Symantec?s shares received a boost on Friday after reporting fourth quarter figures in line with analysts? expectations due to strong international sales, particularly in the corporate market.
For the quarter ending 2 April, 1999, the supplier saw revenues increase 12 per cent to $175.6 million, while net income rose by $1 million to $24.7 million or $0.43 earnings per share. This included a $740, 000 one time charge related to restructuring and the write off of inprocess research and development.
For the full fiscal year, sales rose 10 per cent to $633.8 million, on profits that fell to $50.2 million from $85.1 million in the previous year. This included a $39.4 million charge related to restructuring and the write off of inprocess research and development.
As a result, the firm?s shares rose $0.50 to close at $17.5625.
Its international business generated $65.3 million of total turnover, a 21 per cent increase on the previous year, while Europe, the Middle East and Africa grew 27 per cent to $43.6 million. At the same time, high margin sales to the corporate market accounted for 42 per cent of Symantec?s total revenues, which was an increase of 69 per cent over the year before.
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