September 2008
Design software maker Adobe Systems Inc. posted better-than-expected quarterly results on Tuesday and raised its outlook on strong demand for its products, sending shares up nearly 5 percent.
The maker of Acrobat Reader, Flash and Photoshop software said it is enjoying solid sales of established products including its Adobe Acrobat document publishing system and its Creative Suite 3 graphical design tools, even despite a weak economy.
In addition, the San Jose, California-based company is seeing record revenue from its LifeCycle line of products, which help companies create online forms to replace paper records. Adobe is also benefiting from demand for digital design tools used to create everything from YouTube videos to mobile phone software to the latest eye-grabbing advertising.
"It is all three product lines contributing to the results," Chief Financial Officer Mark Garrett said in a phone interview following the company's fiscal third-quarter report.
"We have continued to perform well through the year, even in a tough macroeconomy," Garrett told Reuters, referring to sale, earnings, margins and other targets the company set in December. "We are exceeding expectations in every way."
The San Jose, California-based company said net income for its fiscal third quarter ended August 29 fell to $191.6 million from $205.2 million a year ago.
Earnings per share rose to 35 cents on a diluted basis from 34 cents a year ago, on 9 percent fewer shares outstanding. Excluding one-time items, Adobe reported third-quarter profit of 50 cents per share compared with 45 cents a year ago.
The latest quarter's results significantly exceeded Wall Street forecasts, which estimated a profit, excluding one-time items, of 46 cents per share, according to Reuters Estimates.
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