Adobe announces record revenue and earnings

December 22, 2004

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A late drop in share price near the close of Q4 failed to dim the optimism of Adobe's faithful as the software giant reported record revenue figures. Adobe's strong financial results for the quarter and fiscal year ended December 3, 2004 came on the strength of Adobe Acrobat and Creative Suite adoption, and were assisted by the penetration of Acrobat and the Intelligent Document Platform into enterprise markets.

"Q4 was an outstanding finish to a remarkable year," said Bruce R. Chizen, Adobe's President and CEO. "The continued strength of Acrobat and our Creative Suite platform, combined with strong demand for our hobbyist offerings, resulted in record revenue for the quarter. We also achieved more than $100 million in revenue and 50% year-over-year growth in our Intelligent Documents server business during the year."

Adobe's quarterly GAAP net income was $113.5 million, compared to $83.3 million in the Q4, 2003 and $104.5 million in Q3, 2004, growing 36 percent on a year-over-year basis. Non-GAAP net income -- which excludes, as applicable, a partial reversal of prior restructuring charges and investment gains and losses -- was $110.4 million for Q4, 2004, compared to $83.0 million in Q4, 2003 and $105.6 million in Q3 2004, showing 33 percent growth on a year-over-year basis.

Looking forward, Adobe has announced a targeting revenue of $435 to $455 million for the first quarter of fiscal 2005, and $1.85 to $1.9 billion for the year. Chizen reaffirmed Adobe's double-digit revenue growth target for fiscal 2005 based on the planned releases of "a succession of new products." Chizen's optimism appears well-founded, as reflected by his company's record Q4 ($429.5 million) and annual ($1.667 billion) revenues for fiscal year -- 20 and 29 percent increases on their 2003 equivalents, respectively.

The Adobe Board of Directors declared this quarter's cash dividend of $0.0125 per share, payable on January 11, 2005, to stockholders of record as of December 28, 2004.

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