Symantec 2008 Annual Report Download - page 138

For business and strategic purposes, we also hold equity interests in several privately held companies, many of
which can be considered to be in the start-up or development stages. These investments are inherently risky and we
could lose a substantial part or our entire investment in these companies. These investments are recorded at cost and
classified as Other long-term assets in the Consolidated Balance Sheets. As of March 28, 2008, these investments
had an aggregate carrying value of $6 million.
Item 8. Financial Statements and Supplementary Data
Annual Financial Statements
The consolidated financial statements and related disclosures included in Part IV, Item 15 of this annual report
are incorporated by reference into this Item 8.
Selected Quarterly Financial Data
We have a 52/53-week fiscal accounting year. Accordingly, we have presented quarterly fiscal periods, each
comprised of 13 weeks, as follows:
Mar. 28,
2008
Dec. 28,
2007
Sep. 28,
2007
Jun. 29,
2007
Mar. 30,
2007
Dec. 29,
2006
(c)
Sep. 29,
2006
(c)
Jun. 30,
2006
(c)
Fiscal 2008 Fiscal 2007
(In thousands, except earnings per share)
Net revenues. . . . . . . . . . $1,539,741 $ 1,515,251 $1,419,089 $1,400,338 $1,357,217 $1,315,873 $1,260,408 $1,265,868
Gross profit . . . . . . . . . . 1,233,362 1 ,216,090 1,114,563 1,090,074 1,050,954 1,005,370 960,007 967,209
Restructuring
(a)
. . . . . . . . 22,031 23,305 9,578 19,000 50,758 — 6,220 13,258
Loss on sale of a
business
(b)
. . . . . . . . . . 1,928 6,142 86,546 — — — — —
Operating income . . . . . . 213,421 195,774 58,889 134,196 76,241 159,038 140,391 144,072
Net income. . . . . . . . . . . 186,386 131,890 50,368 95,206 60,895 116,769 126,181 100,535
Earnings per share —
basic . . . . . . . . . . . . . $ 0.22 $ 0.15 $ 0.06 $ 0.11 $ 0.07 $ 0.13 $ 0.13 $ 0.10
Earnings per share —
diluted . . . . . . . . . . . . $ 0.22 $ 0.15 $ 0.06 $ 0.10 $ 0.07 $ 0.12 $ 0.13 $ 0.10
(a)
During the third and fourth quarter of fiscal 2008, restructuring costs of $45 million were primarily related to the
fiscal 2008 restructuring plans. The remaining $29 million of restructuring costs were primarily related to
severance, associated benefits, outplacement services, and termination of excess facilities for the fiscal 2007
plans as well as acquisition related restructuring. See Note 16 of the Notes to Consolidated Financial Statements
in this annual report.
(b)
During the second quarter of fiscal 2008, management determined that certain tangible and intangible assets and
liabilities of the Storage and Server Management segment (formally the Data Center Management segment) did
not meet the long term strategic objectives of the segment, and we recorded a write-down of $87 million to value
these assets and liabilities at the respective estimated fair value. We adjusted this amount during the third and
fourth quarter of fiscal 2008 by $6 million and $2 million, respectively. On March 8, 2008 these assets were sold
to a third party. See Note 6 of the Notes to Consolidated Financial Statements in this annual report.
(c)
The amounts for the first three quarters of fiscal 2007 reflect adjustments as a result of the adoption of SAB 108
in the fourth quarter of fiscal 2007.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
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