Symantec 1998 Annual Report Download - page 27

41
SYMANTEC CORPORATION
40 SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Notes
Capital in Receivable Cumulative Retained Total
Common Excess of from Translation Earnings Stockholders’
(In thousands) Stock Par Value Stockholders Adjustment (Deficit) Equity
Balances, March 31, 1995 $ 508 $ 248,766 $ (144) $ (7,213) $ (57,043) $ 184,874
Net loss — — — — (39,783) (39,783)
Delrina net loss for the quarter
ended June 30, 1995 — — — — 4,834 4,834
Issued common stock:
2,021 shares under stock plans and other 20 21,101 — — — 21,121
833 shares from conversion of
convertible debentures 8 9,641 — — — 9,649
Translation adjustment — — — (378) — (378)
Balances, March 31, 1996 536 279,508 (144) (7,591) (91,992) 180,317
Net income — — — — 26,038 26,038
Acquisition of Fast Track:
Issued 600 shares of common stock 6 (5) — — — 1
Acquired company’s accumulated deficit — — — — (445) (445)
Issued common stock:
1,191 shares under stock plans and other 12 12,045 — — — 12,057
Translation adjustment — — — 11 —11
Balances, March 31, 1997 554 291,548 (144) (7,580) (66,399) 217,979
Net income — — — — 85,089 85,089
Issued common stock:
2,622 shares under stock plans and other 26 33,179 — — — 33,205
60 shares from conversion of
convertible debentures 1715 — — — 716
Repurchase 1,000 shares of common stock (10) (21,336) — — — (21,346)
Income tax benefit related to stock options — 7,000 — — — 7,000
Translation adjustment — — — (5,136) — (5,136)
Balances, March 31, 1998 $ 571 $ 311,106 $ (144) $ (12,716) $ 18,690 $ 317,507
CONSOLIDATED STATEMENTS OF CASH FLOW
Year Ended March 31,
(In thousands) 1998 1997 1996
Operating Activities:
Net income (loss) $ 85,089 $ 26,038 $ (39,783)
Delrina net loss for the quarter ended June 30, 1995 — — 4,834
Acquired company’s accumulated deficit — (445) —
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization of equipment and
leasehold improvements 25,231 22,770 19,717
Amortization and write-off of capitalized software costs 1,466 10,477 19,141
Write-off of equipment and leasehold improvements 1,225 4,010 3,403
Deferred income taxes (6,915) 21 (989)
Net change in assets and liabilities:
Trade accounts receivable (22,873) 11,621 19,137
Inventories 1,040 3,432 1,450
Other current assets (1,839) 1,304 (6,461)
Capitalized software costs — (7,656) (3,286)
Other assets (556) 2,720 2,465
Accounts payable 5,568 7,373 (2,368)
Accrued compensation and benefits 5,371 1,502 1,313
Other accrued expenses 14,018 6,182 (8,786)
Income taxes payable 17,051 5,031 1,211
Income tax benefit from stock options 7,000 — —
Net cash provided by operating activities 130,876 94,380 10,998
Investing Activities:
Capital expenditures (26,339) (27,195) (35,767)
Purchased intangibles (948) (698) (461)
Purchases of marketable securities (230,891) (180,000) (154,500)
Proceeds from sales of marketable securities 174,087 203,098 168,681
Purchases of long-term, restricted investments (11,922) (47,448) —
Net cash used in investing activities (96,013) (52,243) (22,047)
Financing Activities:
Repurchase of Company’s common stock (21,346) — —
Net proceeds from sales of common stock and other 33,108 11,703 20,295
Net cash provided by financing activities 11,762 11,703 20,295
Effect of exchange rate fluctuations on cash and cash equivalents (3,370) 141 2,339
Increase in cash and cash equivalents 43,255 53,981 11,585
Beginning cash and cash equivalents 95,758 41,777 30,192
Ending cash and cash equivalents $ 139,013 $ 95,758 $ 41,777
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) during the year $ 6,037 $ 392 $ 906
Interest paid on convertible subordinated debentures and
long-term obligations $ 1,150 $ 1,182 $ 1,299
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.