Symantec 1999 Annual Report Download - page 16

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PART I
Item 1: Business.
Forward-Looking Statements.
The following discussion contains forward-looking statements that involve known and unknown risks, uncertainties
and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially
different from any future results, levels of activity, performance, or achievements expressed or implied by such
forward-looking statements. Such factors include, among others things, those risk factors set forth in this section and
in the section of this report entitled “Management’s Discussion and Analysis of Financial Condition and Results of
Operations.” We identify forward-looking statements by words such as “may,” “will,” “should,” “could,” “expects,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or similar terms that refer to the
future. We cannot guarantee future results, levels of activity, performance or achievements.
Introduction .
Symantec is a world leader in utility software for business and personal computing. Symantec products and solutions
make users productive and keep their computers safe and reliable anywhere and anytime.
Our predecessor, C&E Software, Inc., a California corporation and its operating subsidiary, Symantec Corporation, a
California corporation, were formed in September 1983 and March 1982, respectively. We were incorporated in
Delaware in April 1988 in connection with the September 1988 reincorporation and combination of our predecessor
and its operating subsidiary into a single Delaware corporation.
Since our initial public offering on June 23, 1989, we have completed acquisitions of 19 businesses. During fiscal
1999, we completed our acquisition of:
• Quarterdeck Corporation in the March 1999 quarter;
• Intel Corporation’s anti-virus business during the September 1998 quarter;
• Binary Research Limited’s operations in the June 1998 quarter; and
• International Business Machine’s anti-virus business also in the June 1998 quarter;
We accounted for each of these four acquisitions as a purchase and, accordingly, we have included the operating
results of these businesses in our consolidated financial statements since their respective dates of acquisition. See Note
3 of Notes to Consolidated Financial Statements in this Form 10-K.
Other companies that we have acquired during the past five years include:
• Fast Track, Inc., on May 28, 1996;
• Delrina Corporation, on November 22, 1995;
• Intec Systems Corporation, on August 31, 1994;
• Central Point Software, Inc., on June 1, 1994; and
• SLR Systems, Inc., on May 31, 1994.
We acquired Peter Norton Computing, Inc. on August 31, 1990 and continue to use the Norton brand name for
products subsequently developed and marketed by us. We accounted for each of these five acquisitions as poolings of
interests. Accordingly, we have restated all financial information to reflect the combined operations of these
companies and Symantec, with the exception of Fast Track, Intec and SLR, each of which had results of operations that
were not material to our consolidated financial statements.
During fiscal 1997, in a move to focus our product offerings on specific customer needs, we sold our electronic forms
product line, acquired as part of the Delrina acquisition, to JetForm Corporation and sold our network administration
technologies to the Hewlett-Packard Company. See further discussion in Note 13 of Notes to Consolidated Financial
Statements and Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations.
We have a 52/53-week fiscal accounting year. Accordingly, all references as of and for the periods ended
March 31, 1999, 1998 and 1997 reflect amounts as of and for the periods ended April 2, 1999, April 3, 1998 and
March 28, 1997, respectively. The fiscal accounting years ended April 2, 1999 and March 28, 1997 each comprised
52 weeks of operations and the fiscal accounting year ended April 3, 1998 comprised 53 weeks of operations.