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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Adobe Systems Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: March 30, 2012 07:00AM
Adobe Systems Inc. (ADBE) filed Quarterly Report for the period ended 2012-03-02. Highlight of Business Operations:Revenue in our Digital Marketing segment increased 22% year-over-year during the three months ended March 2, 2012. Driving this success was continued adoption of our Digital Marketing Suite which includes our CQ Web Experience Management (“WEM”) offerings, coupled with revenue generated from products associated with our recent acquisition of Efficient Frontier.Our Print and Publishing business segment revenue increased 2% year-over-year during the three months ended March 2, 2012, primarily due to fees received for consulting services and royalties related to PostScript products. Revenue from Digital Media decreased $30.8 million during the three months ended March 2, 2012 as compared to the three months ended March 4, 2011 primarily due to a slowdown in demand for our Creative Suite family of products as customers appear to be delaying purchasing in anticipation of our upcoming CS6 launch. The year-over-year decrease in revenue was also driven by a shift in product mix to the lower priced Creative Suite product offerings and a decline in Photoshop point product revenue due to no recent releases of Photoshop and Photoshop Extended since fiscal 2010. These decreases were offset in part by an increase in revenue associated with third-party toolbar distribution via Flash Player downloads. Within Digital Media, Document Services revenue which includes our Acrobat product family remained relatively stable during the three months ended March 2, 2012 as compared to the three months ended March 4, 2011. Despite an overall decline in the number of units licensed for both Creative and Acrobat within Document Services during the three months ended March 2, 2012 as compared to the same period in the prior year, unit average selling prices remained relatively stable for both offerings. Revenue from Print and Publishing increased $1.3 million during the three months ended March 2, 2012 as compared to the three months ended March 4, 2011. The increase was primarily due to fees received for consulting services and royalties related to PostScript products, offset in part by the timing of product releases for ColdFusion and Adobe Captivate resulting in a decline in revenue. Net cash used for investing activities of $437.7 million for the three months ended March 2, 2012 was primarily due to our acquisition of Efficient Frontier. Other uses of cash during the three months ended March 2, 2012 represented purchases of property and equipment and short-term investments, offset in part by sales and maturities of short-term investments.
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