Symantec Tops 4Q Estimates

The security vendor posted net income of $68 million, or 41 cents per share, on $390 million in sales for its fourth quarter ended March 28. That compares with net income of $5 million on $311 million in sales for the same quarter last year.

Symantec's pro forma income of $78 million, or 47 cents per share, excluding amortization and one-time charges, topped the 46 cents per share that analysts had forecast, according to Thomson Financial/First Call consensus estimates.

Revenue for fiscal year 2003 was $1.4 billion, up 31 percent from $1.07 billion in fiscal 2002.

In a conference call with analysts, Symantec Chairman and CEO John Thompson said the company delivered record revenue despite a challenging economy.

"These results punctuate the strength of our offerings," he said.

Consumer sales were very strong in the fourth quarter, he said. While some enterprise customers deferred projects due to the geopolitical environment, Symantec closed large deals in a variety of industries, he said.

Thompson said the company's channel model recognizes and rewards channel partners "regardless of their size."