Symantec 1996 Annual Report Download - page 29

Market for Registrant’s Common Equity and Related
Stockholder M atters
Sy m a n t e c’s common stock has been traded on the Na s d a q
National Ma rket under the Nasdaq symbol SYMC since the
Company’s initial public offering on June 23, 1989. The high
and low closing sales prices set forth below are as reported on
the Nasdaq National Market.
Delrina exchangeable stock has been traded on the Toronto
Stock Exchange under the symbol DE since the acquisition of
Delrina by Symantec on November 22, 1995. The high and
low closing sales prices set forth below are in Canadian dollars
as reported on the Toronto Stock Exchange. Delrina exchange-
able stock is exchangeable at the option of the stockholders on
a one-for-one basis into Symantec common stock.
As of March 31, 1996, there were approximately 950 stock-
holders of record, including approximately 50 holders of record
of Delrina exchangeable shares. The Company has never paid
cash dividends on its stock with the exception of cash distribu-
tions to stockholders of acquired companies. Sy m a n t e c
anticipates that it will continue to retain its earnings to finance
the growth of its business. In addition, the Company’s bank
line of credit and outstanding convertible subordinated deben-
t u res limit the payment of cash dividends on common stock
( See Notes 4 and 5 of Notes to Consolidated Fi n a n c i a l
Statements).
Fiscal 
Mar. , Dec. , Sep. , Jun. ,
   
High  .  .  .  .
Low . . . .
Fiscal 
Mar. , Dec. , Sep. , Jun. ,
   
High  .  .  .  .
Low . . . .
The Company has a $10.0 million line of credit that expires
in March 1998. The line of credit is available for general corpo-
rate purposes and bears interest at the bank’s reference (prime)
interest rate (8.25% at March 31, 1996), the U.S. offshore rate
plus 1.25%, a CD rate plus 1.25% or LIBOR plus 1.25%, at the
Company’s discretion. The line of credit requires bank approval
for the payment of cash dividends. Borrowings under this line
are unsecured and are subject to the Company maintaining cer-
tain financial ratios and profits. At March 31, 1996, there was
a p p roximately $0.4 million of outstanding standby letters of
credit under this line of credit. There were no borrowings out-
standing under this line at March 31, 1996. The Company was
in compliance with the debt covenants at Ma rc h 31, 1996.
Future acquisitions by the Company may cause the Company
to be in violation of the line of credit covenants; however, the
Company believes that if the line of credit we r e canceled or
amounts were not available under the line, there would not be a
material adverse impact on the financial results, liquidity or
capital resources of the Company.
The Company may utilize significant amounts of cash in con-
nection with the potential acquisition of additional companies,
capital equipment and software product rights in the future .
Howe ve r, if the Company we re to sustain significant losses, there
can be no assurance that the bank line of credit, which is ava i l-
able through Ma r c h 1998, would remain available. Ad d i t i o n a l l y,
the Company could be re q u i r ed to reduce operating expenses,
which could result in further product delays, reassess acquisition
o p p o rtunities, which could negatively impact the Company’s
g rowth objectives, and/or pursue further financing options. T h e
Company believes existing cash and short-term investments will
be sufficient to fund operations for the next ye a r.
Selected Quarterly Data
During fiscal 1996, Symantec acquired Delrina in a transaction
accounted for as a pooling of interest. All financial information
has been restated to reflect the combined operations of Sy m a n t e c
and De l r i n a .
Fiscal 
Mar. , Dec. ,
 
(In Canadian dollars)
High  .  .
Low . .
(In thousands, except net income (loss) per share; unaudited) Fiscal 
Mar. , Dec. , Sep. , Jun. ,
   
Net revenues  ,  ,  ,  ,
Gross margin , , , ,
Acquisition,
restructuring and
other expenses * , , — ()
Net income (loss) , (,) (,),
Net income (loss)
per share - primary  .  (.)(.) .
- fully diluted  .  (.)(.) .
Fiscal    
Ma r.   , Dec.   , Se p.   , Jun.   ,
               
Net revenues  ,  ,  ,  ,
Gross margin , , , ,
Acquisition,
restructuring and
other expenses * — — — ,
Net income (loss) , , , ,
Net income (loss)
per share - primary  .  .  .  .
- fully diluted  .  .  .  .
*See Note 10 of Notes to Consolidated Financial Statements.