Symantec Reports Solid Third Quarter Earnings

Symantec Reports Solid Third Quarter Earnings

Symantec Corp. (Nasdaq: SYMC) today reported results for the third quarter of fiscal year 2006, ended Dec. 30, 2005. GAAP revenue for the December 2005 quarter was $1.149 billion and non-GAAP revenue was $1.253 billion. Non-GAAP revenue includes $104 million of deferred revenue that has been eliminated from GAAP results as part of the purchase accounting associated with the acquisition of VERITAS Software Corporation. On a non-GAAP basis, revenue grew five percent over the December 2004 quarter’s combined non-GAAP revenue of $1.192 billion.

GAAP Results: The December quarter’s GAAP net income was $91 million, resulting in fully diluted GAAP earnings per share of $0.08. GAAP net income includes $166 million of expenses related to the amortization of acquired software and intangibles, the amortization of deferred compensation, and integration and restructuring.

Non-GAAP Results: Non-GAAP net income was $282 million for the third quarter, five percent higher than the December 2004 quarter’s combined non-GAAP net income of $269 million. Non-GAAP fully diluted earnings per share for the quarter was $0.26, up 18 percent as compared to our combined non-GAAP earnings per share of $0.22 in the December 2004 quarter. Non-GAAP earnings per share excludes the write-off of in-process research and development, the amortization of acquired software and intangibles, the amortization of deferred compensation, and integration and restructuring expenses.

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