Symantec reports Second Quarter Fiscal 2014 Results
Symantec Corporation has reported revenue of $1.64 billion for its second quarter of fiscal year 2014, ending September 27, 2013, down 4-per cent year-over-year and down 3 per cent after adjusting for currency.
Steve Bennett, President & Chief Executive Officer, Symantec, said, Since announcing our strategy in January, we made significant changes that will help us become more successful at delivering value to customers and partners. We have reallocated resources to develop new integrated offerings, split the sales organization into renewals and new business teams, and simplified our management structure. We remain committed to our FY15-FY17 targets and are confident that we are on the right track.
Symantec ended the quarter with cash, cash equivalents and short-term investments of $3.8 billion compared to $4.0 billion, a decrease of 4 per cent year-over-year. On September 18, 2013, we paid a dividend of $0.15 per share for a total of $105 million. Also, during the quarter, Symantec repurchased 5.0 million shares for $125 million at an average price of $24.99. At the end of the second quarter, Symantec had $908 million remaining for future repurchases in the current board authorized stock repurchase plan.
Symantec’s Board of Directors has declared a quarterly cash dividend of $0.15 per common
For the third quarter of fiscal 2014, Symantec expects revenue of $1.63 billion to $1.67 billion, compared to $1.79 billion in the year-ago period; GAAP operating margin of 17.0 per cent to 17.6 per cent compared to 17.0 per cent in the year-ago period and Non-GAAP operating margin of 25.6 per cent to 26.2 per cent compared to 25.9 per cent in the year-ago period.
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