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Macromedia Reports 1Q Results, $8.6 Million Loss, Revenues Down

Press release from the issuing company

SAN FRANCISCO, July 19 Macromedia today announced first quarter fiscal 2002 results for its software business. Revenues for the quarter ended June 30, 2001 were $88.7 million as compared with revenues of $90.3 million reported in the same quarter a year ago. Pro forma net loss was $8.6 million, or a loss of $0.15 per share, for the first quarter fiscal 2002, as compared with pro forma net income of $18.9 million, or $0.33 earnings per share for the first quarter fiscal 2001. "Not surprisingly, our results reflect the overall conditions out there for technology spending,'' said Rob Burgess, Macromedia chairman and chief executive officer. "We have implemented an aggressive cost control program in accordance with our new revenue outlook. Our industry leading products continue to be the staples for Web professionals and we look forward to more prosperous times in the periods ahead.'' Pro forma results exclude primarily non-cash charges related to the amortization of goodwill associated with acquisitions, restructuring charges, and the writedown of certain assets. Business Outlook The Company stated that it expects revenues for the second quarter fiscal 2002 to be flat to 10% down on a sequential basis. The Company also expects to return to profitability this fiscal year. ntil August 17. Pro forma financial information in this press release excludes shockwave.com operating results and represents operating results for Macromedia's software business only. Pro forma net income (loss) excludes acquisition-related charges, non-cash compensation, restructuring expenses, amortization of intangibles, loss on investments, and loss on equity affiliate. Pro forma net income (loss) presentation excluding such charges differs from net income (loss) presented according to generally accepted accounting principles because they exclude these costs. In addition, the pro forma results reflect an effective tax rate calculated on normalized operations of 20% for the three months ended June 30, 2001 and 19% for the three months ended June 30, 2000.

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