SYMC » Topics » Purchase price adjustment

This excerpt taken from the SYMC 10-K filed May 21, 2008.
Purchase price adjustment
 
As a result of Company-i meeting target billings conditions in the first quarter of fiscal 2008, as was stipulated in the Company-i merger agreement, we paid the former shareholders of Company-i an additional $11 million in cash. This increase in purchase price resulted in a respective increase in goodwill.
 
This excerpt taken from the SYMC 10-Q filed Nov 5, 2007.
Purchase price adjustment
 
On December 1, 2006, we completed our acquisition of Company-i for $26 million in cash. The purchase price was subject to an adjustment of up to $11 million in cash if Company-i achieved certain billings targets by March 31 or September 30, 2007 or September 30, 2008. During the June quarter, we determined that the billing target was met as of June 29, 2007 and therefore recorded a liability of approximately $12 million, including the effects of foreign exchange, and booked an adjustment to goodwill, in accordance with SFAS No. 141, Business Combinations. We made this payment during the second quarter of fiscal 2008.
 
This excerpt taken from the SYMC 10-Q filed Aug 7, 2007.
Purchase price adjustment
 
On December 1, 2006, we completed our acquisition of Company-i Limited for $26 million in cash. The purchase price was subject to an adjustment of up to $11 million in cash if Company-i achieved certain billings targets by March 31 or September 30, 2007 or September 30, 2008. During the June quarter, we determined that the billing target was met as of June 29, 2007 and therefore recorded a liability of approximately $12 million including the effects of foreign exchange and booked an adjustment to goodwill, in accordance with SFAS No. 141, Business Combinations. We expect to make this payment during the second quarter of fiscal 2008.
 
This excerpt taken from the SYMC 10-K filed May 24, 2007.
Purchase price adjustment
 
On December 1, 2006, we completed our acquisition of Company-i Limited for $26 million in cash. The purchase price may be increased by up to $11 million in cash if Company-i meets certain billings targets by September 30, 2008. Payments of the additional consideration may be accelerated if certain billings targets are met by March 31, 2007 or September 30, 2007. Under the terms of the purchase agreement, Symantec has 90 days from the respective dates to determine whether the billings target for payment of the additional consideration has been met. Any increase in the purchase consideration would result in a corresponding increase in goodwill. We believe that it is not determinable beyond a reasonable doubt that the billing targets are met as of March 31, 2007 and therefore we have not booked an adjustment in accordance with SFAS No. 141, Business Combinations.
 
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