Symantec 2009 Annual Report Download - page 114

Senior Notes, we entered into convertible note hedge transactions and separately, warrant transactions, to reduce the
potential dilution from the conversion of the Senior Notes and to mitigate any negative effect such conversion may
have on the price of our common stock.
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 April 3, 2009, these investments had
an aggregate carrying value of $3 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
Apr. 3,
2009
Jan. 2,
2009
Oct. 3,
2008
Jul. 4,
2008
(a)
Mar. 28,
2008
Dec. 28,
2007
Sep. 28,
2007
Jun. 29,
2007
Fiscal 2009 Fiscal 2008
(In thousands, except per share data)
Net revenues. . . . . . . . . . $1,467,568 $ 1,513,954 $1,518,010 $1,650,322 $1,539,741 $1,515,251 $1,419,089 $1,400,338
Gross profit . . . . . . . . . . 1,160,529 1,215,118 1,208,940 1,338,340 1,233,362 1,216,090 1,114,563 1,090,074
Impairment of goodwill
(b)
. . 412,872 7,005,702 ——————
Operating (loss) income . . (192,369) (6,772,902) 216,425 278,936 213,421 195,774 58,889 134,196
Net (loss) income . . . . . . (249,378) (6,806,257) 140,073 186,692 186,386 131,890 50,368 95,206
Net (loss) income per
share — basic . . . . . . . $ (0.30) $ (8.23) $ 0.17 $ 0.22 $ 0.22 $ 0.15 $ 0.06 $ 0.11
Net (loss) income per
share — diluted . . . . . . $ (0.30) $ (8.23) $ 0.16 $ 0.22 $ 0.22 $ 0.15 $ 0.06 $ 0.10
(a)
We have a 52/53 — week fiscal accounting year. The first quarter of fiscal 2009 was comprised of 14 weeks
while each of the other quarters presented were comprised of 13 weeks.
(b)
During the third quarter of fiscal 2009, based on a combination of factors, there were sufficient indicators to
require us to perform an interim goodwill impairment analysis. Based on the analysis performed, we concluded
that an impairment loss was probable and could be reasonably estimated. Accordingly we recorded a non-cash
goodwill impairment charge of approximately $7 billion. Upon finalizing our analysis, we recorded an
additional non-cash goodwill impairment charge of $413 million in the fourth quarter of fiscal 2009. See
Note 6 of the Notes to the Consolidated Financial Statements in this annual report.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures
The SEC defines the term “disclosure controls and procedures” to mean a company’s controls and other
procedures that are designed to ensure that information required to be disclosed in the reports that it files or submits
under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the
SEC’s rules and forms. “Disclosure controls and procedures” include, without limitation, controls and procedures
designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under
the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive
and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions
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