Symantec 2010 Annual Report Download - page 128

classified as Other long-term assets in the Consolidated Balance Sheets. As of April 2, 2010, these investments had
an aggregate carrying value of $22 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. 2,
2010
Jan. 2,
2010
(a)
Oct. 2,
2009
(a)
Jul. 3,
2009
(a)
Apr. 3,
2009
Jan. 2,
2009
Oct. 3,
2008
Jul. 4,
2008
(b)
Fiscal 2010 Fiscal 2009
As Adjusted As Adjusted As Adjusted
(In millions, except per share data)
Net revenue . . . . . . . . . . . . . . . . . . . . . . $1,531 $1,548 $1,474 $1,432 $1,468 $ 1,514 $1,518 $1,650
Gross profit . . . . . . . . . . . . . . . . . . . . . . 1,255 1,290 1,215 1,120 1,161 1,215 1,209 1,338
Impairment of goodwill
(c)
............. — — — — 413 7,006 — —
Operating income (loss) . . . . . . . . . . . . . . 247 277 257 152 (192) (6,773) 217 278
Net income (loss) . . . . . . . . . . . . . . . . . . 184 301 155 74 (264) (6,820) 126 172
Net income (loss) per share — basic . . . . . . $ 0.23 $ 0.37 $ 0.19 $ 0.09 $ (0.32) $ (8.25) $ 0.15 $ 0.21
Net income (loss) per share — diluted. . . . . $ 0.23 $ 0.37 $ 0.19 $ 0.09 $ (0.32) $ (8.25) $ 0.15 $ 0.20
(a)
The amounts previously reported on Form 10-Q for fiscal 2010 have been adjusted for the joint venture’s
adoption of new authoritative guidance on revenue recognition, which is discussed further in Note 1. As a result
of our joint venture’s adoption of the guidance, our net income increased by $1 million, $5 million and
$1 million during our first, second and third quarters of fiscal 2010, respectively.
(b)
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.
(c)
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 $7.0 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 5
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
regarding required disclosure. Our Chief Executive Officer and our Chief Financial Officer have concluded, based
on an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) of the Exchange Act) by our management, with the participation of our Chief Executive Officer and our
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