Current Report Filing (8-k)

Date : 08/08/2019 @ 8:37PM
Source : Edgar (US Regulatory)
Stock : Symantec Corporation (SYMC)
Quote : 23.75  0.0 (0.00%) @ 12:00AM

Current Report Filing (8-k)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): August 6, 2019
 
Symantec Corporation
(Exact Name of Registrant as Specified in Charter)

 
Delaware
 
000-17781
 
77-0181864
 
 
(State or Other Jurisdiction of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 

 
350 Ellis Street, Mountain View, CA
94043
 
 
(Address of Principal Executive Offices)
(Zip Code)
 
 

 
Registrant’s Telephone Number, Including Area Code
(650) 527-8000
 
       


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
[  ]      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ]      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ]      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ]      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
SYMC
The Nasdaq Stock Market LLC

 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 
Item 2.02. Results of Operations and Financial Condition

On August 8, 2019, Symantec Corporation (the “Company”) issued a press release announcing financial results for the first quarter ended July 5, 2019. Th e Company also posted supplemental financial information to its website. A copy  of the press release is furnished as Exhibit 99.01 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.01 hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02, including Exhibit 99.01 hereto, shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
 
Item 2.05. Cost Associated with Exit or Disposal Activities

On August 6, 2019, the Board of Directors of the Company approved a fiscal 2020 restructuring plan to improve productivity and reduce complexity in the way the Company manages its business. The Company expects to reduce net global headcount by approximately 7%. The Company also plans to downsize, vacate or close certain facilities and data centers in connection with the restructuring plan. The Company estimates that it will incur total costs in connection with the restructuring of approximately $100 million, approximately $75 million for severance and termination benefits and $25 million for site closures. These charges will primarily consist of severance related cash payments. These actions are expected to be completed in fiscal 2020.
 

Forward-Looking Statements

This report contains statements regarding the Company’s expected costs and cost savings relating to its fiscal 2020 restructuring plan, which may be considered forward-looking within the meaning of the U.S. federal securities laws. These statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this report. Such risk factors include those related, but not limited, to: general business and economic conditions; risks relating to the proposed transaction to sell the Enterprise Security assets to Broadcom; the effect of the sale of the Enterprise Security assets on Symantec’s retained businesses and products; retention of existing executive leadership team members; difficulties in improving sales execution and product development during leadership transitions; matters arising out of our completed Audit Committee investigation and the ongoing U.S. Securities and Exchange Commission investigation; fluctuations and volatility in Symantec’s stock price; the ability of Symantec to successfully execute strategic plans; the ability to maintain customer and partner relationships; the ability of Symantec to achieve its cost and operating efficiency goals; the anticipated growth of certain market segments; Symantec’s sales pipeline and business strategy; fluctuations in tax rates and foreign currency exchange rates; the timing and market acceptance of new product releases and upgrades; and the successful development of new products and the degree to which these products gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this report. The Company assumes no obligation, and does not intend to update these forward-looking statements as a result of future events or developments. Additional information concerning these and other risks factors is contained in the Risk Factors sections of the Company’s Form 10-K for the fiscal year ended March 29, 2019. 


Item 9.01. Financial Statements and Exhibits
 
(d) Exhibits

Exhibit Number
 
Exhibit Title or Description
 
 



SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
     
  Symantec Corporation
     
Date: August 8, 2019
By:
 /s/ VINCENT PILETTE
   
Vincent Pilette
   
Executive Vice President and Chief Financial Officer
 
 


 

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