Adobe Reports Solid Third Quarter Financial Results

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Company Achieves 24 Percent Year-Over-Year Revenue Growth

SAN JOSE, Calif. - September 14, 2006 - Adobe Systems Incorporated (Nasdaq:ADBE) today reported financial results for its third quarter ended September 1, 2006. The Company's Q3 results reflect the acquisition of Macromedia in December, 2005, and are compared to pre-acquisition results of prior fiscal periods as applicable.

In the third quarter of fiscal 2006, Adobe achieved revenue of USD 602.2 million, compared to USD 487.0 million reported for the third quarter of fiscal 2005 and USD 635.5 million reported in the second quarter of fiscal 2006. On a year-over-year basis, this represents 24 percent revenue growth. Adobe's third quarter revenue target range was USD 580 to USD 610 million.

"Q3 was a solid quarter for Adobe with revenue and earnings near or above the high end of our financial target ranges," said Bruce R. Chizen, Adobe chief executive officer. "With new products launching this quarter, our outlook for the remainder of the year remains positive."

GAAP diluted earnings per share for the third quarter of fiscal 2006 were USD 0.16. Adobe's third quarter GAAP EPS target range was USD 0.13 to USD 0.16.

Non-GAAP diluted earnings per share, which excludes amortization of purchased intangibles, amoritization of Macromedia deferred compensation, restructuring charges related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, SFAS 123R stock-based compensation, tax differences due to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation, and investment losses, were USD 0.29. Adobe's third quarter non-GAAP EPS target range was USD 0.25 to USD 0.27.

GAAP net income was USD 94.4 million for the third quarter of fiscal 2006, compared to USD 144.9 million reported in the third quarter of fiscal 2005, and USD 123.1 million in the second quarter of fiscal 2006. Non-GAAP net income, which excludes, as applicable, amoritization of purchased intangibles, amortization of Macromedia deferred compensation, restructuring charges related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, SFAS 123R stock-based compensation, tax differences due to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation, and investment gains and losses, was USD 171.5 million for the third quarter of fiscal 2006, compared to USD 146.4 million in the third quarter of fiscal 2005, and USD 189.4 million in the second quarter of fiscal 2006.

GAAP diluted earnings per share for the third quarter of fiscal 2006 were USD 0.16 based on 600.9 million weighted average shares. This compares with GAAP diluted earnings per share of USD 0.29 reported in the third quarter of fiscal 2005, based on 507.8 million weighted average shares, and GAAP diluted earnings per share of USD 0.20 reported in the second quarter of fiscal 2006, based on 613.8 million weighted average shares.

Adobe's GAAP operating income was USD 110.0 million in the third quarter of fiscal 2006, compared to USD 183.6 million in the third quarter of fiscal 2005 and USD 147.9 million in the second quarter of fiscal 2006. As a percent of revenue, GAAP operating income in the third quarter of fiscal 2006 was 18.3 percent, compared to 37.7 percent in the third quarter of fiscal 2005 and 23.3 percent in the second quarter of fiscal 2006.

Adobe's non-GAAP operating income, which excludes, as applicable, amortization of purchased intangibles, amortization of Macromedia deferred compensation, restructuring charges related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, and SFAS 123R stock-based compensation was USD 207.2 million in the third quarter of fiscal 2006, compared to USD 183.6 million in the third quarter of fiscal 2005 and USD 243.1 million in the second quarter of fiscal 2006. As a percent of revenue, non-GAAP operating income in the third quarter of fiscal 2006 was 34.4 percent, compared to 37.7 percent in the third quarter of fiscal 2005 and 38.3 percent in the second quarter of fiscal 2006.
Adobe Provides Fourth Quarter FY2006 Financial Targets

For the fourth quarter of fiscal 2006, Adobe announced it is targeting revenue of USD 655 million to USD 685 million. The Company also is targeting a GAAP operating margin of approximately 21 to 24 percent in the fourth quarter. On a non-GAAP basis, which excludes acquisition-related costs and SFAS 123R stock-based compensation, the Company is targeting a fourth quarter operating margin of approximately 37 to 38 percent.

In addition, Adobe is targeting its share count to be between 600 million and 602 million shares in the fourth quarter of fiscal 2006. The Company also is targeting other income in its fourth quarter to be approximately USD 16 million to USD 18 million, with a GAAP and non-GAAP tax rate of approximately 26 percent.

These targets lead to a fourth quarter GAAP earnings per share target range of approximately USD 0.19 to USD 0.22. On a non-GAAP basis, which excludes acquisition-related costs, SFAS 123R stock-based compensation, and tax differences related to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation, the Company is targeting earnings per share of approximately USD 0.32 to USD 0.34.


Forward Looking Statements Disclosure

This press release contains forward looking statements, including those related to planned product releases, revenue, operating margin, other income, tax rate, share count and earnings per share, which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: adverse changes in general economic or political conditions in any of the major countries in which Adobe does business, delays in development or shipment of Adobe's new products or major new versions of existing products, introduction of new products by existing and new competitors, failure to successfully manage transitions to new business models and markets, difficulty in predicting revenue from new businesses, failure to anticipate and develop new products in response to changes in demand for application software, computers and printers, intellectual property disputes and litigation, inability to protect Adobe's intellectual property from unauthorized copying, use, disclosure or malicious attack, failure to realize the anticipated benefits of past or future acquisitions and difficulty in integrating such acquisitions, changes to Adobe's distribution channel, disruption of Adobe's business due to catastrophic events, interruptions or terminations in Adobe's relationships with turnkey assemblers, risks associated with international operations, fluctuations in foreign currency exchange rates, changes in, or interpretations of, accounting rules and regulations, impairment of Adobe's goodwill or intangible assets, unanticipated changes in tax rates, Adobe's inability to attract and retain key personnel, and market risks associated with Adobe's equity investments. For further discussion of these and other risks and uncertainties, individuals should refer to Adobe's SEC filings. Adobe does not undertake an obligation to update forward looking statements.

(Quelle: Adobe)

Grüße,

Sascha.

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Noch mal auf Deutsch:

Adobe Systems: Solide Ergebnisse im dritten Quartal 2006

24 Prozent Umsatzwachstum im Vergleich zum Vorjahr

Muenchen, 15. September 2006 - Adobe Systems hat heute seine Ergebnisse fuer das dritte Quartal des Geschaeftsjahres 2006 (3. Juni bis 1. September 2006) veroeffentlicht. Die Zahlen beruecksichtigen die im Dezember 2005 abgeschlossene Uebernahme von Macromedia und werden mit Ergebnissen verglichen, die vor Abschluss der Akquisition in den letzten Quartalen erreicht wurden.

Im dritten Quartal des Geschaeftsjahres 2006 erreichte Adobe einen Umsatz von 602,2 Millionen US-Dollar. Im gleichen Quartal des Vorjahres erwirtschaftete das Unternehmen einen Umsatz von 487 Millionen US-Dollar. Dies entspricht einer Umsatzsteigerung von 24 Prozent. Im zweiten Quartal 2006 wurde ein Umsatz von 635,5 Millionen US-Dollar erreicht. Die Zielvorgabe fuer das dritte Quartal 2006 lag bei 580 bis 610 Millionen US-Dollar.

Der Gewinn im dritten Quartal 2006 (bilanziert nach GAAP) betraegt 94,4 Millionen US-Dollar, im gleichen Quartal des Vorjahres wurden 144,9 Millionen US-Dollar erreicht, im zweiten Quartal 2006 lag dieser Wert bei 123,1 Millionen US-Dollar. Der Non-GAAP* Gewinn liegt im dritten Quartal dieses Jahres bei 171,5 Millionen US-Dollar, im gleichen Quartal des Vorjahres wurden 146,4 Millionen US-Dollar erreicht, im zweiten Quartal 2006 waren es 189,4 Millionen US-Dollar.

Impulse durch neue Produkte erwartet

"Im dritten Quartal 2006 hat Adobe ein solides Ergebnis erreicht. Umsatz und Gewinn liegen am oberen Ende der Erwartungen", sagt Fritz Fleischmann, Geschaeftsfuehrer der Adobe Systems GmbH und Senior Managing Director Central and Eastern Europe. "Mit der Einfuehrung neuer Produkte im vierten Quartal blicken wir optimistisch auf den Rest des Geschaeftsjahres."

Der nach GAAP bilanzierte Gewinn pro Aktie liegt im dritten Quartal 2006 bei 0,16 US-Dollar, das Ziel fuer diesen Zeitraum lag bei 0,13 bis 0,16 US-Dollar. Grundlage dieses Wertes sind 600,9 Millionen im Umlauf befindliche Aktien. Im gleichen Zeitraum des Vorjahres betrug der GAAP-Gewinn pro Aktie 0,29 US-Dollar bei 507,8 Millionen Aktien, im zweiten Quartal 2006 waren es 0,20 US-Dollar (Basis: 613,8 Millionen Aktien).

Adobe hat im dritten Quartal 2006 ein Betriebsergebnis (bilanziert nach GAAP) von 110,0 Millionen US-Dollar erwirtschaftet, was einer Umsatzrendite von 18,3 Prozent entspricht. Im dritten Quartal des Vorjahres wurden 183,6 Millionen US-Dollar oder 37,7 Prozent erreicht, im zweiten Quartal 2006 lag dieser Wert bei 147,9 Millionen US-Dollar oder 23,3 Prozent. Das Non-GAAP* Betriebsergebnis im dritten Quartal 2006 betraegt 207,2 Millionen US-Dollar (34,4 Prozent des Umsatzes), im dritten Quartal 2005 erwirtschaftete das Unternehmen 183,6 Millionen US-Dollar oder 37,7 Prozent des Umsatzes, im zweiten Quartal 2006 waren es 243,1 Millionen US-Dollar beziehungsweise 38,3 Prozent des Umsatzes.

Umsatz- und Gewinnerwartungen fuer das vierte Quartal 2006

Fuer das vierte Quartal 2006 erwartet das Unternehmen einen Umsatz zwischen 655 und 685 Millionen US-Dollar und eine Gewinnspanne (nach GAAP) zwischen 21 und 24 Prozent. Der Non-GAAP* Wert hierfuer soll zwischen 37 und 38 Prozent liegen. Das Ziel fuer den Gewinn pro Aktie (bilanziert nach GAAP) im vierten Quartal betraegt 0,19 bis 0,22 US-Dollar bei zwischen 600 bis 602 Millionen im Umlauf befindlichen Aktien. Der Non-GAAP* Gewinn soll zwischen 0,32 bis 0,34 US-Dollar pro Aktie liegen. Das Unternehmen erwartet im vierten Quartal sonstige Einnahmen in Hoehe von etwa 16 bis 18 Millionen US-Dollar.

*Definition Non-GAAP:
...excludes amortization of purchased intangibles, amortization of Macromedia deferred compensation, restructuring charges related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, SFAS 123R stock-based compensation, tax differences due to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation, and investment gains and losses.