Log In | Become a Member | Contact Us


Leading printing executives into the future

Connect on Twitter | Facebook | LinkedIn

Featured:     European Coverage     Production Inkjet Analysis

Adobe Reports Record Revenue in Q2

Friday, June 15, 2007

Press release from the issuing company

Thursday June 14 SAN JOSE, Calif.-- Adobe Systems Incorporated today reported financial results for its second quarter of fiscal 2007 ended June 1, 2007. Adobe achieved record revenue of $745.6 million, compared to $635.5 million reported for the second quarter of fiscal 2006 and $649.4 million reported in the first quarter of fiscal 2007. This represents 17 percent year-over-year revenue growth. Adobe's second quarter revenue target range was $700 to $740 million.

"Q2 was a strong quarter, driven by the record performance of both our Creative Suite products and Acrobat," said Bruce Chizen, chief executive officer of Adobe. "Assuming continued business momentum, we expect to exceed our original fiscal year revenue and profit targets."

GAAP Results

Adobe's GAAP diluted earnings per share for the second quarter of fiscal 2007 were $0.25, based on 603.4 million weighted average shares. This compares with GAAP diluted earnings per share of $0.20 reported in the second quarter of fiscal 2006 based on 613.8 million weighted average shares, and GAAP diluted earnings per share of $0.24 reported in the first quarter of fiscal 2007 based on 604.2 million weighted average shares. Adobe's second quarter GAAP earnings per share target range was $0.23 to $0.26.

GAAP operating income was $180.4 million in the second quarter of fiscal 2007, compared to $147.9 million in the second quarter of fiscal 2006 and $146.3 million in the first quarter of fiscal 2007. As a percent of revenue, GAAP operating income in the second quarter of fiscal 2007 was 24.2 percent, compared to 23.3 percent in the second quarter of fiscal 2006 and 22.5 percent in the first quarter of fiscal 2007.

GAAP net income was $152.5 million for the second quarter of fiscal 2007, compared to $123.1 million reported in the second quarter of fiscal 2006, and $143.9 million in the first quarter of fiscal 2007.

Non-GAAP Results

Non-GAAP diluted earnings per share for the second quarter of fiscal 2007 were $0.37. This compares with non-GAAP diluted earnings per share of $0.31 reported in the second quarter of fiscal 2006, and non-GAAP diluted earnings per share of $0.30 reported in the first quarter of fiscal 2007. Adobe's second quarter non-GAAP earnings per share target range was $0.34 to $0.36.

Adobe's non-GAAP operating income was $282.1 million in the second quarter of fiscal 2007, compared to $243.1 million in the second quarter of fiscal 2006 and $223.8 million in the first quarter of fiscal 2007. As a percent of revenue, non-GAAP operating income in the second quarter of fiscal 2007 was 37.8 percent, compared to 38.3 percent in the second quarter of fiscal 2006 and 34.5 percent in the first quarter of fiscal 2007.

Non-GAAP net income was $223.2 million for the second quarter of fiscal 2007, compared to $189.4 million in the second quarter of fiscal 2006, and $183.6 million in the first quarter of fiscal 2007.

A reconciliation between GAAP and non-GAAP results is provided at the end of this press release.

Adobe Provides Third Quarter Financial Targets

For the third quarter of fiscal 2007, Adobe announced it is targeting revenue of $760 million to $800 million. The Company also is targeting a GAAP operating margin of approximately 27 to 28 percent. On a non-GAAP basis, the Company is targeting an operating margin of approximately 39 percent.

In addition, Adobe is targeting its share count to be between 607 million and 609 million shares. The Company also is targeting other income to be approximately $21 million to $22 million, with a GAAP tax rate of approximately 25 to 26 percent and a non-GAAP tax rate of approximately 26 to 27 percent.

These targets lead to a GAAP earnings per share target range of approximately $0.28 to $0.31. On a non-GAAP basis, the Company is targeting earnings per share of approximately $0.39 to $0.41.

 

 

SHARE

Email Icon Email

Print Icon Print

Become a Member

Join the thousands of printing executives who are already part of the WhatTheyThink Community.

Copyright © 2016 WhatTheyThink. All Rights Reserved