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"Our strong performance in Q3 was driven by record revenue for our Acrobat and LiveCycle products, as well as the overall diversity of our business," said Shantanu Narayen, president and chief executive officer.
"We continue to execute exceptionally well against our strategy, and we look forward to the launch of our flagship Creative Suite 4 product family next week," he added.
Third Quarter GAAP Results:
Adobe's GAAP diluted earnings per share for the third quarter of fiscal 2008 were $0.35, based on 541.3 million weighted average shares. This compares with GAAP diluted earnings per share of $0.34 reported in the third quarter of fiscal 2007 based on 597.3 million weighted average shares, and GAAP diluted earnings per share of $0.40 reported in the second quarter of fiscal 2008 based on 542.4 million weighted average shares. Adobe's third quarter GAAP earnings per share target range was $0.34 to $0.36.
GAAP operating income was $219.5m in the third quarter of fiscal 2008, compared to $255.0m in the third quarter of fiscal 2007 and $260.2m in the second quarter of fiscal 2008. As a percent of revenue, GAAP operating income in the third quarter of fiscal 2008 was 24.7%, compared to 29.9% in the third quarter of fiscal 2007 and 29.3% in the second quarter of fiscal 2008.
GAAP net income was $191.6m for the third quarter of fiscal 2008, compared to $205.2m reported in the third quarter of fiscal 2007 and $214.9m in the second quarter of fiscal 2008.
Third Quarter Non-GAAP Results:
Non-GAAP diluted earnings per share for the third quarter of fiscal 2008 were $0.50. This compares with non-GAAP diluted earnings per share of $0.45 reported in the third quarter of fiscal 2007 and non-GAAP diluted earnings per share of $0.50 reported in the second quarter of fiscal 2008. Adobe's third quarter non-GAAP earnings per share target range was $0.45 to $0.47.
Adobe's non-GAAP operating income was $351.9m in the third quarter of fiscal 2008, compared to $340.9m in the third quarter of fiscal 2007 and $349.6m in the second quarter of fiscal 2008. As a percent of revenue, non-GAAP operating income in the third quarter of fiscal 2008 was 39.7%, compared to 40.0% in the third quarter of fiscal 2007 and 39.4% in the second quarter of fiscal 2008.
Non-GAAP net income was $269.1m for the third quarter of fiscal 2008, compared to $269.4m in the third quarter of fiscal 2007, and $272.7m in the second quarter of fiscal 2008.
A reconciliation between GAAP and non-GAAP results is provided at the end of this press release.
Adobe Provides Fourth Quarter Financial Targets:
For the fourth quarter of fiscal 2008, Adobe announced it is targeting revenue of $925m to $955m. The Company also stated it is targeting an operating margin of approximately 30.5% on a GAAP basis, and an operating margin of approximately 39.5% on a non-GAAP basis.
In addition, Adobe is targeting its share count to be between 544 million and 548 million shares in the fourth quarter. The Company also is targeting GAAP and non-GAAP non-operating income to be between $6m and $7m. Adobe's GAAP and non-GAAP tax rates are expected to be approximately 25%.
These targets lead to a fourth quarter diluted earnings per share target range of $0.39 to $0.41 on a GAAP basis, and an earnings per share target range of $0.51 to $0.53 on a non-GAAP basis.
Posted by Siba Sami Ammari
