Adobe Systems Inc. yesterday reported net income nearly doubled during its fourth quarter, and revenues grew 14% on strong demand across its product line.
The Web-imaging and publishing software vendor reported net income rose 93.6%, to $97.4 million for the quarter ended Dec. 3, compared with $50.3 million during the comparable quarter last year. Sales increased to $281.8 million, compared with $246.7 million last year. For the entire year, sales surpassed $1 billion for the first time, with the company posting $1.015 billion in revenue, up 13.4% from $895 million last year. Net income was up 126% for the year, to $237.8 million.
"Adobe's growth comes from the increased demand for our products for Web content creation and delivery," chairman and CEO John Warnock said in a statement. "This has resulted in solid performance across all of our application product segments." Warnock reiterated his goal to increase revenue by 20%, and operating profit by 30% in fiscal 2000.
The company also said president and co-founder Charles Geschke would retire in March. Warnock will assume the title of president at that time. "Adobe enters the next millennium in its strongest position ever in terms of the strength of its management team, its leadership market position, and the quality of its products," Warnock said.