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Macromedia Files Form 10-Q
SAN FRANCISCO, CA—August 14, 2002—Macromedia,
Inc. (Nasdaq: MACR) today filed its Form 10-Q with the Securities
and Exchange Commission for the first quarter of fiscal
year 2003 (the 'Form 10-Q'). The Form 10-Q reflects certain
adjustments to the Company's financial results announced
on July 17, 2002. These adjustments resulted from information
that became available to the Company subsequent to the July
17, 2002 announcement and are reflected in the financial
results consistent with the Company's policy of accounting
for subsequent events. The adjustments concerned the reversal
of a $2.8 million charge and reserve relating to the judgment
in the now settled Adobe patent litigation and a deferral
of approximately $500,000 of revenue consistent with the
Company's revenue recognition policies.
In addition, Macromedia has provided, along with its Form
10-Q, the certifications required by Section 906 of the
Sarbanes-Oxley Act of 2002 of its Chief Executive Officer,
Robert K. Burgess, and Chief Financial Officer, Elizabeth
A. Nelson.
As revised, the net revenues for the quarter ended June
30, 2002, were $83.7 million, compared with revenues of
$88.7 million reported in the same quarter a year ago. Pro
forma net income for the first quarter of fiscal year 2003
was $54,000, or $0.00 per diluted share, compared to a pro
forma net loss of $8.6 million, or $0.15 per share for the
first quarter of fiscal year 2002. Net loss on a GAAP basis
for the quarter ended June 30, 2002, improved to $2.0 million
or a loss of $0.03 per share, compared to a loss of $111.8
million or $1.94 per share for the same quarter a year ago.
About Macromedia
Macromedia (www.macromedia.com) empowers
millions of designers and developers to create effective
user experiences across the widest array of platforms and
devices. Through an open, integrated family of client, tool,
and server technologies, Macromedia is driving a new generation
of rich Internet applications that will radically improve
the Internet experience.
Matters discussed in this news release may be considered
forward looking statements that involve risks and uncertainties,
including those related to customer acceptance of new products
and services and new versions of existing products, the
risk of integrating newly acquired technologies and products,
the impact of competition, the risk of delay in product
development and release dates, the economic condition in
the domestic and significant international markets in which
the company operates, quarterly fluctuations of the operating
results, risks of product returns, risks associated with
investment in international sales operations, and the other
risks detailed from time to time in the company's SEC reports,
including without limitation, its annual report on Form
10-K for the year ended March 31, 2002, and its quarterly
reports on Form 10-Q, as they may be updated or amended
with future filings. The actual results the Company achieves
may differ materially from any forward looking statements
due to such risks and uncertainties.
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