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Adobe 3Q is picture-perfect
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September 16, 1999: 6:00 p.m. ET
Earnings of 88 cents a share beat expectations as overall sales soar
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NEW YORK (CNNfn) - Surging sales of its popular Web and print publishing software allowed Adobe Systems Inc. to record better-than-expected profits during its fiscal third-quarter, the company announced after the bell Thursday.
Adobe also announced plans to split its stock two-for-one.
Income for the San Jose, Calif.-based company totaled $57.2 million, or 88 cents a share in the fiscal quarter ended Sept. 3, compared with profits of $152,000, or break-even on a per-share basis, a year ago.
Excluding restructuring charges as well as investment gains and losses, Adobe reported operating income of $72 million, or 80 cents a diluted share, far ahead of the 74 cents a share analysts polled by First Call were expecting.
Overall third-quarter sales rose to $260.9 million from $222.9 million during the same period last year.
A significant restructuring program launched about a year ago combined with heightened popularity of its Web publishing and document-reading software allowed Adobe to beat earnings expectations for the fourth consecutive quarter, company officials said.
Adobe produces "Photoshop," "Illustrator," and "PageMaker"software, among other products.
As for fiscal 2000, Adobe Chief Executive John Warnock said the company expects revenue growth of 20 percent and an annual operating margin of 30 percent.
The company also announced that a two-for-one stock split, in the form of a stock dividend will occur on Oct. 26 for stockholders of record on Oct. 4, 1999.
Adobe (ADBE) shares ended the day Thursday up 2-9/16 at 97-7/8.
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Adobe
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