PR: Adobe Systems Reports Fourth Quarter and Fiscal 2002 Results
Company achieves 11 percent year-over-year quarterly revenue growth

12 December 2002

SAN JOSE, Calif. -- Adobe Systems Incorporated, the leader in network publishing, today reported financial results for its fourth quarter and fiscal year ended November 29, 2002.

For the fourth quarter of fiscal 2002 Adobe achieved revenue of $294.7 million, which compares to $264.5 million reported for the fourth quarter of fiscal 2001 and $284.9 million reported in the third quarter of fiscal 2002.

"We are pleased with our return to year-over-year quarterly revenue growth," said Bruce R. Chizen, president and chief executive officer of Adobe. "We are also excited about our strong product roadmap and the revenue growth we expect through the year."

Pro forma diluted earnings per share for the fourth quarter of fiscal 2002, which does not include restructuring and other charges, amortization and impairment of goodwill and purchased intangibles, and investment gains and losses, were $0.25.

GAAP diluted earnings per share for the fourth quarter of fiscal 2002 were $0.17, based on 238.4 million weighted average shares. This compares with diluted earnings per share of $0.14 reported in the fourth quarter of fiscal 2001, based on 243.4 million weighted average shares, and diluted earnings per share of $0.19 reported in the third quarter of fiscal 2002, based on 243.4 million weighted average shares.

GAAP net income was $40.1 million for the fourth quarter of fiscal 2002, compared to $34.3 million reported in the fourth quarter of fiscal 2001, and $47.2 million in the third quarter of fiscal 2002.

Pro forma net income, which excludes restructuring and other charges, amortization and impairment of goodwill and purchased intangibles, and investment gains and losses, was $59.1 million for the fourth quarter of fiscal 2002, compared to $48.7 million in the fourth quarter of fiscal 2001, and $52.5 million in the third quarter of fiscal 2002. As a percent of revenue, pro forma operating profit for the fourth quarter was 28.4 percent, compared to 25.7 percent in the fourth quarter of fiscal 2001 and 25.6 percent in the third quarter of fiscal 2002.

In fiscal 2002, Adobe achieved revenue of $1.165 billion, compared to $1.230 billion in fiscal 2001. Annual GAAP net income was $191.4 million in fiscal 2002, compared to $205.6 million in fiscal 2001.

For the first quarter of fiscal 2003, the Company announced that it is targeting revenue at $275 million to $290 million, with a gross margin of approximately 91 percent.

As a percent of revenue, Adobe is targeting Q1 fiscal 2003 expenses as follows:

  • Research & Development - approximately 22 to 23 percent

  • Sales & Marketing - approximately 33 to 34 percent

  • General & Administrative - approximately 10 percent

This results in a pro forma operating margin target of approximately 25 to 26 percent in the first quarter of fiscal 2003. The Company's full-year fiscal 2003 pro forma operating margin target range remains approximately 28 percent, as the Company discussed during its financial analyst meeting on October 28, 2002.

For its share count, Adobe is targeting between 238 and 240 million shares in the first quarter of fiscal 2003. The Company also is targeting other income to be approximately $2 million to $3 million, and a tax rate of 30 percent.

These targets lead to a pro forma earnings per share target range of $0.21 to $0.23 in the quarter.

The Adobe Board of Directors declared this quarter's cash dividend of $0.0125 per share, payable on January 23, 2003 to stockholders of record as of January 9, 2003.


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