What's your position on ?
Why are you ish?
You voted ish on Vote again
Posts appear on the My Feed page of subscribers to this ticker
Thu, Feb. 4, 4:38 PM
- Symantec (NASDAQ:SYMC) announces in tandem with its FQ3 report P-E firm Silver Lake is investing $500M in the company, and that the company is issuing a $4/share ($2.3B) special dividend. The dividend is payable on March 22 to shareholders on record as of March 8.
- At the same time, Symantec's regular quarterly dividend is being cut in half to $0.075/share to "reflect reduced projected domestic cash flow, following the sale of Veritas, and the one-time special dividend." In addition the company is now targeting $400M/year in cost savings (with the help of job cuts?) by the end of FY18 (ends March '18).
- The news comes less than a week after Symantec closed the sale of its Veritas storage software unit to Carlyle, a deal that yielded after-tax proceeds of $5.3B. The total size of Symantec's capital return program (includes the dividend, as well as buybacks) is now $5.5B, up from a prior $4B+.
- The program is set to be finished in March 2017, and will be financed through a mixture of the Veritas proceeds, Silver Lake's money, available cash, and new debt. Silver Lake is buying 2.5% convertible senior notes due 2021. The notes sport a conversion price of $21/share. Silver Lake managing partner Ken Hao is joining the board.
- FQ4 guidance is in-line: Revenue of $885M-$915M and EPS of $0.24-$0.27 vs. a consensus of $901.7M and $0.25. FQ3 enterprise security revenue fell 3% Y/Y to $495M (+1% exc. forex); consumer security revenue fell 10% to $414M (-6% exc. forex).
- Symantec's FQ3 results, earnings release
- Update (4:39PM ET): After coming off a halt, Symantec is up 8.7% after hours.
Feb. 5, 2015, 4:52 PM
- Symantec (NASDAQ:SYMC) declares $0.15/share quarterly dividend, in line with previous.
- Forward yield 2.31%
- Payable March 18; for shareholders of record Feb. 26; ex-div Feb. 24.
May 7, 2013, 4:12 PMSymantec (SYMC): FQ4 EPS of $0.44 beats by $0.06. Revenue of $1.748B (+4% Y/Y) beats by $18M. $125M worth of shares repurchased. Company initiates $0.15/share quarterly dividend (2.5% yield). Shares -0.1% AH. (PR) | May 7, 2013, 4:12 PM
Symantec Corp provides security, backup and availability solutions. Its products and services protect people and information in any environment, from the smallest mobile device, to the enterprise data center, to cloud-based systems.
Other News & PR