Symantec sales rise, but warns of flat sales
- Reduce text size Decrease text size
- Increase text size Increase text size
- Print article Print
- Jump to comments Comment
- Share this article Share
- Email article to a friend Email
Symantec has posted a strong set of fourth quarter and full year results, a performance helped by a number of acquisitions during the year.
24 April 2003 Security software vendor Symantec has posted a strong set of fourth quarter and full year financial results, a performance helped by a number of acquisitions during the year.
For the fourth quarter to the end of March, revenues weighed in at $390 million, up 26% compared to the $311 million posted in the same period a year earlier. Net income was $68 million, compared to $5 million in the fourth quarter 12 months earlier.
For the full year, Symantec achieved revenues of $1.41 billion, up an impressive 31% compared to the $1.07 billion achieved in fiscal 2002. Net income reached $248 million, compared to a net loss of $28 million posted the year before.
"Both the quarter and the year came in well ahead of expectations with record revenue and earnings during very challenging times," said Symantec CEO John Thompson.
During the quarter, Symantec's enterprise security business grew by a third to represent 41% of total revenue, while the consumer business — predominantly the Norton Anti-Virus, Norton Utilities and Norton Personal Firewall products — now represents 43% of the company's revenues.
Symantec also released guidance for the current quarter, which suggest that the company is expecting sales to fall or stagnate, quarter-on-quarter. Revenues is forecast to weigh in at between $370 million and $390 million.
Nevertheless, sales are expected to accelerate in the second half of the calendar year and the company is forecasting a robust rise in revenues of about 15% to $1.65 billion.
Note: Net income figures quoted are GAAP compliant.
