Symantec 2004 Annual Report Download - page 31

SYMANTEC CORPORATION «29»
For total operations, net income (loss) was $371 million,
$248 million and $(28) million during fiscal year 2004, 2003
and 2002, respectively, or $1.07, $0.77 and $(0.10), respectively,
in diluted net income (loss) per share.
During fiscal 2004, we acquired the following businesses
and intangible assets:
•On April 17, 2003, we purchased certain assets related to
Roxio Inc.’s GoBack computer recovery software business
for $13 million in cash.
•On July 17, 2003, we completed the acquisition of Nexland,
Inc., a technology-driven Internet security company whose
Internet Protocol-based networking appliances are installed
at enterprise branches and telecommuter offices worldwide,
for $21 million in cash.
•On August 6, 2003, we purchased a security technology
patent as part of a settlement in Hilgraeve, Inc. v. Symantec
Corporation for $63 million in cash.
•On October 15, 2003, we completed the acquisition of
SafeWeb, Inc. a provider of SSL VPN appliances, for
$27 million in cash.
•On December 5, 2003, we completed the acquisition of
PowerQuest Inc., a global provider of automated deployment
and recovery solutions for corporations and individual users,
for $154 million in cash.
•On February 13, 2004, we completed the acquisition of ON
Technology Corp., a provider of solutions which enable
organizations and service providers to manage the full life cycle
of their computing systems over corporate networks, for
an estimated $109 million in cash.
On May 19, 2004, we entered into an agreement to acquire
Brightmail, Inc., a developer of e-mail services and software
for application service providers, Internet service providers,
portals and enterprises, for an estimated $370 million in cash.
The acquisition is expected to close in July 2004, subject to the
satisfaction of closing conditions.
2004 Annual Report
Information about the various factors that management deems important in contributing to our operating results for fiscal year 2004,
2003 and 2002 is provided in the discussion below.
NET REVENUES
Year Ended March 31, % Change % Change
Fiscal 2003 Fiscal 2002
($ in thousands) 2004 2003 2002 to 2004 to 2003
Net revenues $1,870,129 $1,406,946 $1,071,438 33% 31%
Net Revenues by Segment
CONSUMER PRODUCTS
Year Ended March 31, % Change % Change
Fiscal 2003 Fiscal 2002
($ in thousands) 2004 2003 2002 to 2004 to 2003
Consumer Products revenues $871,980 $570,266 $376,137 53% 52%
Percentage of total net revenues 47% 41% 35%
Net revenues increased during fiscal 2004 as compared to fiscal 2003
due primarily to an increase of $302 million and $143 million in
sales of our consumer and enterprise security products, respectively.
The increased sales of these products were due primarily to con-
tinuing growth in demand for our consumer security protection
products and our enterprise virus protection solutions. We believe
that a significant portion of the growth in demand during fiscal
2004 was attributable to the numerous security threat outbreaks
that occurred during the year and may not be sustainable.
Net revenues increased during fiscal 2003 as compared to fiscal 2002
due primarily to an increase of $194 million and $139 million in sales
of our consumer and enterprise security products, respectively.
The increased sales of these products were due primarily to con-
tinuing growth in demand for our virus protection solutions from
large organizations as well as from small businesses and consumers.