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| Macromedia Reports Fourth Quarter and Fiscal Year 2003 Results
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Press Release Source: Macromedia, Inc.
Macromedia Reports Fourth Quarter and Fiscal Year 2003 Results Wednesday April 30, 4:48 pm ET
SAN FRANCISCO, April 30 /PRNewswire-FirstCall/ --
FlashResults
Macromedia (Nasdaq: MACR - News)
Summary Financial Results
(in millions, except per share data and percentages)
Three Months Ended Mar 31 Fiscal Year Ended Mar 31
2003 2002 2003 2002
Net Revenues $83.6 $76.3 $336.9 $326.5
EPS-GAAP $0.11 $(1.42) $0.03 $(5.31)
EPS-Pro Forma $0.13 $(0.10) $0.40 $(0.48)
Macromedia (Nasdaq: MACR - News) today announced its fourth quarter and fiscal year 2003 financial results. Net revenues for the three months ended March 31, 2003 were $83.6 million, compared with net revenues of $76.3 million reported for the comparable period a year ago. Net income for the three months ended March 31, 2003 was $6.9 million, or $0.11 per diluted share, compared to a net loss of $83.4 million, or $1.42 per share, for the comparable quarter a year ago. Pro forma net income for the three months ended March 31, 2003 was $8.3 million, or $0.13 per diluted share, compared to a pro forma net loss of $6.1 million, or $0.10 per share, for the comparable quarter a year ago.
Net revenues for the fiscal year ended March 31, 2003 were $336.9 million, compared with net revenues of $326.5 million for the prior fiscal year. Net income for the twelve months ended March 31, 2003 was $1.6 million, or $0.03 per diluted share, compared to a net loss of $308.8 million, or $5.31 per share, for the prior fiscal year. Pro forma net income for fiscal year 2003 was $24.7 million, or $0.40 per diluted share, compared to a pro forma net loss of $28.1 million, or $0.48 per share, for the fiscal year 2002. See "Pro Forma Results" below for an explanation of pro forma adjustments.
"We made a lot of progress this year, returning to revenue growth and profitability while investing strongly in new lines of business," said Rob Burgess, chairman and CEO, Macromedia. "Our vision of radically improving the experience people have on the Internet is resonating with everyone. The coming year for us is all about execution as we launch more products and services than ever before."
Business Initiatives Update
In the past quarter, Macromedia has made advances across its three major business initiatives: design/development software, information convenience software, and mobile and device software.
Design/Development Software
Macromedia Studio MX Plus, a special Windows edition that adds Macromedia Contribute, Macromedia FreeHand MX, and a DevNet Resource Kit Special Edition for the same price began shipping this quarter. Macromedia FreeHand MX was also introduced, which added the Macromedia MX interface, increased Mac OS X support, and Macromedia Flash integration. Macromedia Flash MX Data Connection Kit, released this quarter, includes Firefly components that jumpstart the development of rich Internet applications through pre-built connections to a range of data sources.
Macromedia DevNet is a new software subscription service. Developers and enterprises pay an annual fee for access to a comprehensive set of tools, servers, extensions, components, and other resources, some of which are available first to DevNet subscribers.
Information Convenience Software
The Macromedia Information Convenience product family provides solutions that enable non-technical professionals to create and deliver great information experiences without intricate technical training. Macromedia Breeze, the product family added with last quarter's acquisition of Presedia, enables companies to deliver presentation and training content online as Macromedia Flash content using Microsoft PowerPoint to author their content.
Macromedia also unveiled an entirely new product direction this quarter with Macromedia Central. Macromedia Central builds on Macromedia Flash Player to provide an application metaphor that brings Internet applications offline, combining the responsiveness of desktop applications with the flexibility of web applications. The product will be out this summer, and will provide a whole new way for Macromedia Flash developers to sell applications and content.
Macromedia Contribute, which shipped its first version in December, established itself as a strong new product, with sales of more than 40,000 units since its launch.
Mobile and Device Software
During the quarter, Macromedia signed an agreement with Japanese mobile phone operator NTT DoCoMo, Inc. to bring Macromedia Flash support to i-mode, DoCoMo's proprietary 2G/3G mobile Internet platform, in Japan. Macromedia also announced the availability of Macromedia Flash Player 6 for Pocket PC 2002 devices such as those from Casio, HP, and Toshiba this quarter. LeapFrog Enterprises, Inc. will be utilizing Macromedia Flash in its new learning platforms, the Leapster portable learning system, scheduled for release in the fall.
Industry Awards
Macromedia products were recognized by a variety of organizations:
-- Reader's Choice Award, Macromedia Flash Communication Server MX,
Streaming Media Magazine
-- Best Up and Coming Streaming Company, Streaming Media Magazine
-- Productivity Award, Business Integration and Data Tools, ColdFusion MX,
13th Annual Software Development Excellence and Productivity Awards
Business Outlook - First Quarter Fiscal Year 2004
For the quarter ending June 30, 2003, Macromedia expects net revenues to be in the range of $80 to $85 million, with gross margins in the 88 to 90 percent range, and operating profit margin between 5 and 10 percent. For the fiscal year ending March 31, 2004, the company expects net revenues to increase 10 to 20 percent from fiscal year 2003 results and expects operating profit margin to be between 10 and 20 percent. These forward-looking statements are subject to risks and uncertainties discussed below and actual results may differ materially.
Pro Forma Results
Macromedia's pro forma results for the three and twelve months ended March 31, 2003 and 2002, differ from corresponding results reported under U.S. GAAP due to adjustments for the following items reported in its consolidated results from operations:
-- Non-cash charges for:
-- The amortization of deferred stock compensation resulting from the
issuance of stock options to employees at an exercise price below
the fair-market value on the date of grant;
-- The amortization of acquired intangible assets;
-- Impairments and related write-downs of certain acquired intangible
assets; and
-- The write-off of acquired in-process research and development
associated with business combinations.
-- Costs and related expenditures associated with our fiscal year 2002
restructuring plan to deliver cost synergies associated with our
March 2001 acquisition of Allaire Corporation.
-- Cash gains from non-marketable cost-basis investments.
-- Losses on non-marketable cost-basis and available-for-sale investments
resulting from an other-than-temporary decline in the fair-market value
of these investments.
-- Loss resulting from our equity investment in AtomShockwave in fiscal
year 2002.
-- Net Charges for certain litigation settlements.
-- Cash gain on the sale of acquired technology.
Pro forma results for the three and twelve months ended March 31, 2003 and 2002, reflect an assumed tax rate of 20 percent, reflecting U.S. federal and state income taxes and foreign taxes at rates other than U.S. statutory rates. See the attached reconciliation of GAAP and pro forma results.
Reclassifications
Historical net revenues and expenses have been reclassified to conform to the current year's presentation. These reclassifications did not impact current or previously recorded net income. These reclassifications, which involved the presentation of shipping and handling fees billed and certain out-of-pocket expenses reimbursed by customers, will be more fully described in our report Form 10-K to be filed with the Securities and Exchange Commission.
Conference Call
Macromedia's fourth quarter and fiscal year 2003 financial results teleconference and simultaneous webcast is scheduled to begin at 2:30 p.m. Pacific Time/5:30 p.m. Eastern Time on Wednesday, April 30, 2003. To access the live webcast, please visit http://www.macromedia.com/MACR/ at least 30 minutes prior to the start of the conference call to download any necessary audio or plug-in software. A replay of the conference call will be available on the company's website. The conference call will also be broadcasted using our new product Breeze. The url for the presentation is http://www.macromedia.com/macromedia...ence_call.html
[Quelle: Macromedia]
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01-05-2003, 10:37
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