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Adobe Reports 1Q Results, Acrobat Revenue Grows 20 Percent

Friday, March 15, 2002

Press release from the issuing company

SAN JOSE, Calif.--March 14, 2002--Adobe Systems, the leader in network publishing, today reported financial results for its first quarter ended March 1, 2002. In the first quarter of fiscal 2002, Adobe achieved revenue of $267.9 million, compared to $329.0 million reported for the first quarter of fiscal 2001 and $264.5 million reported in the fourth quarter of fiscal 2001. Pro forma diluted earnings per share for the first quarter of fiscal 2002, which does not include acquired in-process research and development, amortization of goodwill and purchased intangibles, and investment gains and losses, were $0.22. Adobe's revenue and pro forma earnings per share results met the Company's original first quarter targets announced in December. "We had a solid quarter, with Acrobat once again leading the way,'' said Bruce R. Chizen, president and chief executive officer of Adobe. "We also made significant progress against our strategy, including the pending acquisition of Accelio Corporation which will give Adobe a leading position in the electronic forms market.'' GAAP net income was $49.8 million for the first quarter of fiscal 2002, compared to $69.8 million reported in the first quarter of fiscal 2001, and $34.3 million in the fourth quarter of fiscal 2001. Pro forma net income, which excludes acquired in-process research and development, restructuring and other charges, amortization of goodwill and purchased intangibles, and investment gains and losses, was $52.8 million for the first quarter of fiscal 2002, compared to $83.6 million in the first quarter of fiscal 2001, and $48.7 million in the fourth quarter of fiscal 2001. GAAP diluted earnings per share for the first quarter of fiscal 2002 were $0.20 based on 245.2 million weighted average shares. This compares with diluted earnings per share of $0.28 reported in the first quarter of fiscal 2001, based on 253.6 million weighted average shares, and diluted earnings per share of $0.14 reported in the fourth quarter of fiscal 2001, based on 243.4 million weighted average shares. Excluding the amortization of goodwill and purchased intangibles, the write off of in-process research and development, and restructuring and other charges, Adobe's pro forma operating profit was $72.7 million in the first quarter of fiscal 2002, compared to $119.0 million in the first quarter of fiscal 2001 and $67.9 million in the fourth quarter of fiscal 2001. As a percent of revenue, pro forma operating profit for the first quarter was 27.1 percent, compared to 36.2 percent in the first quarter of fiscal 2001 and 25.7 percent in the fourth quarter of fiscal 2001. For the second quarter of fiscal 2002, based on the assumptions that there will be no change in global market conditions affecting our customers, and that the Accelio Corporation acquisition will close in April, the Company announced that it is targeting revenue of $305 to $325 million, a gross margin of 92 percent, and a pro forma operating margin of 28 to 29 percent. As a percent of revenue, Adobe is targeting expenses as follows: Research & Development -- approximately 19 to 20 percent Sales & Marketing -- approximately 34 to 35 percent General & Administrative -- approximately 9 to 10 percent In addition, with the impact from the Accelio acquisition, Adobe is targeting its share count range to be between 247 and 249 million shares in the second quarter of fiscal 2002. The Company is also targeting other income to be approximately $3 million to $4 million, and a tax rate of 32 percent. These targets lead to a pro forma earnings per share target range in the second quarter fiscal 2002 of $0.24 to $0.27 per share. The Adobe Board of Directors declared this quarter's cash dividend of $0.0125 per share, payable on April 8, 2002 to stockholders of record as of March 25, 2002.

 

 

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