Symantec 2004 Annual Report Download - page 19

SYMANTEC CORPORATION «17»
2004 Annual Report
Market for Registrant’s Common Equity and Related
Stockholder Matters
Our common stock is traded on the Nasdaq National Market
under the Nasdaq symbol “SYMC.” The high and low sales prices
set forth below are as reported on the Nasdaq National Market.
All sales prices have been adjusted to reflect the two-for-one
stock split, effected as a stock dividend, that became effective
November 19, 2003.
As of March 31, 2004, there were 773 stockholders of record of
Symantec common stock.
We have not paid cash dividends in the last two fiscal years. We
presently intend to retain future earnings, if any, for use in our
business, and, therefore, we do not anticipate paying any cash
dividends on our capital stock in the foreseeable future.
Selected Quarterly Data
We have a 52/53-week fiscal accounting year. Accordingly, we have presented quarterly fiscal periods, comprised of 13/14 weeks, as follows:
(In thousands, except net income per share) Fiscal 2004 Fiscal 2003
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2004 2003 2003 2003(c) 2003 2002 2002 2002
Net revenues $ 556,435 $493,905 $428,665 $391,124 $390,039 $375,635 $325,231 $316,041
Gross profit 458,877 406,297 353,855 323,546 321,814 310,355 264,072 260,589
Acquired in-process research
and development 1,110 1,600 1,000 – – – 4,700 –
Restructuring, site closures and other 463 (126) 2 568 6,657 (442) (1,179) 6,053
Patent settlement (a) – – – 13,917 –– ––
Operating income 164,923 153,584 115,622 79,456 91,973 101,157 70,392 77,990
Net income 116,929 111,476 83,433 58,781 68,143 71,732 51,994 56,569
Net income per share—basic (b) $ 0.38 $ 0.36 $ 0.27 $ 0.20 $ 0.23 $ 0.25 $ 0.18 $ 0.20
Net income per share—diluted (b) $ 0.33 $ 0.32 $ 0.24 $ 0.18 $ 0.21 $ 0.22 $ 0.16 $ 0.18
(a) On August 6, 2003, we purchased a security technology patent as part of a settlement in Hilgraeve, Inc. v. Symantec Corporation.
(b) Per share amounts reflect the two-for-one stock splits effected as a stock dividend, which occurred on November 19, 2003.
(c) The three months ended June 30, 2003 comprised 14 weeks of activity.
(In thousands, except net income per share) Fiscal 2004 Fiscal 2003
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2004 2003 2003 2003 2003 2002 2002 2002
High $48.09 $35.03 $33.34 $25.77 $24.15 $23.10 $17.49 $20.49
Low $35.00 $28.55 $21.14 $18.18 $19.52 $14.53 $13.61 $14.52
Issuer Purchases of Equity Securities
On January 16, 2001, the Board of Directors replaced an earlier stock
repurchase program with a new authorization to repurchase up
to $700 million of Symantec common stock, not to exceed
60.0 million shares, with no expiration date. In January 2004, the
Board of Directors increased the dollar amount of the company’s
authorized stock repurchase program from $700 million to
$940 million, without any specific limit on the number of shares
to be repurchased. In connection with the additional $240 million
authorization, we adopted a repurchase plan under Rule 10b5-1
and intend to repurchase $60 million of shares during each
calendar 2004 quarter.
During fiscal 2004, we repurchased 1.5 million shares under the
amended stock repurchase program, at prices ranging from $39.03
to $41.63 per share, for an aggregate amount of $60 million. During
fiscal 2003, we repurchased 4.4 million shares at prices ranging from
$13.97 to $14.98 per share, for an aggregate amount of $64 million.
During fiscal 2002, we repurchased 19.3 million shares at prices
ranging from $8.89 to $12.25 per share, for an aggregate amount
of $204 million. As of March 31, 2004, $367 million remained
authorized for future repurchases, of which $180 million is expected
to be utilized through the 10b5-1 plan through December 2004.
Stock repurchases during fiscal 2004 were as follows:
Total Number of Shares Dollar Value of Shares
Total Number of Average price Purchased Under Publicly That May Yet Be
Shares Purchased Paid per Share Announced Plans of Programs Purchased Under the Plan
January 3, 2004 to January 30, 2004 382,909 $39.14 382,909 $412 million
January 31, 2004 to February 27, 2004 1,109,904 $40.49 1,109,904 $367 million
Total 1,492,813 $40.16 1,492,813