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Symantec Reports First Quarter Fiscal Year 2015 Results

Symantec Reports First Quarter Fiscal Year 2015 Results

• Company delivers revenue, non-GAAP operating margin and EPS above guidance
• Rising demand for cybersecurity products fuels business momentum

Auckland, August 7, 2014 – Symantec Corp. (Nasdaq: SYMC) today reported the results of its first quarter of fiscal year 2015, ended July 4, 2014.

Michael A. Brown, Symantec interim president and chief executive officer, said, “We are making steady progress against the five priorities outlined last quarter including: optimising certain businesses for margin, improving efficiencies, attracting top talent, returning significant cash to shareholders and focusing our investments for growth in our enterprise business. These investments are focused in backup appliances, mobile, advanced threat protection, managed security services and data loss prevention.”

“Separation of the sales force into new business and renewals teams has led to improved performance, especially in North America. In particular, our federal and renewals teams both delivered one of their best quarters ever,” Mr. Brown continued. “Our backup appliances, Trust Services and data loss prevention businesses also generated robust revenue growth. In the last two quarters, we’ve introduced nearly two dozen new or improved products and we’re on track to release almost two dozen more by fiscal year end.”

Thomas Seifert, executive vice president and chief financial officer, said, “We’re pleased with the solid results in the quarter, which were driven by productivity improvements in both our new business and renewals teams. We have eight revenue and efficiency initiatives in place that we expect will help us continue to build momentum into next year. We’ve identified three efficiency initiatives that we believe will ramp during the second half of the fiscal year: optimising our Norton business, streamlining product support, and reducing our global footprint.”

Results for the First Quarter of Fiscal Year 2015

1Q151Q14Reported Y/Y Change*
GAAP
Revenue$1,735 million$1,709 million2%
Operating Margin 18.6% 13.1%550 bps
Net Income$236 million$157 million50%
Deferred Revenue$3,713 million$3,875 million(4%)
EPS (Diluted)$0.34$0.2255%
CFFO$293 million$312 million(6%)
Non-GAAP
Operating Margin 24.6% 25.2%(60 bps)
Net Income$313 million$311 million1%
EPS (Diluted)$0.45$0.442%

*Note: The first quarter of fiscal year 2015 had 14 weeks compared with 13 weeks in the year ago period.

Second Quarter and Fiscal Year 2015 Guidance

2Q15FY15
GAAP
Revenue$1,600 - $1,640 million$6,630 - $6,770 million
Operating Margin18.7% - 19.5%21.8% - 22.3%
EPS (Diluted)$0.29 - $0.33$1.43 - $1.51
Non-GAAP
Operating Margin25.1% - 25.9%27.7% - 28.2%
EPS (Diluted)$0.40 - $0.44$1.84 - $1.92

Guidance assumes an exchange rate of $1.36 per Euro for the second quarter of fiscal year 2015 versus the actual weighted average rate of $1.33 and an end of period rate of $1.35 per Euro for the second quarter of fiscal year 2014 and $1.38 per Euro for fiscal year 2015. Our guidance assumes an effective tax rate of 27.5 percent for the second quarter of fiscal year 2015 and 27.8 percent for the remaining quarters in fiscal year 2015, and a common stock equivalents total for the quarter and fiscal year of 696 million shares.

Symantec's Board of Directors has declared a quarterly cash dividend of $0.15 per common share to be paid on September 17, 2014 to all shareholders of record as of the close of business on August 27, 2014. The ex-dividend date will be August 25, 2014.

Conference Call
Symantec has scheduled a conference call for 5 p.m. ET/2 p.m. PT today to discuss results from the first quarter of fiscal year 2015, ended July 4, 2014 and to review guidance. Interested parties may access the conference call on the Internet at www.symantec.com/invest. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. A replay and script of our officers’ remarks will be available on the investor relations’ home page shortly after the call is completed.

About Symantec
At Symantec Corporation (NASDAQ: SYMC), we protect your information wherever it’s stored, accessed or shared. Founded in April 1982, Symantec operates the largest civilian cyber intelligence threat network in the world. The company's more than 20,000 employees reside in more than 50 countries and are pioneering new solutions in growing markets like backup appliances, mobile, cloud, advanced threat protection, data loss prevention, and managed security services. Ninety-nine percent of Fortune 500 companies are Symantec customers. In fiscal 2014, it recorded revenues of $6.7 billion. To learn more go to www.symantec.com or connect with Symantec at: www.symantec.com/social

ENDS

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