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Adobe Provides Q3 Update, Reduces Revenue and Profit Targets

Press release from the issuing company

SAN JOSE, Calif.--July 31, 2002--Adobe Systems Incorporated, the leader in network publishing, today is providing its regular intra-quarter business update for its third quarter of fiscal 2002, which ends August 30, 2002. With more than four weeks remaining in the quarter, Adobe announced that it is reducing its third quarter revenue target range to $270 to $290 million from its previously stated target range of $300 to $320 million. In addition, third quarter pro forma earnings per share are now targeted at $0.18 to $0.23, down from the original target of $0.24 to $0.27. The Company cited lower than expected revenue in the month of July as the reason for the anticipated shortfall. The revenue decline in July occurred across all of its business segments and major geographic markets, with particular weakness in Europe and Japan. "This is a difficult global business environment and I am disappointed we had to reset our Q3 targets. However, Adobe continues to be a very profitable company -- we have strong market positions and continue to invest in our long-term growth opportunities," stated Bruce R. Chizen, Adobe president and chief executive officer. Adobe plans to report its third quarter fiscal 2002 results on September 12, 2002 after the market closes.

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