Symantec notes continued cautiousness among IT buyers

Longer procurement cycles significantly impacted the company's storage management results

Global provider of security, storage and systems management solutions Symantec saw longer procurement cycles due to continued cautiousness among IT buyers.

The company recently reported the results of its first quarter of fiscal year 2011, ended 2 July 2010. The report shows that the generally accepted accounting principles (GAAP) revenue for the fiscal first quarter was US$1.433 billion, flat versus the comparable period a year ago.

Double-digit growth

Enrique Salem, president and chief executive officer, Symantec, said the longer procurement cycles significantly impacted the company's storage management results.

Despite the storage management results, Symantec is optimistic about the strength it saw in the public sector as well as with its data loss prevention solutions. There is good news from Symantec's software-as-a-service offerings as they posted double-digit growth while expanding in this high-growth market.

"On a constant currency basis, we saw year-over-year revenue growth across all of our geographies and solid deferred revenue performance," said James Beer, executive vice president and chief financial officer, Symantec. "We also saw continued growth in our consumer business as we finalised the successful transition to our in-house e-commerce platform."

GAAP net income

Symantec reports that GAAP operating margin for the first quarter of fiscal year

2011 was 13.5 per cent and GAAP net income for the fiscal first quarter was US$161 million compared with net income of US$74 million for the same quarter last year.

As of 2 July 2010, GAAP deferred revenue was US$2.998 billion compared with US$2.973 billion as of 3 July 2009. Cash flow from operating activities for the first quarter of fiscal year 2011 was US$335 million, says Symantec that ended the quarter with cash, cash equivalents and short-term investments of US$2.739 billion.

According to Symantec, non-GAAP operating margin for the first quarter of fiscal year 2011 was 26.5 per cent and non-GAAP net income for the first quarter was US$284 million. Also, non-GAAP diluted earnings per share were 35 US cents compared with earnings per share of 33 US cents for the year-ago quarter.

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