Adobe saw 22 per cent year-on-year revenue growth in its year's trading just gone, the company reported last night. This exceeded expectations.

The company achieved record revenue of $358.6 million, in contrast to the $294.7 million reported in the fourth quarter of fiscal 2002 and $319.1 million reported in the third quarter 2003. The company had anticipated fourth-quarter revenues of between $330-350 million.

Net income was $83.3 million for the fourth quarter of fiscal 2003, compared to $40.1 million reported in the fourth quarter of fiscal 2002, and $64.5 million in the third quarter of fiscal 2003. On a year-over-year basis, net income grew 108 per cent.

Adobe president and CEO Bruce Chizen said: "Adobe's record Q4 revenue is the result of outstanding performance, as well as Adobe's increasing relevance as a platform provider across our customer segments.

"During fiscal 2003, we expanded our commitment to the creative professional, extended our reach into the digital imaging and video markets, and clearly defined our vision for intelligent document solutions for our growing base of enterprise customers.

"Given the positive momentum we established during the year, we're optimistic about our opportunities for continued growth in fiscal 2004 and we are reaffirming our annual financial targets," he said.

Adobe's record quarter was driven by the success of its Acrobat and creative products. The company is aiming at first quarter 2004 revenues of $360-$380 million.

Adobe achieved 2003 revenue of $1.295 billion, compared to $1.165 billion in fiscal 2002. On a year-on-year basis, annual revenue grew 11 per cent.

Spending in the next quarter is anticipated to include the following elements: research and development, approximately 21 per cent; sales and marketing, approximately 31 to 32 per cent; general and administrative, approximately nine per cent.