Symantec 2004 Annual Report Download - page 76

«74»SYMANTEC CORPORATION
Note 19. Subsequent Events
In May 2004, we repurchased 1.3 million shares at prices ranging from
$44.89 to $49.20 per share, for an aggregate amount of $60 million.
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. We expect to integrate
this technology into our Enterprise Security segment.
2004 Annual Report
Note 18. Fiscal 2003 Reclassifications of Previously
Reported Financial Information
As of March 31, 2003, we reclassified certain previously reported
amounts to conform to the current presentation format with no
impact on net income (loss).
In accordance with SFAS No. 142, we recharacterized acquired
workforce-in-place and the related deferred tax liability as goodwill.
For comparative purposes, we reclassified the related balances as
of March 31, 2002 in Note 4and Note 16 (Geographical Information).
Subsequent to March 31, 2002, we revised our methodology for
allocating certain costs, including the allocation of technical support
costs between sales and marketing expenses and cost of revenues
and the allocation of certain general and administrative expenses
between cost of revenues and operating expenses. As a result,
we have reclassified the related balances for the year ended
March 31, 2002 in the Consolidated Statements of Operations
and in Note 2and Note 16 (Segment Information).
A summary of reclassifications in the Statement of Cash Flows for the year ended March 31, 2003 is as follows:
Year Ended March 31, 2003
As Originally As Reclassified in
(In thousands) Reported 2004 Form 10-K
Net cash provided by operating activities $583,905 $ 599,238
Net cash used in investing activities (756,640) (771,973)
A summary of reclassifications in the Consolidated Statements of Operations for the year ended March 31, 2002 was as follows:
Year Ended March 31, 2002
As Originally As Reclassified in
(In thousands) Reported 2004 Form 10-K
Cost of revenues $194,610 $195,903
Gross profit 876,828 875,535
Sales and marketing 428,495 425,951
General and administrative 53,880 55,131
Total operating expenses 868,787 867,494
Consolidated Statement of Cash Flows We have reclassified
certain amounts in the Consolidated Statement of Cash Flows for
the year ended March 31, 2003 to conform to current presentation.
Expenses resulting from business acquisitions have been reclassified
from Other accrued expenses within Operating Activities, to
Payments for business acquisitions, net of cash acquired within
Investing Activities. In addition, we reclassified certain amounts
from Amortization of discounts and premiums on investments, net
within Operating Activities to Purchases of marketable securities
within Investing Activities. Amounts prior to fiscal 2003 are consid-
ered immaterial for reclassification.
Schedule II. Valuation and Qualifying Accounts
Balance at Charged to Balance at
Beginning costs and end of
(In thousands) of Period Expenses Write-offs Period
Allowance for doubtful accounts:
Year ended March 31, 2002 $ 8,339 $ 2,349 $ (607) $ 10,081
Year ended March 31, 2003 10,081 456 (784) 9,753
Year ended March 31, 2004 9,753 61 (4,140) 5,674