Symantec 2000 Annual Report Download - page 49

On November 24, 1997, the Board authorized the repurchase of up
to 0.5million shares of Symantec common stock. As of Decem-
ber 4, 1997, we completed the repurchase of 0.5million shares at
prices ranging from $25.25 to $26.81 per share.
On June 9, 1998, the Board authorized the repurchase of up to 5%of
our outstanding common stock before December 31, 1998.We com-
pleted the repurchase as of October 30, 1998, repurchasing a total
of approximately 2.9million shares at prices ranging from $13.10 to
$27.21, for an aggregate amount of approximately $56 million.
On March 22, 1999, the Board authorized the repurchase of up to
$75 million of Symantec common stock with no expiration date. As
of March 31, 2000, we have repurchased one million shares at
prices ranging from $17.90 to $19.87, for an aggregate amount of
approximately $19 million.
NOTE 12. RESTRUCTURING AND OTHER EXPENSES
Restructuring and other expenses consist of the following:
Year Ended March 31,
(In thousands) 2000 1999 1998
Employee severance
and outplacement $ 8,065 $ 3,800 $ —
Excess facilities and equipment 953 1,305 —
Total restructuring
and other expenses $ 9,018 $ 5,105 $ —
During the March 2000 quarter, we reduced our operations in our
Melville and Toronto sites, thereby reducing our workforce by 96
employees. Each of these employees received a separation pack-
age. As a result, we vacated the facility in Melville and we are
reducing the space occupied in Toronto. We recorded approxi-
mately $3.4million for employee severance, outplacement and
abandonment of certain facilities and equipment during the
March 2000 quarter. In addition, we provided approximately $0.7
million for costs of severance, related benefits and outplacement
services for two members of senior management due to the
realignment of our business units and their resulting departures
during the March 2000 quarter.
During the December 1999 quarter, we reduced our Internet Tools
business unit’s workforce and reduced our Sales workforce. There
were 48 employees in the Internet Tools business unit affected,
resulting in approximately $1.8million of severance, related ben-
efits and outplacement services being accrued during the
December 1999 quarter. The Sales workforce reduction affected 10
employees, resulting in approximately $0.4million of severance,
related benefits and outplacement services being accrued in the
December 1999 quarter.
During the September 1999 quarter, we provided approximately
$0.7million for costs of severance, related benefits and outplace-
ment services for two members of senior management due to the
realignment of our business units and their resulting departures.
We also accrued approximately $2.7million for certain costs
related to an agreement reached with our former CEO in the June
1999 quarter. These costs were comprised of severance and accel-
eration of unvested options, which were recorded in the
Consolidated Statements of Income and Stockholders’ Equity.
During the September 1998 quarter, we made a decision to
restructure our operations and outsource domestic manufactur-
ing operations. As a result, we originally recorded a $3.8million
charge for personnel severance to reduce the workforce by
approximately 5%in both domestic and international operations
and a $1.3million charge for the planned abandonment of a man-
ufacturing facility lease. These estimates were subsequently
revised in the September 1999 quarter, resulting in a reduction in
the personnel severance and outplacement accruals by approxi-
mately $0.7million.
There were no restructuring and other expenses incurred in
fiscal 1998.
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