Adobe hits revised third quarter financial targets

Adobe Systems Inc. on Thursday reported fiscal earnings for the period ending August 30, 2002. The company met earnings and revenue targets, which were revised in late July due to slow sales.

For it's third quarter, the San Jose-based software maker reported revenue of US$284.9 million, down from the $292.1 million reported for the third quarter of fiscal 2001 and $317.4 million reported in the second quarter of fiscal 2002.

Net income for the quarter rose to $47.2 million compared to $40.3 million reported in the third quarter of fiscal 2001, and $54.3 million in the second quarter of fiscal 2002. Earnings per share for the third quarter of 2002 were $0.19 compared to $0.16 reported in the same quarter last year.

Adobe also updated its targeted revenue range to $285 to $300 million for the fourth quarter of fiscal 2002.

"I am pleased that Adobe is reporting revenue and earnings at the high end of our revised third quarter targets," Bruce R. Chizen, president and chief executive officer of Adobe, said in a statement today. "I am also encouraged that despite a challenging economic environment, we are planning for growth in Q4."

Adobe closed the day on Nasdaq down 3.81 percent at $18.45, but is currently at $21.00 in after hours trading.

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