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Adobe Flex 2.0 Now Expected June 2006; Company Reports Record Q1 Financial Results

Adobe Reaffirms $2.7BN Annual Revenue Target For Fiscal Year 2006

"Adobe’s business continues to perform well, driven by strong demand for our creative solutions and Acrobat," said Adobe's CEO Bruce R. Chizen (pictured), as Adobe yesterday reported record financial results for its first quarter ended March 3, 2006 - the first quarter to reflect the recent acquisition of Macromedia.

"In addition to our strong financial results, we are making rapid progress integrating the Macromedia business and remain excited about our prospects for future growth," Chizen added.

In the first quarter of fiscal 2006, Adobe achieved record revenue of $655.5M, compared to $472.9M reported for the first quarter of fiscal 2005 and $510.4M reported in the fourth quarter of fiscal 2005. On a year-over-year basis, this represents 39% revenue growth. Adobe’s first quarter revenue target range was $630M to $660M.

The results are compared to pre-acquisition results of prior fiscal periods.

GAAP diluted earnings per share for the first quarter of fiscal 2006 were $0.17. Non-GAAP diluted earnings per share, which excludes amortization of purchased intangibles, deferred compensation, and restructuring charges related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, SFAS 123R stock-based compensation, the net tax impact of the repatriation of certain foreign earnings, 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, were $0.32.

GAAP net income was $105.1 million for the first quarter of fiscal 2006, compared to $151.9 million reported in the first quarter of fiscal 2005, and $156.3 million in the fourth quarter of fiscal 2005. Non-GAAP net income, which excludes, as applicable, amortization of purchased intangibles, deferred compensation, and restructuring charges related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, SFAS 123R stock-based compensation, the net tax impact of the repatriation of certain foreign earnings, 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 $197.5 million for the first quarter of fiscal 2006, compared to $133.8 million in the first quarter of fiscal 2005, and $151.5 million in the fourth quarter of fiscal 2005.

Adobe’s GAAP operating income was $130.0 million in the first quarter of fiscal 2006, compared to $170.7 million in the first quarter of fiscal 2005 and $191.9 million in the fourth quarter of fiscal 2005.As a percent of revenue, GAAP operating income in the first quarter of fiscal 2006 was 19.8 percent, compared to 36.1 percent in the first quarter of fiscal 2005 and 37.6 percent in the fourth quarter of fiscal 2006.

Adobe’s non-GAAP operating income, which excludes, as applicable, amortization of purchased intangibles, deferred compensation, and restructuring charges related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, and SFAS 123R stock-based compensation was $252.4 million in the first quarter of fiscal 2006, compared to $170.7 million in the first quarter of fiscal 2005 and $191.9 million in the fourth quarter of fiscal 2005. As a percent of revenue, non-GAAP operating income in the first quarter of fiscal 2006 was 38.5 percent, compared to 36.1 percent in the first quarter of fiscal 2005 and 37.6 percent in the fourth quarter of fiscal 2005.

GAAP diluted earnings per share for the first quarter of fiscal 2006 were $0.17 based on 621.8 million weighted average shares. This compares with GAAP diluted earnings per share of $0.30 reported in the first quarter of fiscal 2005, based on 506.2 million weighted average shares, and GAAP diluted earnings per share of $0.31 reported in the fourth quarter of fiscal 2005, based on 508.6 million weighted average shares.

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comic_chic 03/23/06 12:31:34 PM EST

Yesterday, when I came home from work, I got to play with Comic-Life, finally!! It's pretty intuitive, but I work in Adobe applications so much, that I keep instinctively reaching for Adobe key commands. Like space bar for the move tool, or command + or - for zoom. Some work, like holding option & dragging to duplicate a shape or shift to scale a shape proportionately. My biggest complaint is that it runs slow on our computer. There is much waiting for the "beach ball" to stop spinning. My non-computer savvy guess is that OS 10.4 uses more RAM than 10.2, so there is less "juice" left over for running the applications.

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