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Non-Tech : EARNINGS REPORTING - surprises, misses & more -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (700)	7/19/2001 8:09:10 PM
From: 2MAR$	Read Replies (1) \| Respond to of 762

SYMC ( $39-$45)Q1 results in line with lowered estimate (UPDATE: adds stock data, CEO quote, details, background on forecast) CUPERTINO, Calif., July 17 (Reuters) - Symantec Corp. (NasdaqNM:SYMC - news), a provider of security software and services, on Wednesday reported first-quarter earnings that were in line with its lowered forecast as a result of weak consumer and small business spending. Excluding one-time charges, Symantec posted a profit of $33.9 million, or 44 cents per share, compared to earnings of $47.7 million, or 60 cents per share, in the year-earlier quarter, the Cupertino, Calif.-based company said. Revenues for the quarter ended June 29 were $228 million compared with $225.4 million a year earlier. Analysts had on average expected earnings of 41 cents per share and revenues of $228.7 million in the first quarter, according to research firm Thomson Financial/First Call. After charges, the company posted a net loss for the first quarter of $21.2 million or 29 cents a share, compared to a profit of $38.4 million, or 60 cents per share a year earlier. ``We are winning against our competitors with our new anti-virus solution at the gateway and we're gaining ground in the intrusion detection and firewall markets,'' John W. Thompson, chairman and chief executive officer, said in a statement. Symantec had warned on June 21 that profit would be at least 30 percent lower than than expectations with earnings per share between 39 cents and 47 cents and sales between $225 million and $235 million due to weak sales in the United States, Europe and Japan. At the time of its earnings warning, Symantec had said it expected revenue for the second quarter to be flat in comparison with the first quarter and revenue for fiscal year 2002 to grow in the mid- to high-teens in percentage terms from $944.6 million in fiscal 2001. Shares in Symantec fell just over 5 percent to $37.42 on the New York Stock Exchange before the announcement. Despite a sharp pullback in the share price since late May, Symantec was still up almost 19 percent this year, outperforming the Nasdaq Composite index and competitor Internet Security Systems Inc. (NasdaqNM:ISSX - news). Email this story - Most-emailed articles - Most-viewed