Adobe saw financial results for its first quarter that ended March 1 take a downhill turn from the same period a year ago — but still making a tidy profit.
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In the first quarter of fiscal 2002, Adobe achieved revenue of US$267.9 million, compared to $329.0 million reported for the first quarter of fiscal 2001 and $264.5 million reported in the fourth quarter of fiscal 2001. Net income was $49.8 million for the first quarter of fiscal 2002, compared to $69.8 million reported in the first quarter of fiscal 2001, and $34.3 million in the fourth quarter of fiscal 2001.
Diluted earnings per share for the first quarter of fiscal 2002 were $0.20 based on 245.2 million weighted average shares. This compares with diluted earnings per share of $0.28 reported in the first quarter of fiscal 2001, based on 253.6 million weighted average shares, and diluted earnings per share of $0.14 reported in the fourth quarter of fiscal 2001, based on 243.4 million weighted average shares.
For the second quarter of fiscal 2002, based on the assumptions that there will be no change in global market conditions affecting its customers, and that the Accelio Corporation acquisition will close in April, Adobe said it’s targeting revenue of $305 to $325 million, a gross margin of 92 percent.
Accelio makes a business process management system that bridges the gap between organizational infrastructure (policies, procedures, etc.) and technical infrastructure (databases, networks, etc.). On Feb. 1, Adobe announced plans to buy the company for $72 million in stock.