Macromedia announced its third-quarter 2003 financial results last week, displaying a small upswing in net revenues.

Net revenues for the quarter were $82.6 million, compared to $73.3 million in the same period a year ago. Net income was $10.8 million, compared to a net loss of $42.9 million in the year-ago quarter.

Looking ahead, Macromedia expects its fourth-quarter revenues to be in the range of $80 to $85 million. It predicts expenses will rise as the company invests in and promotes new products. It expects full year revenues to reach $332-337 million.

Wall Street reaction to Macromedia's slight improvement in fortunes was positive, with investor's resource issuing 'Buy' recommendations on the company's stock. It said: "The third quarter's turnaround bodes very well for the company moving forward, which could leave investors surfing on strong returns with Macromedia."

Macromedia insiders have vehemently denied recent rumours of the company being subject to a takeover.