Adobe Systems Inc.
today reported financial results for its second quarter ended May 31, 2002.
In its second quarter of fiscal 2002, Adobe achieved revenue of US$317.4 million, down from $344.1 million reported for the second quarter of fiscal 2001, but an increase from the $267.9 million reported in the first quarter of fiscal 2002. The company’s revenue and earnings per share results met original second quarter targets announced in March.
“Despite a continuing soft economy, we had a solid quarter with a strong release of Photoshop,” said Bruce R. Chizen, president and chief executive officer of Adobe, in announcing the results. “Strategically, we took steps to realize the large Acrobat opportunity in the enterprise with the closure of our Accelio acquisition and our new SAP relationship.”
Net income was $54.3 million for the second quarter of fiscal 2002, compared to $61.3 million reported in the second quarter of fiscal 2001, and $49.8 million in the first quarter of fiscal 2002. Pro forma net income — which excludes restructuring and other charges, amortization of goodwill and purchased intangibles, acquired in-process research and development, and investment gains and losses — was $67.4 million for the second quarter of fiscal 2002, compared to $84.5 million in the second quarter of fiscal 2001, and $52.8 million in the first quarter of fiscal 2002.
Diluted earnings per share for the second quarter of fiscal 2002 were $0.22, based on 247.7 million weighted average shares. This compares with diluted earnings per share of $0.25 reported in the second quarter of fiscal 2001, based on 250.1 million weighted average shares, and diluted earnings per share of $0.20 reported in the first quarter of fiscal 2002, based on 245.2 million weighted average shares.
Adobe is targeting revenue of $300 to $320 million, a gross margin of 92 percent, and a pro forma operating margin of 28 to 30 percent for the third quarter.