Adobe Systems Reports First Quarter Results

Adobe Systems Reports First Quarter Results

Adobe Systems Incorporated (Nasdaq:ADBE) today reported financial results for its first quarter ended March 2, 2007. In the first quarter of fiscal 2007, Adobe achieved revenue of $649.4 million, compared to $655.5 million reported for the first quarter of fiscal 2006 and $682.2 million reported in the fourth quarter of fiscal 2006. Adobe’s first quarter revenue target range was $640 to $670 million.

“Q1 was a solid quarter for Adobe, as we came in at the high end of our earnings target range and were within our targeted range for revenue,” said Bruce Chizen, chief executive officer of Adobe. “As Adobe prepares for the biggest product launch in our history, we are excited about our opportunities and bullish about our prospects for another year of strong performance.”

GAAP Results: Adobe’s GAAP diluted earnings per share for the first quarter of fiscal 2007 were $0.24, based on 604.2 million weighted average shares. This compares with GAAP diluted earnings per share of $0.17 reported in the first quarter of fiscal 2006, based on 621.8 million weighted average shares, and GAAP diluted earnings per share of $0.30 reported in the fourth quarter of fiscal 2006, based on 602.2 million weighted average shares. Adobe’s first quarter of fiscal 2007 GAAP earnings per share target range was $0.17 to $0.20.

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