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Macromedia Reports Fourth Quarter and Fiscal Year 2005 Financial Results; Delivers 18% Annual Revenue Growth

SAN FRANCISCO--(BUSINESS WIRE)--May 3, 2005--Macromedia, Inc. (Nasdaq:MACR)

Macromedia, Inc. (Nasdaq:MACR) Three Months Year Ended
Summary Financial Results Ended March 31
(in millions, except per share data) March 31
2005 2004 2005 2004
Net Revenues $ 116 $ 102 $ 436 $ 370
Net income (loss) per
diluted share - GAAP $(0.03) $0.19 $0.55 $0.54
Net income per diluted share - pro forma $ 0.23 $0.22 $0.85 $0.65


Macromedia (Nasdaq:MACR) today reported financial results for its fiscal fourth quarter and fiscal year ended March 31, 2005. Net revenues for the quarter were $116.1 million, a 14 percent increase compared to the $102.0 million reported for the same period last year. Net revenues for fiscal year 2005 were $436.2 million, an 18 percent increase compared to the $369.8 million for fiscal year 2004.

"Macromedia has delivered an outstanding quarter and fiscal year highlighted by strong growth and solid profitability," said Stephen Elop, CEO, Macromedia. "We are equally proud of the strategic progress that we have made. In the last 90 days alone, we have chalked up major strategic wins in each of our growth agendas, including mobile, Flex, and Breeze."

Net loss for the fiscal fourth quarter was $2.3 million, or $0.03 per diluted share, compared to net income of $13.5 million, or $0.19 per diluted share, for the same quarter a year ago. Pro forma net income for the three months ended March 31, 2005 was $18.2 million, or $0.23 per diluted share, compared to $15.5 million, or $0.22 per diluted share, for the comparable quarter a year ago.

Net income for the year ended March 31, 2005 was $42.5 million, or $0.55 per diluted share, compared to $37.4 million, or $0.54 per diluted share, for the prior fiscal year. Pro forma net income for fiscal year 2005 was $65.2 million, or $0.85 per diluted share, compared to a pro forma net profit of $45.0 million, or $0.65 per diluted share, for fiscal year 2004.

The Company's cash, cash equivalents, and short-term investments were $378.3 million as of March 31, 2005, a $37.4 million and $95.6 million increase from December 31, 2004 and March 31, 2004, respectively. Deferred revenue was $52.0 million as of March 31, 2005, a $2.8 million and $14.6 million increase from December 31, 2004 and March 31, 2004, respectively.

Pro Forma Results

Macromedia's pro forma operating results for the three months and fiscal year ended March 31, 2005 and 2004 differ from corresponding results reported under U.S. GAAP due to adjustments for the following items reported in its consolidated results from operations:

-- The amortization and impairment of acquired developed
technology and intangible assets and the write-off of
in-process research and development.

-- A decrease in expenses resulting from a reduction in the
estimated fair value of contingencies assumed in our
acquisition of eHelp Corporation in FY04.

-- A restructuring charge to reflect costs associated with
exiting leased facilities.

-- Gains on investments in privately-held companies.

-- The application of a 20 percent tax rate to pro-forma net
income.

See the attached reconciliation of GAAP and pro forma results.

Business Outlook

The following statements are based upon current expectations and exclude any impacts resulting from the Company's announced plans to be acquired by Adobe Systems Incorporated. These forward looking statements are subject to risks and uncertainties discussed below. Actual results may differ materially.

For the fiscal year ending March 31, 2006, the Company reiterated its guidance for net revenues to exceed $500 million, with gross margin between 91 percent and 92 percent of revenue, and operating profit margin trending towards 20 percent over the course of the year.

For the quarter ending June 30, 2005, Macromedia expects net revenues to be flat to slightly down from its March quarter, with gross margins in the 92 to 93 percent range, and an operating profit margin between 15 and 17 percent.

Restatement For A Non-Cash Operating Expense Item and Income Taxes

On May 2, 2005 the Company determined that at March 31, 2004, it had understated by $6.1 million a liability related to the accrued benefit of an employee sabbatical leave program adopted in fiscal year 1999 which provides paid-time-off to employees based on years of employment. The Company believes that the appropriate manner in which to correct the cumulative effect of this non-cash error is to restate previously issued financial statements for fiscal years ended March 31, 2004, 2003, 2002, 2001, 2000, and 1999. Additionally, the Company's previously reported results for the three and nine-month periods ended December 31, 2004 included a cumulative adjustment to its income tax provision of $2.0 million related to periods prior to April 1, 2004, in order to properly remeasure the Company's net foreign-currency denominated tax liabilities to U.S. dollars. Because Macromedia will be restating its previously issued financial statements for the employee sabbatical leave program, the Company has also restated its previously issued financial statements for fiscal years 2004, 2003, and 2002 to properly apply the provisions of Financial Accounting Standard No. 109, Income Taxes. The Company intends to file the restated audited financial statements and related auditor's report by amending its Form 10-K for the fiscal year ended March 31, 2004. The impact of correcting prior period financial statements for these non-cash items is summarized in the supplemental schedules attached to the related Form 8-K we filed today, which may be accessed through the SEC's web site at www.sec.gov or our investor relations website at http://www.macromedia.com. We expect to file an amended Form 10-K for fiscal year 2004 within the next several weeks.