Symantec 2003 Annual Report Download - page 2

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Company Profile
Symantec, the world leader in Internet security technology, provides a broad range of content and network security
software and appliance solutions to individuals, enterprises, and service providers. The company is a leading
provider of client, gateway, and server security solutions for virus protection, firewall and virtual private network,
vulnerability management, intrusion detection, Internet content and email filtering, remote management tech-
nologies, and security services to enterprises and service providers around the world. Symantec’s Norton brand of
consumer security products is a leader in worldwide retail sales and industry awards. Headquartered in Cupertino,
Calif., Symantec has worldwide operations in 36 countries. For more information, please visit www.symantec.com.
Financial Highlights
Fiscal Year Ended
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2003 2002 2001
Reported:
Revenues $1,407 $1,071 $854
Operating income $342 $8 $110
Net income (loss) $248 ($28) $64
Diluted earnings (loss) per share $1.54 ($0.20) $0.47
Adjusted:*
Operating income $390 $258 $215
Net income $280 $201 $184
Diluted earnings per share $1.72 $1.30 $1.17
Reconciliation:
Axent net loss n/a n/a $6
Cost of sales – amortization of other intangibles ($30) ($30) ($16)
Operating expenses – amortization of goodwill and other intangibles,
acquired in-process R&D, and restructuring and site closures ($19) ($219) ($99)
Other expense n/a n/a ($24)
Income tax benefit $17 $20 $13
Other Information:
Cash flow from operations $584 $511 $325
Total assets $3,266 $2,503 $1,792
Stockholders’ equity $1,764 $1,320 $1,377
Employees 4,344 3,910 3,781
*In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, we include non-GAAP financial results in
our earnings releases and presentations to investors. Our non-GAAP net income and earnings per share generally exclude acquisition-related charges,
such as acquired in-process research and development and amortization of goodwill and other intangibles, and certain other charges, such as restructur-
ings and site closures, as well as the tax effects of these items. Our management believes these non-GAAP measures are useful to investors because they
provide supplemental information that facilitates comparisons to prior periods. Management uses these non-GAAP measures to evaluate its financial
results, develop budgets, and manage expenditures. These non-GAAP measures may differ from the methods used by other companies and should not be
regarded as a replacement for corresponding GAAP measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures
to the comparable GAAP results, which can be found in our earnings press releases and investor presentations on the investor relations Web site at
www.symantec.com/invest.