Symantec 2011 Annual Report Download - page 121

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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. 1,
2011
Dec. 31,
2010
Oct. 1,
2010
Jul. 2,
2010
Apr. 2,
2010
Jan. 1,
2010
(a)
Oct. 2,
2009
(a)
Jul. 3,
2009
(a)
Fiscal 2011 Fiscal 2010
As Adjusted As Adjusted As Adjusted
(In millions, except per share data)
Net revenue . . . . . . . . . . . . . . . . . . . . . . $1,673 $1,604 $1,480 $1,433 $1,531 $1,548 $1,474 $1,432
Gross profit . . . . . . . . . . . . . . . . . . . . . . 1,403 1,340 1,234 1,168 1,255 1,290 1,215 1,120
Operating income . . . . . . . . . . . . . . . . . . 239 229 218 194 247 277 257 152
Net income . . . . . . . . . . . . . . . . . . . . . . 166 132 134 161 184 301 155 74
Less: Loss attributable to noncontrolling
interest
(b)
...................... (2) — (2) — — — — —
Net income attributable to Symantec
Corporation stockholders. . . . . . . . . . . . 168 132 136 161 184 301 155 74
Net income per share attributable to
Symantec Corporation stockholders —
basic . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.23 $ 0.17 $ 0.17 $ 0.20 $ 0.23 $ 0.37 $ 0.19 $ 0.09
Net income per share attributable to
Symantec Corporation stockholders —
diluted . . . . . . . . . . . . . . . . . . . . . . . . $ 0.22 $ 0.17 $ 0.17 $ 0.20 $ 0.23 $ 0.37 $ 0.19 $ 0.09
(a)
The amounts previously reported on Form 10-Q for fiscal 2010 have been adjusted for the joint venture’s
adoption of authoritative guidance on revenue recognition. 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)
On August 9, 2010, we completed the acquisition of the identity and authentication business of VeriSign, Inc.
(“VeriSign”), including a controlling interest in its subsidiary VeriSign Japan K.K. (“VeriSign Japan”), a
publicly traded company on the Tokyo Stock Exchange. Given the Company’s majority ownership interest in
VeriSign Japan, the accounts of VeriSign Japan have been consolidated with the accounts of the Company, and
a noncontrolling interest has been recorded for the noncontrolling investors’ interests in the equity and
operations of VeriSign Japan. For more information, see Note 3 of the Notes to 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
51