Symantec 2004 Annual Report Download - page 18

«16»SYMANTEC CORPORATION
2004 Annual Report
«16»SYMANTEC CORPORATION
NSelected Financial Data
The following selected financial data is qualified in its entirety by,
and should be read in conjunction with, the more detailed consol-
idated financial statements and related notes included elsewhere
herein. Historical results may not be indicative of future results.
During the past five years, we have acquired the following:
•Nexland, Inc., PowerQuest, Inc., SafeWeb, Inc., and
ON Technology Corp. during fiscal 2004;
•Riptech, Inc., Recourse Technologies, Inc., SecurityFocus, Inc.
and Mountain Wave, Inc. during fiscal 2003;
•Lindner & Pelc Consult GmbH and Foster-Melliar Limited’s
enterprise security management division during fiscal 2002;
•AXENT Technologies during fiscal 2001; and
•20/20 Software, L-3 Network Security’s operations and
URLabs during fiscal 2000.
Each of these acquisitions was accounted for as a business pur-
chase and, accordingly, the operating results of these businesses
have been included in our consolidated financial statements since
their respective dates of acquisition.
On August 24, 2001, we divested our Web Access Management
product line. On December 31, 1999, we divested our Visual
Café™and ACT!™Product lines.
Five-Year Summary
Year Ended March 31,
(In thousands, except net income (loss) per share) 2004 2003 2002 2001 2000
Consolidated Statements of Operations Data:
Net revenues $1,870,129 $1,406,946 $1,071,438 $ 853,554 $ 745,725
Amortization of goodwill (a) –– 196,806 71,336 17,884
Acquired in-process research and development 3,710 4,700 – 22,300 4,300
Restructuring, site closures and other 907 11,089 20,428 3,664 9,018
Patent settlement (b) 13,917 ––––
Litigation judgment (c) –– 3,055 – –
Operating income 513,585 341,512 8,041 109,600 135,203
Interest expense (d) (21,164) (21,166) (9,169) – (22)
Income, net of expense, from sale of technologies and product lines (e) 9,547 6,878 15,536 20,448 107,358
Net income (loss) $ 370,619 $ 248,438 $ (28,151) $ 63,936 $ 170,148
Net income (loss) per share—basic (f) $ 1.21 $ 0.85 $ (0.10) $ 0.25 $ 0.74
Net income (loss) per share—diluted (f) $1.07 $0.77 $(0.10) $ 0.23 $ 0.68
Shares used to compute net income (loss) per share—basic (f) 305,985 290,790 287,208 258,948 231,480
Shares used to compute net income (loss) per share—diluted (f) 359,555 341,436 287,208 272,948 248,856
(a) Beginning in fiscal 2003, the company no longer amortizes goodwill due to the adoption of a new accounting standard. For more information, see Note 4 of the Notes to Consolidated Financial Statements.
(b) During fiscal 2004, we recorded patent settlement costs and purchased a security technology patent as part of a settlement in Hilgraeve, Inc. v. Symantec Corporation. For more information,
see Note 4 of the Notes to Consolidated Financial Statements.
(c) During fiscal 2002, we accrued litigation expenses for a copyright action assumed by us as a result of our acquisition of Delrina Corporation. For more information, see Note 15 of the Notes to
Consolidated Financial Statements.
(d) In October 2001, we issued $600 million of 3% convertible subordinated notes. For more information, see Note 6 of the Notes to Consolidated Financial Statements.
(e) During fiscal 2000, we recorded gains of $69 million and $18 million on the divestiture of our Visual Café and ACT! product lines, respectively.
(f) Share and per share amounts reflect the two-for-one stock splits effected as a stock dividend, which occurred on November 19, 2003 and January 31, 2002.
March 31,
(In thousands) 2004 2003 2002 2001 2000
Balance Sheet Data:
Working capital (g) $1,555,094 $1,152,773 $ 988,044 $ 369,184 $ 319,020
Total assets 4,456,498 3,265,730 2,502,605 1,791,581 846,027
Convertible subordinated notes 599,987 599,998 600,000 ––
Long-term obligations, less current portion 6,032 6,729 7,954 2,363 1,553
Stockholders’ equity 2,426,208 1,764,379 1,319,876 1,376,501 617,957
(g) A portion of deferred revenue as of March 31, 2003 was reclassified to long-term to conform to current presentation. Amounts prior to fiscal 2003 are considered immaterial for reclassification.