Adobe Posts Profit, Forecasts Revenue Gain
Software maker says profits were higher than a year earlier, and revenue should be higher in the current quarter.
The financial picture appears bright at Adobe Systems Inc. The maker of PhotoShop editing and Acrobat document-sharing software Thursday posted a fourth-quarter profit that was up from a year earlier and forecast higher year-over-year revenue for the quarter ending in February.
Adobe reported net income of $40.1 million, or 17 cents a share, for the quarter ended Nov. 29. That's up from $34.3 million, or 14 cents, a year ago. Excluding some items and charges, Adobe's pro forma profit was $59.1 million, or 25 cents a share, up from $48.7 million, or 20 cents, a year ago.
The company's revenue rose to $294.7 million from $264.5 million, helped by an $11.1 million boost from its April purchase of software maker Accelio, CFO Murray Demo said in a conference call with analysts.
For all of fiscal 2002, Adobe had revenue of $1.17 billion, down from $1.23 billion in fiscal 2001. Net income was $191.4 million, compared with $205.6 million in fiscal 2001.
For the first quarter of fiscal 2003, Adobe says it sees pro forma earnings of 21 to 23 cents a share on revenue of $275 million to $290 million. The company reported pro forma earnings of 22 cents a share on revenue of $267.9 million in the first quarter of fiscal 2002.
Adobe shares closed down 7 cents, at $25.87, in Nasdaq trading, but were up slightly in after-hours trading. The company's stock price is down 16.5% so far this year.
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