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Adobe Reports Q2 Results: 18% Sequential Revenue Growth

Friday, June 14, 2002

Press release from the issuing company

Sees Second Half Year-Over-Year Growth SAN JOSE, Calif.--June 13, 2002--Adobe Systems Incorporated, the leader in network publishing, today reported financial results for its second quarter ended May 31, 2002. In the second quarter of fiscal 2002, Adobe achieved revenue of $317.4 million, compared to $344.1 million reported for the second quarter of fiscal 2001 and $267.9 million reported in the first quarter of fiscal 2002. Pro forma diluted earnings per share for the second quarter of fiscal 2002, which does not include restructuring and other charges, acquired in-process research and development, amortization of goodwill and purchased intangibles, and investment gains and losses, were $0.27. Adobe's revenue and pro forma earnings per share results met the Company's original second quarter targets announced in March. "Despite a continuing soft economy, we had a solid quarter with a strong release of Photoshop,” said Bruce R. Chizen, president and chief executive officer of Adobe. "Strategically, we took steps to realize the large Acrobat opportunity in the enterprise with the closure of our Accelio acquisition and our new SAP relationship." GAAP net income was $54.3 million for the second quarter of fiscal 2002, compared to $61.3 million reported in the second quarter of fiscal 2001, and $49.8 million in the first quarter of fiscal 2002. Pro forma net income, which excludes restructuring and other charges, amortization of goodwill and purchased intangibles, acquired in-process research and development, and investment gains and losses, was $67.4 million for the second quarter of fiscal 2002, compared to $84.5 million in the second quarter of fiscal 2001, and $52.8 million in the first quarter of fiscal 2002. GAAP diluted earnings per share for the second quarter of fiscal 2002 were $0.22, based on 247.7 million weighted average shares. This compares with diluted earnings per share of $0.25 reported in the second quarter of fiscal 2001, based on 250.1 million weighted average shares, and diluted earnings per share of $0.20 reported in the first quarter of fiscal 2002, based on 245.2 million weighted average shares. Excluding restructuring and other charges, the amortization of goodwill and purchased intangibles, acquired in-process research and development, and investment gains and losses, Adobe's pro forma operating profit was $96.4 million in the second quarter of fiscal 2002, compared to $121.5 million in the second quarter of fiscal 2001 and $72.7 million in the first quarter of fiscal 2002. As a percent of revenue, pro forma operating profit for the second quarter was 30.4 percent, compared to 35.3 percent in the second quarter of fiscal 2001 and 27.1 percent in the first quarter of fiscal 2002. For the third quarter of fiscal 2002, the Company announced that it is targeting revenue of $300 to $320 million, a gross margin of 92 percent, and a pro forma operating margin of 28 to 30 percent. As a percent of revenue, Adobe is targeting expenses as follows: Research & Development - approximately 20 to 21 percent Sales & Marketing - approximately 33 to 34 percent General & Administrative - approximately 9 to 10 percent In addition, Adobe is targeting its share count range to be between 249 and 251 million shares in the third quarter of fiscal 2002. The Company is also targeting other income to be approximately $3 million, and a tax rate of 32 percent. These targets lead to a pro forma earnings per share target range in the third quarter fiscal 2002 of $0.24 to $0.27 per share. For the fourth quarter of fiscal 2002, the Company announced that its preliminary financial targets were revenue of $315 to $345 million, and pro forma earnings per share of $0.26 to $0.29. The Adobe Board of Directors declared this quarter's cash dividend of $0.0125 per share, payable on July 8, 2002 to stockholders of record as of June 25, 2002.

 

 

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