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Symantec earns US$1.67 billion GAAP revenue in fiscal fourth quarter 2011

Anuradha Shukla | May 16, 2011
Findings from Symantec’s fourth quarter fiscal 2011 results.

The Generally Accepted Accounting Principles (GAAP) revenue for Symantec's fiscal fourth quarter was US$1.67 billion, according to the results of the company's fourth quarter and the fiscal year 2011, which ended 1 April 2011.

Symantec is a global specialist in providing security, storage and systems management solutions to help consumers and organisations secure and manage their information-driven world.

The company notes that US$1.67 billion GAAP revenue represents an increase of nine per cent year-over-year and an increase of eight per cent after adjusting for currency.

For the whole fiscal year, GAAP revenue was US$6.19 billion, up three per cent year-over-year and up four per cent after adjusting for currency.

"We closed our fiscal year surpassing expectations across each of our key financial metrics, driven by market share gains and growth in backup, software-as-a-service, data loss prevention and consumer. In addition, our recent acquisitions performed above expectations for the third consecutive quarter," said Enrique Salem, president and chief executive officer, Symantec. "Our rigorous approach to running  the business positions us well for fiscal year 2012, during which we will execute on our vision by energising our core businesses and capitalising on opportunities in mobile, cloud and virtualisation."

Strong bookings performance

James Beer, executive vice president and chief financial officer, Symantec, noted that the company was able to achieve record quarterly revenue and deferred revenue, due to strong bookings performance across all three regions.

"We continued to generate substantial cash flow from operations driven by the success of our sales efforts and our continuing focus on cost control."

Symantec notes that cash flow from operating activities for the fourth quarter of fiscal year 2011 was US$689 million compared with US$703 million for the same quarter last year.

The company ended the quarter and fiscal year with cash, cash equivalents and short-term investments of US$2.96 billion. Cash flow from operating activities for fiscal year 2011 was US$1.79 billion compared with US$1.69 billion for fiscal year 2010, an increase of six per cent.

Symantec's non-GAAP operating margin for the fourth quarter of fiscal year 2011 was 24.1 per cent compared with 28.1 per cent for the same period last year. Non-GAAP operating margin was 24.8 per cent for the fiscal year 2011.


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