The second quarter was a good one for Adobe Systems. Aside from announcing an agreement in April to acquire Macromedia, the company just posted strong financial results for the quarter.
Adobe posted a record $496.0 million in revenue, which compares to $410.1 million for the same period a year ago, and $472.9 million for the first quarter of this year.
“Adobe’s performance in Q2 reflects our third consecutive quarter of record revenue, demonstrating continued execution against our strategy,” said Adobe CEO Bruce Chizen. “Our planned acquisition of Macromedia will further enhance our ability to deliver an industry-defining technology platform and enable us to offer a wider range of solutions to customers and industries around the world.”
Adobe says that the integration plans between itself and Macromedia are well underway, and anticipates that the acquisition will reach completion this fall.
Adobe also pointed out that its pre-merger notification and report form under the Hart-Scott-Rodino Act is currently under review by the Department of Justice. The company plans to file a registration statement on Form S-4 in the coming weeks.
Adobe also announced that a few days ago an Adobe stockholder filed a complaint in the Santa Clara County, California Superior Court naming Adobe and its board of directors as defendants.
The claim alleges a breach of fiduciary duty in connection with Adobe’s plan to acquire Macromedia in light of Macromedia’s recent restatement of its financial results for its fiscal years 1999-2004. The company believes the complaint is without merit and said it will defend the matter vigorously.
Chris is a staff writer for Murdok. Visit Murdok for the latest ebusiness news.
