Adobe reports second quarter fiscal 2009 results

“We are pleased with the solid profit margin and earnings results we were able to deliver in Q2,” said Shantanu Narayen, president and CEO of Adobe. “We continue to invest in our key business initiatives which will drive long-term revenue growth once the economy improves.”

Second Quarter Fiscal 2009 GAAP Results

Adobe’s GAAP diluted earnings per share for the second quarter of fiscal 2009 were $0.24, based on 528.0 million weighted average shares. This compares with GAAP diluted earnings per share of $0.40 reported in the second quarter of fiscal 2008 based on 542.4 million weighted average shares, and GAAP diluted earnings per share of $0.30 reported in the first quarter of fiscal 2009 based on 527.8 million weighted average shares.

GAAP operating income was $161.4 million in the second quarter of fiscal 2009, compared to $260.2 million in the second quarter of fiscal 2008 and $207.9 million in the first quarter of fiscal 2009. As a percent of revenue, GAAP operating income in the second quarter of fiscal 2009 was 22.9 percent, compared to 29.3 percent in the second quarter of fiscal 2008 and 26.4 percent in the first quarter of fiscal 2009.

GAAP net income was $126.1 million for the second quarter of fiscal 2009, compared to $214.9 million reported in the second quarter of fiscal 2008 and $156.4 million in the first quarter of fiscal 2009.

Second Quarter Fiscal 2009 Non-GAAP Results

Non-GAAP diluted earnings per share for the second quarter of fiscal 2009 were $0.35. This compares with non-GAAP diluted earnings per share of $0.50 reported in the second quarter of fiscal 2008 and non-GAAP diluted earnings per share of $0.45 reported in the first quarter of fiscal 2009.

Adobe’s non-GAAP operating income was $237.7 million in the second quarter of fiscal 2009, compared to $349.6 million in the second quarter of fiscal 2008 and $295.0 million in the first quarter of fiscal 2009. As a percent of revenue, non-GAAP operating income in the second quarter of fiscal 2009 was 33.7 percent, compared to 39.4 percent in the second quarter of fiscal 2008 and 37.5 percent in the first quarter of fiscal 2009.

Non-GAAP net income was $185.0 million for the second quarter of fiscal 2009, compared to $272.7 million in the second quarter of fiscal 2008 and $236.8 million in the first quarter of fiscal 2009.