symantec corp (SYMC) Key Developments
Intralinks Holdings, Inc. Announces Expansion of Enterprise Fabric Partner Ecosystem for Secure Content Collaboration
Feb 19 15
Intralinks Holdings, Inc. announced the expansion of the Intralinks Enterprise Fabric partner ecosystem through the addition of new partners including MobileIron, Okta, and Symantec. Intralinks Enterprise Fabric partners provide a set of capabilities that collectively comprise a best-of-breed integrated suite of technologies. When woven together, these technologies create an enterprise fabric that enables organizations to manage, secure, and extend protections for high-value content anywhere, anytime, and on any device. The Intralinks Enterprise Fabric partnerships leverage an organization's existing investments in security, data management, and mobility technologies, extending their reach to support beyond-the-firewall content collaboration and file sharing using the Intralinks Platform.
Intralinks Enterprise Fabric partnerships allow organizations to integrate their existing internal information management, security, and compliance systems so they can leverage these capabilities as data is shared outside the organization. These integrations make it easier and safer for partners, suppliers, distributed mobile workers and contractors to collaborate. Together, the Intralinks Platform and Intralinks Enterprise Fabric partners provide organizations the ability to manage the complete lifecycle of unstructured content, to secure content wherever it is accessed or stored, and extend access to information and processes to keep the organization productive. Users of the Intralinks Platform can leverage familiar and trusted solutions for content distribution and workflow, monitoring and auditing, security and event management, data loss prevention, and secure mobile management.
Symantec Seeks Acquisitions
Feb 11 15
Symantec Corporation (NasdaqGS:SYMC) is seeking acquisitions. Mike Brown, Symantec's President and Chief Executive Officer, said "We are looking at potential acquisitions. I know the Company in the past couple of years has said no acquisitions, we're only going to grow organically. I don't think that's the right approach to take in the security industry. It's very fragmented, there's more investment than ever because the stakes are higher, new technologies to combat new threats, so we're actively looking."
Intellectual Ventures Receives Victory against Symantec in Infringement Case
Feb 10 15
Intellectual Ventures has received victory from a jury, which found that 3 of its software security patents are valid in its violation case against Symantec Corp. The US District Court for the District of Delaware jury also saw that Symantec had violated 2 of the patents with its anti-virus and internet security products. Intellectual Ventures has said to have received $17 million in damages, much less than the $300 million it had initially demanded.
Symantec Orders to Pay $17 Million for Patent Infringement
Feb 9 15
Symantec has been ordered to pay Intellectual Ventures $17 million for infringing on two patents relating to anti-virus and internet security technologies. The US District Court for the District of Delaware announced the ruling, but awarded Intellectual Ventures significantly less than the $298 million it was seeking. Symantec was cleared of a third patent infringement claim by Intellectual Ventures. Intellectual Ventures began its legal campaign against Symantec in 2010 as part of a wider case against McAfee, Check Point and Trend Micro. McAfee and Check Point settled the cases in 2012 and 2013 respectively. The Trend Micro case is scheduled to start in May.
Symantec Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended January 2, 2015; Provides Earnings Guidance for the Fourth Quarter Full Year Ending April 3, 2015
Feb 5 15
Symantec Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended January 2, 2015. For the quarter, the company reported total net revenue of $1,638 million compared to $1,705 million a year ago. Operating income was $327 million compared to $405 million a year ago. Income before income taxes was $312 million compared to $387 million a year ago. Net income was $222 million or $0.32 diluted per share compared to $283 million or $0.40 diluted per share a year ago. Non-GAAP net income was $367 million or $0.53 diluted per share compared to $367 million or $0.52 diluted per share a year ago. Non-GAAP operating income was $498 million compared to $509 million a year ago. Cash flow from operating activities totaled $358 million, up 9% year-over-year, driven by the ongoing reductions in the company’s cost structure. Capital expenditures were $101 million.
For the nine months period, the company reported total net revenue of $4,990 million compared to $5,051 million a year ago. Operating income was $997 million compared to $877 million a year ago. Income before income taxes was $950 million compared to $858 million a year ago. Net income was $702 million or $1.01 diluted per share compared to $681 million or $0.96 basic and diluted per share a year ago. Net cash provided by operating activities was $824 million compared to $832 million a year ago. Purchases of property and equipment were $300 million compared to $183 million a year ago.
The company provided earnings guidance for the fourth quarter and full year ending April 3, 2015. For the fourth quarter, the company expects revenue in the range of $1,525 million to $1,585 million. GAAP operating margin is expected in the range of 14.9% to 15.9%. Non-GAAP operating margin is expected in the range of 26.5% to 27.5%. GAAP diluted earnings per share are expected in the range of $0.22 and $0.25. Non-GAAP diluted earnings per share are expected in the range of $0.42 and $0.45. Tax rate is expected at 25.5%.
For the full year, the company expects revenue in the range of $6,515 million to $6,575 million. GAAP operating margin is expected in the range of 18.8% to 19.0%. Non-GAAP operating margin is expected in the range of 27.5% to 27.7%. GAAP diluted earnings per share are expected in the range of $1.23 and $1.26. Non-GAAP diluted earnings per share are expected in the range of $1.87 and $1.90. Tax rate is expected at 24.8%.