Adobe Systems Reports Strong Q3 Financial Results

Adobe Systems Reports Strong Q3 Financial Results

Adobe Systems Incorporated (Nasdaq:ADBE) today reported financial results for its third quarter ended September 2, 2005. In the third quarter of fiscal 2005, Adobe achieved revenue of $487.0 million, compared to $403.7 million reported for the third quarter of fiscal 2004, and $496.0 million reported in the second quarter of fiscal 2005. On a year-over-year basis, this represents 21 percent revenue growth. Adobe’s third quarter revenue target range was $470 to $490 million.

“Solid execution drove another outstanding quarter of double digit growth in Q3,” said Bruce Chizen, Adobe chief executive officer. “These results reflect the overall strength of our business which, when combined with our pending acquisition of Macromedia, will position us for even greater success in the future.” GAAP diluted earnings per share for the third quarter of fiscal 2005 were $0.29. Non-GAAP diluted earnings per share, which excludes investment losses, also were $0.29.

GAAP net income was $144.9 million for the third quarter of fiscal 2005, compared to $104.5 million reported in the third quarter of fiscal 2004, and $149.8 million in the second quarter of fiscal 2005. Non-GAAP net income, which excludes, as applicable, the net tax impact of the planned repatriation of certain foreign earnings, and investment losses, was $146.4 million for the third quarter of fiscal 2005, compared to $105.6 million in the third quarter of fiscal 2004, and $142.9 million in the second quarter of fiscal 2005.

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