{"id":25372,"date":"2012-10-25T19:48:43","date_gmt":"2012-10-25T09:48:43","guid":{"rendered":"http:\/\/power-up.space\/?p=25372"},"modified":"2012-10-25T19:48:43","modified_gmt":"2012-10-25T09:48:43","slug":"symantec-reports-second-quarter-fiscal-2013-results-delivering-record-september-revenue-eps-and-deferred-revenue","status":"publish","type":"post","link":"https:\/\/www.impulsegamer.com\/wordpress\/?p=25372","title":{"rendered":"Symantec Reports Second Quarter Fiscal 2013 Results; Delivering Record September Revenue, EPS and Deferred Revenue"},"content":{"rendered":"<p style=\"text-align: left;\" align=\"center\"><strong>MOUNTAIN VIEW, Calif. \u2013 October 24, 2012<\/strong> \u2013 Symantec Corp. (Nasdaq: SYMC) today reported the results of its second quarter of fiscal year 2013, ended Sept. 28, 2012. GAAP revenue for the fiscal second quarter was $1.7 billion, up 1 percent year-over-year and up 5 percent after adjusting for currency.<\/p>\n<p>\u201cI am pleased with the team\u2019s results and progress made this quarter. We delivered solid results during the first quarter of a significant transition for the company,\u201d said Steve Bennett, chairman, president and chief executive officer, Symantec. \u201cAfter 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.\u201d<\/p>\n<p>\u201cWe 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,\u201d said James Beer, executive vice president and chief financial officer, Symantec. \u201cWe saw strength in enterprise security and backup as well as growth in consumer security.\u201d<\/p>\n<p><strong>GAAP Results for second quarter of fiscal year 2013<\/strong><\/p>\n<ul>\n<li>GAAP \u00a0\u00a0\u00a0\u00a0 operating margin was 18.0 percent compared with 17.0 percent for the same \u00a0\u00a0\u00a0\u00a0 quarter last year, up 6 percent year-over-year.<\/li>\n<li>GAAP \u00a0\u00a0\u00a0\u00a0 net income was $193 million compared with net income of $182 million for \u00a0\u00a0\u00a0\u00a0 the year-ago period, up 6 percent year-over-year.<\/li>\n<li>GAAP \u00a0\u00a0\u00a0\u00a0 diluted earnings per share were $0.27 compared with $0.24 for the year ago \u00a0\u00a0\u00a0\u00a0 quarter, up 13 percent year-over-year.<\/li>\n<li>GAAP \u00a0\u00a0\u00a0\u00a0 deferred revenue was $3.619 billion compared with $3.452 billion for the \u00a0\u00a0\u00a0\u00a0 year ago quarter, up 5 percent year-over-year on an actual and \u00a0\u00a0\u00a0\u00a0 currency-adjusted basis.<\/li>\n<li>Cash \u00a0\u00a0\u00a0\u00a0 flow from operating activities was $178 million compared with $308 million \u00a0\u00a0\u00a0\u00a0 for the year ago period due to higher tax, restructuring and transition \u00a0\u00a0\u00a0\u00a0 payments, foreign currency movements as well as lower September quarter \u00a0\u00a0\u00a0\u00a0 cash collections.<\/li>\n<li>Symantec \u00a0\u00a0\u00a0\u00a0 ended the quarter with cash, cash equivalents and short-term investments \u00a0\u00a0\u00a0\u00a0 of $4.0 billion. During the quarter, Symantec repurchased 12 million \u00a0\u00a0\u00a0\u00a0 shares for $200 million at an average price of $16.48. Symantec has $483 \u00a0\u00a0\u00a0\u00a0 million remaining in the current board authorized stock repurchase plan.<\/li>\n<\/ul>\n<p><strong><br \/>\nNon-GAAP Results for second quarter of fiscal year 2013<\/strong><\/p>\n<ul>\n<li>Non-GAAP \u00a0\u00a0\u00a0\u00a0 operating margin was 27.5 percent compared with 25.5 percent for the same \u00a0\u00a0\u00a0\u00a0 quarter last year, up 200 basis points year-over-year (up 250 basis points \u00a0\u00a0\u00a0\u00a0 after adjusting for currency) driven by stronger revenue and lower costs.<\/li>\n<li>Non-GAAP \u00a0\u00a0\u00a0\u00a0 net income was $322 million, compared to $295 million for the same quarter \u00a0\u00a0\u00a0\u00a0 last year, up 9 percent year-over-year.<\/li>\n<li>Non-GAAP \u00a0\u00a0\u00a0\u00a0 diluted earnings per share were $0.45 compared with earnings per share of \u00a0\u00a0\u00a0\u00a0 $0.39 for the year-ago quarter, up 15 percent year-over-year.<\/li>\n<\/ul>\n<p><strong>Business Segment Highlights for the Quarter<\/strong><\/p>\n<ul>\n<li>The \u00a0\u00a0\u00a0\u00a0 Consumer segment represented 31 percent of total revenue and decreased 1 \u00a0\u00a0\u00a0\u00a0 percent year-over-year (increased 3 percent after adjusting for currency).<\/li>\n<li>The \u00a0\u00a0\u00a0\u00a0 Security and Compliance segment represented 30 percent of total revenue \u00a0\u00a0\u00a0\u00a0 and increased 6 percent year-over-year (increased 9 percent after \u00a0\u00a0\u00a0\u00a0 adjusting for currency).<\/li>\n<li>The \u00a0\u00a0\u00a0\u00a0 Storage and Server Management segment represented 35 percent of total \u00a0\u00a0\u00a0\u00a0 revenue and decreased 2 percent year-over-year (increased 2 percent after \u00a0\u00a0\u00a0\u00a0 adjusting for currency).<\/li>\n<li>Services \u00a0\u00a0\u00a0\u00a0 represented 4 percent of total revenue and increased 2 percent \u00a0\u00a0\u00a0\u00a0 year-over-year (increased 7 percent after adjusting for currency).<\/li>\n<\/ul>\n<p><strong><br \/>\nGeographic Highlights for the Quarter<\/strong><\/p>\n<ul>\n<li>International \u00a0\u00a0\u00a0\u00a0 revenue represented 51 percent of total revenue and increased 1 percent \u00a0\u00a0\u00a0\u00a0 year-over-year (increased 7 percent after adjusting for currency).<\/li>\n<li>The \u00a0\u00a0\u00a0\u00a0 Europe, Middle East and Africa region represented 26 percent of total \u00a0\u00a0\u00a0\u00a0 revenue and decreased 4 percent year-over-year (increased 7 percent after \u00a0\u00a0\u00a0\u00a0 adjusting for currency).<\/li>\n<li>Asia \u00a0\u00a0\u00a0\u00a0 Pacific\/Japan revenue represented 20 percent of total revenue and \u00a0\u00a0\u00a0\u00a0 increased 6 percent year-over-year (increased 8 percent after adjusting \u00a0\u00a0\u00a0\u00a0 for currency).<\/li>\n<li>The \u00a0\u00a0\u00a0\u00a0 Americas, including the United States, Latin America and Canada, \u00a0\u00a0\u00a0\u00a0 represented 54 percent of total revenue and increased 2 percent \u00a0\u00a0\u00a0\u00a0 year-over-year on an actual and currency-adjusted basis.<\/li>\n<\/ul>\n<p><strong>Third Quarter Fiscal Year 2013 Guidance<\/strong><br \/>\nGuidance assumes an exchange rate of $1.30 per Euro for the December 2012 quarter versus the actual weighted average rate of $1.35 and an end of period rate of $1.30 per Euro for the December 2011 quarter.\u00a0 Our guidance assumes an effective tax rate of 28.5 percent and a common stock equivalents total for the quarter of approximately 700 million shares.<\/p>\n<p>For the third quarter of fiscal 2013, Symantec expects:<\/p>\n<ul>\n<li>GAAP \u00a0\u00a0\u00a0\u00a0 revenue of $1.72 billion to $1.75 billion, up 0 to 2 percent as reported \u00a0\u00a0\u00a0\u00a0 and up 1 to 3 percent in constant currency.<\/li>\n<li>GAAP \u00a0\u00a0\u00a0\u00a0 diluted earnings per share between $0.17 and $0.19 as compared to $0.32 in \u00a0\u00a0\u00a0\u00a0 the year ago period.<\/li>\n<li>Non-GAAP \u00a0\u00a0\u00a0\u00a0 diluted earnings per share between $0.36 and $0.38 as compared to $0.42 in \u00a0\u00a0\u00a0\u00a0 the year ago period, due to investments to better serve customers.<\/li>\n<li>GAAP \u00a0\u00a0\u00a0\u00a0 deferred revenue is estimated to be between $3.765 billion and $3.825 \u00a0\u00a0\u00a0\u00a0 billion, up 3 to 4 percent on an actual and currency-adjusted basis.<\/li>\n<\/ul>\n<p><strong>Conference Call<\/strong><br \/>\nSymantec has scheduled a conference call for 5 p.m. ET\/2 p.m. PT today to discuss the results from the fiscal 2013 second quarter, ended Sept. 28, 2012, and to review guidance. Interested parties may access the conference call on the Internet at <a href=\"http:\/\/auc.tractionplatform.com\/id=4880,18223319,23197715,307033,1?erl=http%3A%2F%2Finvestor.symantec.com%2Fphoenix.zhtml%3Fc%3D89422%26p%3Dirol-irhomeNews\" target=\"_blank\">http:\/\/www.symantec.com\/invest<\/a>. To listen to the live call, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software. A replay and script of our officers\u2019 remarks will be available on the investor relations\u2019 home page shortly after the call is completed.<\/p>\n<p><strong>About Symantec<\/strong><br \/>\nSymantec protects the world\u2019s information, and is the global leader in security, backup and availability solutions. Our innovative products and services protect people and information in any environment \u2013 from the smallest mobile device, to the enterprise data center, to cloud-based systems. Our industry-leading expertise in protecting data, identities and interactions gives our customers confidence in a connected world. More information is available at <a href=\"http:\/\/auc.tractionplatform.com\/id=4880,18223319,23197715,298308,1?erl=http%3A%2F%2Fwww.symantec.com%2Fen%2Fau%2F\" target=\"_blank\">www.symantec.com<\/a> or by connecting with Symantec at: <a href=\"http:\/\/auc.tractionplatform.com\/id=4880,18223319,23197715,272444,1?erl=http%3A%2F%2Fwww.symantec.com%2Fsocial-media\" target=\"_blank\">go.symantec.com\/socialmedia<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MOUNTAIN VIEW, Calif. \u2013 October 24, 2012 \u2013 Symantec Corp. (Nasdaq: SYMC) today reported the results of its second quarter of fiscal year 2013, ended Sept. 28, 2012. GAAP revenue for the fiscal second quarter was $1.7 billion, up 1 percent year-over-year and up 5 percent after adjusting for currency. \u201cI am pleased with the<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/www.impulsegamer.com\/wordpress\/?p=25372\">Read More\u2026<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-25372","post","type-post","status-publish","format-standard","hentry","category-software-news"],"_links":{"self":[{"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/25372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25372"}],"version-history":[{"count":1,"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/25372\/revisions"}],"predecessor-version":[{"id":25374,"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/25372\/revisions\/25374"}],"wp:attachment":[{"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impulsegamer.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}