Adobe Systems Inc.
has reported strong fiscal results for the financial quarter that ended Aug. 29. Exceeding the company’s prior revenue and earnings per share target ranges, Adobe saw revenue of US$319.1 million, compared to $284.9 million reported for the third quarter of fiscal 2002 and $320.1 million reported in the second quarter of fiscal 2003.
On a year-over-year basis, this represents 12 percent growth. Adobe’s third quarter revenue target range was $300-$315 million. GAAP (Generally Accepted Accounting Principals) diluted earnings per share for the third quarter of fiscal 2003 were $0.27; the target range was $0.22 to $0.25 per share. Adobe CEO and President Bruce Chizen attributed much of the quarter’s success to the company’s ePaper business, which includes the Acrobat line. This segment saw year-over-year growth of 62 percent.
GAAP net income was $64.5 million for the third quarter of fiscal 2003, compared to $47.2 million reported in the third quarter of fiscal 2002, and $64.2 million in the second quarter of fiscal 2003. On a year-over-year basis, GAAP net income grew 37 percent.
For the fourth quarter of fiscal 2003, Adobe is targeting revenue of $330 to $350 million, a gross margin of approximately 93 percent, and GAAP operating margin ranges of 31-32 percent.