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Symantec Corp. Reports Operating Results (10-Q)

October 30, 2012 | About:
10qk

10qk

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Symantec Corp. (SYMC) filed Quarterly Report for the period ended 2012-09-28.

Symantec Corp has a market cap of $12.91 billion; its shares were traded at around $18.39 with a P/E ratio of 12.4 and P/S ratio of 1.9. Symantec Corp had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated Symantec Corp the business predictability rank of 4-star.

Highlight of Business Operations:

Cost of revenue increased by $19 million and $44 million for the three and six months ended September 28, 2012, respectively, as compared to the same periods last year. Operating expenses decreased by $21 million for the three months ended September 28, 2012, and increased by $2 million for the six months ended September 28, 2012, as compared to the same periods last year. We experienced favorable foreign currency effects of $31 million and $68 million on our operating expenses for the three and six months ended September 28, 2012, respectively, as compared to the same periods last year.

Content, subscription, and maintenance revenue increased for the three and six months ended September 28, 2012, as compared to the same periods last year, primarily due to increases in revenue from our Security and Compliance segment of $25 million and $54 million, respectively, and our Storage and Server Management segment of $21 million and $37 million, respectively, partially offset by decreases in our Consumer segment of $3 million and $10 million, respectively.

Storage and Server Management revenue decreased for the three months ended September 28, 2012, as compared to the same period last year, primarily due to a decline in our Backup Exec offerings of $31 million. The decrease was partially offset by increased revenue from the remainder of our information management portfolio of $26 million. Storage and Server Management revenue also decreased for the six months ended September 28, 2012, as compared to the same period last year, due to Backup Exec offerings declining by $47 million and storage management products declining by $28 million, partially offset by increased sales from the remainder of our information management portfolio of $51 million.

Net cash provided by operating activities was $518 million for the six months ended September 28, 2012, which resulted from net income of $365 million adjusted for non-cash items, which largely included depreciation and amortization charges of $351 million, as well as a decrease in trade receivables of $203 million. These amounts were partially offset by decreases in deferred revenue of $339 million and decreases in accrued compensation of $107 million.

Net cash provided by operating activities was $811 million for the six months ended September 30, 2011, which resulted from net income of $372 million adjusted for non-cash items, which largely included depreciation and amortization charges of $355 million, as well as increased collections of trade receivables of $331 million. These amounts were partially offset by decreases in deferred revenue of $346 million and decreases in accrued compensation of $130 million.

Read the The complete Report

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