total revenue and increased 1 percent year-over-year (increased 7 percent after adjusting for currency).

* The Europe, Middle East and Africa region represented 26 percent of total revenue and decreased 4 percent year-over-year (increased 7 percent after adjusting for currency).

* Asia Pacific/Japan revenue represented 20 percent of total revenue and increased 6 percent year-over-year (increased 8 percent after adjusting for currency).

* The Americas, including the United States, Latin America and Canada, represented 54 percent of total revenue and increased 2 percent year-over-year on an actual and currency-adjusted basis.

“We delivered better than expected results with record September revenue and deferred revenue, in addition to strong net income and EPS as we continue to make improvements to the performance of our businesses,” says James Beer, executive vice president and chief financial officer, Symantec.

“We saw strength in enterprise security and backup as well as growth in consumer security.”