Symantec 1998 Annual Report Download - page 26

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39
SYMANTEC CORPORATION
38 SYMANTEC CORPORATION
CONSOLIDATED BALANCE SHEETS
March 31,
(In thousands) 1998 1997
ASSETS
Current assets:
Cash and short-term investments $ 225,883 $ 160,082
Trade accounts receivable 65,158 45,375
Inventories 3,175 4,476
Deferred income taxes 19,677 12,823
Other 14,646 13,166
Total current assets 328,539 235,922
Long-term investments 34,258 —
Restricted investments 59,370 47,448
Equipment and leasehold improvements 50,030 51,610
Other 4,263 4,418
$ 476,460 $ 339,398
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 34,171 $ 30,328
Accrued compensation and benefits 21,332 16,241
Other accrued expenses 64,532 51,508
Income taxes payable 24,634 8,276
Current portion of convertible
subordinated debentures 8,333 —
Total current liabilities 153,002 106,353
Convertible subordinated debentures and other 5,951 15,066
Commitments and contingencies
Stockholders’ equity:
Preferred stock (authorized: 1,000;
issued and outstanding: none) — —
Common stock (authorized: 100,000; issued
and outstanding: 57,109 and 55,427 shares) 571 554
Capital in excess of par value 311,106 291,548
Notes receivable from stockholders (144) (144)
Cumulative translation adjustment (12,716) (7,580)
Retained earnings (deficit) 18,690 (66,399)
Total stockholders’ equity 317,507 217,979
$ 476,460 $ 339,398
The accompanying Summary of Significant Accounting Policies and Notes to
Consolidated Financial Statements are an integral part of these statements.
The accompanying Summary of Significant Accounting Policies and Notes to
Consolidated Financial Statements are an integral part of these statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended March 31,
(In thousands, except net income (loss) per share) 1998 1997 1996
Net revenues $ 578,361 $ 472,183 $ 445,432
Cost of revenues 87,431 93,544 108,975
Gross margin 490,930 378,639 336,457
Operating expenses:
Research and development 91,332 88,924 94,672
Sales and marketing 261,190 220,811 229,703
General and administrative 38,063 34,030 32,744
Acquisition, restructuring and other expenses — 8,585 27,617
Total operating expenses 390,585 352,350 384,736
Operating income (loss) 100,345 26,289 (48,279)
Interest income 13,160 7,182 7,512
Interest expense (1,218) (1,402) (1,495)
Other income (expense), net (190) (1,691) (2,130)
Income (loss) before income taxes 112,097 30,378 (44,392)
Provision (benefit) for income taxes 27,008 4,340 (4,609)
Net income (loss) $ 85,089 $ 26,038 $ (39,783)
Net income (loss) per share - basic $ 1.52 $ 0.48 $ (0.76)
Net income (loss) per share - diluted $ 1.42 $ 0.47 $ (0.76)
Shares used to compute net income (loss) per share - basic 56,097 54,705 52,664
Shares used to compute net income (loss) per share - diluted 60,281 55,407 52,664