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Adobe Beats Wall St. Expectations

March 14, 2002

SAN JOSE, Calif. (AP) _ Software maker Adobe Systems Inc. beat Wall Street estimates and said Thursday it thinks the current quarter will fall in line with expectations.

For the three months ending March 1, Adobe said it earned $49.8 million, or 20 cents a share. In the same period last year, Adobe posted a net income of $69.8 million, or 28 cents a share.

Excluding one-time charges, Adobe reported pro forma earnings of $52.8 million, or 22 cents per share _ down from pro forma earnings of $83.6 million, or 33 cents per share, for the comparable period last year.

The San Jose-based company, the leader in desktop publishing software and the nation’s second-largest PC software company, said revenue for the three months was $267.9 million. That was down 19 percent from $329 million in the year-ago period.

Analysts surveyed by First Call/Thomson Financial had expected Adobe to earn 20 cents per share on revenue of $267.6 million.

Shares of Adobe fell 94 cents, or 2.5 percent, to $36.59 in regular trading on the Nasdaq Stock Market. The stock was up 17 cents to $36.76 in after-hours trading.

For the current quarter, Adobe estimated pro forma earnings of 24 cents to 27 cents per share on revenue of $305 million to $325 million. Wall Street analysts were estimating earnings of 25 cents a share on revenue of $312.5 million.


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