Symantec 1997 Annual Report Download - page 11

Item 1: Business
Forward-Looking Statements
The following discussion contains forward-looking statements
that are subject to risks and uncertainties. There are several
important factors that could cause actual results to differ
materially from those anticipated by the forward-looking
statements contained in the following discussion. Readers
should pay particular attention to the risk factors set forth in
this section and in the section of this report entitled
“Management’s Discussion and Analysis of Financial
Condition and Results of Operations.”
General
Symantec Corporation (“Symantec” or the “Company”)
develops, markets and supports a diversified line of application
and system software products designed to enhance individual
and workgroup productivity. Approximately 80% of
Symantec’s net revenues are derived from products that operate
on Microsoft Corporation’s (“Microsoft”) MS-DOS,
Windows, Windows 95 and Windows NT operating systems
for personal computers. Symantec also offers products for use
on the Apple Macintosh, Power Macintosh and IBM OS/2
operating systems.
The Company’s predecessor, C&E Software, Inc.,
a California corporation, and that predecessor’s operating
subsidiary, Symantec Corporation, a California corporation,
were formed in September 1983 and March 1982, respectively.
The Company was incorporated in Delaware in April 1988 in
connection with the September 1988 reincorporation of the
Company’s predecessor and its operating subsidiary into a
single Delaware corporation.
Since Symantec’s initial public offering on June 23, 1989,
the Company has completed acquisitions of the following
companies:
Software or
Companies Acquired Date Acquired Activity Acquired
Fast Track, Inc. May 28, 1996 Network Manage-
(“Fast Track”) ment Utilities
Delrina Corporation November 22, 1995 Remote Productivity
(“Delrina”) Solutions
Intec Systems August 31, 1994 Applications
Corporation (“Intec”)
Central Point Software, Inc. June 1, 1994 Security and
(“Central Point”) Assistance
SLR Systems, Inc. (“SLR”) May 31, 1994 Internet Tools
Fifth Generation Systems, October 4, 1993 Security and
Inc. (“Fifth Generation”) Assistance
Contact Software Inter- June 2, 1993 Remote Productivity
national, Inc. (“Contact”) Solutions
Certus International November 30, 1992 Security and
Corporation (“Certus”) Assistance
MultiScope, Inc. September 2, 1992 Internet Tools
(“MultiScope”)
The Whitewater Group, September 2, 1992 Internet Tools
Inc. (“Whitewater”)
Symantec (UK) Ltd. April 3, 1992 Marketing Entity
(“Symantec UK”)
Zortech Ltd. (“Zortech”) August 31, 1991 Internet Tools
Dynamic Microprocessor August 30, 1991 Remote Productivity
Associates, Inc. (“DMA”) Solutions
Leonard Development August 30, 1991 Applications
Group (“Leonard”)
Peter Norton Computing, August 31, 1990 Security and
Incorporated (“Norton”) Assistance
All of these acquisitions were accounted for as poolings
of interest. Accordingly, all financial information has been
restated to reflect the combined operations of these companies
and Symantec with the exception of Fast Track, Intec, SLR,
MultiScope and Whitewater, which had results of operations
that were not material to Symantec’s consolidated financial
statements.
Symantec’s business strategy is to satisfy customer needs
by developing and marketing products across multiple operating
platforms that make customers productive and keep their
computers safe and reliable—anywhere, anytime.
During fiscal 1997, in a move to focus the Company’s
product offerings on customer needs, Symantec sold its
FormFlow product line, acquired as part of the Delrina
acquisition, to JetForm Corporation and sold the assets com-
prising its networking business unit to the Hewlett-Packard
Company. See further discussion in Item 7: Management’s
Discussion and Analysis of Financial Condition and Results
of Operations.
Symantec has a 52/53-week fiscal accounting year.
Accordingly, all references as of and for the periods ended
March 31, 1997, 1996 and 1995 reflect amounts as of and for
the periods ended March 28, 1997, March 29, 1996 and
March 31, 1995, respectively.
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SYMANTEC CORPORATION
Part I