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Adobe Systems 4Q results top Wall Street view; OKs buyback of 30M shares

Monday, December 17, 2007; Posted: 05:27 PM
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SAN FRANCISCO, Dec 18, 2007 (Thomson Financial via COMTEX) -- ADBE | charts | news | PowerRating -- Adobe Systems Inc. after Monday's closing bell reported adjusted fourth-quarter earnings of $289.6 million, or 49 cents a share, topping the mean estimate of analysts polled by Thomson Financial of 48 cents.

During the year earlier, adjusted earnings were $198.9 million, or 33 cents a share.

The San Jose, Calif.-based provider of business and mobile software and services posted net income of $222.2 million, or 38 cents a share, compared with $183.2 million, or 30 cents a share, last year.

Total revenue for the three months ended Nov. 30 came in at $911.2 million, ahead of the consensus estimate of $887.3 million. A year ago, revenue was $682.2 million.

"Driving our Q4 results were continued adoption of our Creative Suite 3 family of products, record revenue for Acrobat and strong momentum in our enterprise business," said Adobe Chief Executive Shantanu Narayen in a statement. "As we enter fiscal 2008, we are performing exceptionally well and the Company is positioned to achieve a sixth consecutive year of double-digit growth."

Adobe said it's targeting first-quarter per-share earnings of 34 cents to 36 cents, or 44 cents to 46 cents on an adjusted basis, on revenue of $855 million to $885 million.

For fiscal 2008, the company said it still expects annual revenue growth of about 13%.

Separately, Adobe said it has approved the buyback of an additional 30 million shares.

The company's stock closed out the regular session down $1.21, or about 2.9%, at $40.90. Katherine Hunt kh/gm

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Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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For full details on Adobe Systems Inc (ADBE) click here. Adobe Systems Inc (ADBE) has Short Term PowerRatings of 5. Details on Adobe Systems Inc (ADBE) Short Term PowerRatings is available at This Link.
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