Adobe Systems Reports Record Revenue

Adobe Systems Reports Record Revenue

Adobe Systems Incorporated (Nasdaq:ADBE) today reported strong financial results for its first quarter ended March 4, 2005.

In the first quarter of fiscal 2005, Adobe achieved record revenue of $472.9 million, compared to
$423.3 million reported for the first quarter of fiscal 2004, and $429.5 million reported in the fourth quarter of fiscal 2004. Adobe’s first quarter revenue target range, revised upward on February 1, 2005, was
$450 to $470 million.

“The explosive growth of digital content continues to drive demand for Adobe solutions across all of our customer segments,” said Bruce R. Chizen, chief executive officer. “This demand is particularly evident in our Intelligent Documents business, where we see increasing adoption of Adobe PDF-based document workflows in organizations and governments worldwide. Based on our strong performance in Q1, and a planned major product launch this quarter, we are increasing our financial targets for fiscal 2005.”

GAAP diluted earnings per share for the first quarter of fiscal 2005 were $0.60. Non-GAAP diluted earnings per share, which excludes the net tax impact of the planned repatriation of certain foreign earnings, and investment gains and losses from the Company’s venture program, were $0.53. Adobe’s revised GAAP and non-GAAP first quarter earnings target range was $0.47 to $0.51 per share.

GAAP net income was $151.9 million for the first quarter of fiscal 2005, compared to $123.0 million reported in the first quarter of fiscal 2004, and $113.5 million in the fourth quarter of fiscal 2004.

Read the complete Press Release