14 DAY TRIAL // Symantec Corp. reported results for the second quarter of fiscal year 2007, ended Sept. 29, 2006. GAAP revenue for the quarter was $1.262 billion and non-GAAP revenue was $1.275 billion. Non-GAAP revenue grew 7 percent over the comparable period a year ago.
GAAP Results: GAAP net income for the fiscal second quarter was $123 million, compared to a net loss of $251 million for the same quarter last year. Diluted earnings per share was $0.12, compared to a loss of $0.21 per share for the same quarter last year.
Non-GAAP Results: Non-GAAP net income for the fiscal second quarter was $259 million, compared to $273 million for the same quarter last year. Non-GAAP diluted earnings per share was $0.26, compared to diluted earnings per share of $0.23 for the same quarter last year. For a detailed reconciliation of our GAAP to non-GAAP results, please refer to the attached consolidated financial statements.
"Our results for the September quarter met the low end of our expectations," said John W. Thompson, Symantec chairman and chief executive officer. "With the most challenging part of the fiscal year behind us, I believe our business remains healthy and we are poised to achieve our full-year financial targets."
Financial Highlights
For the quarter, Symantec's consumer business represented 31 percent of total revenue and grew 12 percent year-over-year. The enterprise business represented 69 percent of the total revenue and grew 5 percent year-over-year. The enterprise segment includes results from the Data Center Management, Security and Data Management, and Services groups.
International revenues represented 50 percent of total revenue in the second quarter and grew 10 percent year-over-year. The Americas, including the United States, Latin America, and Canada, represented 55 percent of total revenue and increased 5 percent year-over-year. The Europe, Middle East, and Africa region represented 31 percent of total revenue for the quarter and grew 8 percent year-over-year. Asia Pacific/Japan revenue for the quarter represented 14 percent of total revenue and grew 11 percent year-over-year.
GAAP deferred revenue at the end of the September 2006 quarter was $2.228 billion. Non-GAAP deferred revenue at the end of the quarter reached $2.250 billion, growing almost 30 percent compared to the September 2005 quarter.
December Quarter Forecast
For the December 2006 quarter, GAAP revenue is estimated between $1.315 billion and $1.345 billion. GAAP diluted earnings per share for the December quarter is estimated between $0.14 and $0.15.
Non-GAAP revenue for the December quarter is estimated between $1.325 billion and $1.355 billion. Non-GAAP diluted earnings per share is estimated between $0.29 and $0.30.
Fiscal Year 2007 Forecast
Symantec is reaffirming its previously announced guidance for the fiscal year ending March 2007. GAAP revenue is estimated in the range of $5.1 billion to $5.3 billion. GAAP diluted earnings per share for the fiscal year ending March 2007 is estimated between $0.46 and $0.56.
Non-GAAP revenue is estimated in the range of $5.2 billion to $5.4 billion. Non-GAAP diluted earnings per share is estimated between $1.06 and $1.16.