Symantec delivers record revenue

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Symantec has delivered “better than expected results” during the third quarter of fiscal year 2013, with GAAP revenue on the rise.

The security solutions provider says GAAP revenue for the quarter was US$1.79 billion, up 4 percent year-over-year and up 5 percent after adjusting for currency.

“We continue to deliver better than expected results,” says Steve Bennett, president and chief executive officer, Symantec.

“I’m so proud of our employees. These types of results don’t happen by accident.

“The fact that we can deliver these results in a period of significant transition and uncertainty is a testament to our employees, the strength of our brand, the quality of our products and the scope of our customer base.”

GAAP results

• GAAP operating margin was 16.6 percent compared with 17.5 percent for the same quarter last year, down 90 basis points year-over-year
• GAAP net income was $212 million compared with net income of $240 million for the year-ago period, down 12 percent year-over-year
• GAAP diluted earnings per share were $0.30 compared with $0.32 for the year ago quarter, down 6 percent year-over-year
• GAAP deferred revenue was $3.806 billion compared with $3.665 billion for the year ago quarter, up 4 percent year-over-year on an actual and currency-adjusted basis
• Cash flow from operating activities was $463 million compared with $403 million for the year ago period, up 15 percent year-over-year
• Symantec ended the quarter with cash, cash equivalents and short-term investments of $4.25 billion. During the quarter, Symantec repurchased 11 million shares for $200 million at an average price of $17.94. Symantec has $283 million remaining in the current board authorised stock repurchase plan.

Non-GAAP results

• Non-GAAP operating margin was 25.6 percent compared with 26.2 percent for the same quarter last year, down 60 basis points year-over-year and down 80 basis points after adjusting for currency, due to increased investment in certain areas to better serve our customer needs
• Non-GAAP net income was $313 million compared to $314 million for the same quarter last year
• Non-GAAP diluted earnings per share were $0.45 compared with earnings per share of $0.42 for the year-ago quarter, up 7 percent year-over-year.

“Strength in EMEA, information management and licence revenue drove our FX adjusted organic revenue growth of 4 percent,” says James Beer, executive vice president and chief financial officer, Symantec.

“Our better than expected top line growth coupled with disciplined expense management drove non-GAAP operating margins of 25.6 percent even as we are investing in certain areas to better serve our customer needs.”

Geographic highlights

• Asia Pacific/Japan revenue represented 19 percent of total revenue and increased 7 percent year-over-year (increased 6 percent after adjusting for currency)

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