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Symantec Records Excellent Profit
Good news from the first quarter for the Cupertino-based top seller of security software as earnings rise.
CEO John Thompson had reason to enjoy his most recent conference call with industry analysts.
The Cupertino-based maker of Norton AntiVirus and other products reported a profit of $119.7 million USD. This included a one-time tax expense of $54 million, related to $625 million brought in from other countries subject to the American Jobs Creation Act of 2004.
A lone black cloud was the lengthening process of acquiring storage software maker Veritas. The two companies need to file a joint proxy statement with the Securities and Exchange Commission, and are taking longer than expected to do so.
Some controversy about the merger has persisted. Symantec's growth has been faster than that of Veritas, and shareholders have concerns about the latter being a drag on growth.
Mr. Thompson maintains his optimism that the shareholder vote will be scheduled and the deal completed before the end of June, as originally hoped.
Symantec highlighted several new or renewed agreements with corporations. One of these was with Wynn Las Vegas, which recently opened a new resort in the Nevada tourist mecca.
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David Utter
