Adobe Revenues, Earnings Up

By Dennis Callaghan  |  Posted 2003-03-14 Print this article Print

Verity and Applix also report increased revenues.

Adobe Systems Inc. enjoyed increased revenues and profits in its fiscal first quarter ended Feb. 28, exceeding previous targets for both. The San Jose, Calif.-based developer of content and network publishing software saw revenues climb to $296.9 million in the quarter, up from $267.9 million in the first quarter a year ago. All but $6.1 million of that was software license revenue. That helped Adobe to a $54.2 million profit, up from $49.8 million in last years first quarter. Revenues were expected to end up in the $275 million to $290 million range. Earnings, which ended up at 25 cents per share, were only supposed to be between 21 cents and 23 cents a share.
The company expects revenues of between $300 million and $315 million in the second quarter when it is due to release the next version of its flagship Acrobat product.
In other earnings news Thursday, Verity Inc. reported revenues went up to $27.8 million in its fiscal third quarter, ended Feb. 28, from $25 million in the same period a year ago. License revenues were down slightly, from $16 million to $15.7 million. Verity, a developer of search and knowledge management software, based in Sunnyvale, Calif., saw net income jump from $2.3 million to $3.7 million year-to-year. Verity acquired certain enterprise search assets of Inktomi Corp. during the quarter and just last week promoted President Anthony Bettencourt to president and CEO, replacing Gary Sbona, who remains with the company as executive chairman. Steven Springsteel also joined Verity as chief financial officer during the quarter, jumping from Sagent Technology Inc. Verity expects continued profitability in its fiscal fourth quarter with revenues between $29 million and $31 million. Applix Inc., which recently had to restate some revenues, saw a revenue increase in its fourth quarter, ended Dec. 31. Revenues for the Waltham, Mass.-based analytics software developer climbed to $9.8 million from $8.8 million in the prior years fourth quarter. License revenues were up from $3.8 million to $4.4 million as Applix signed up 65 new customers in the quarter. Applix shaved its fourth quarter loss from $3.2 million to $2.95 million year-to-year. Search for more stories by Dennis Callaghan.

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