Adobe reported improved year-on-year fourth-quarter results yesterday.

Its revenues reached $294.7 million for the quarter, which ended November 29. This compares to $264.5 million in 2001 and $284.9 million in the third quarter 2002.

"We’re pleased with our return to year-over-year quarterly revenue growth," said Bruce Chizen, president and CEO of Adobe. "We’re also excited about our strong product roadmap and the revenue growth we expect through the year," he said.

Net income (adjusted by US accountancy principles called GAAP – Generally Accepted Accountancy Principles) was $40.1 million for the fourth quarter of fiscal 2002, compared to $34.3 million reported in the fourth quarter of fiscal 2001, and $47.2 million in the third quarter of fiscal 2002.

Net income was $59.1 million for the fourth quarter of fiscal 2002, compared to $48.7 million in the fourth quarter of fiscal 2001, and $52.5 million in the third quarter of fiscal 2002.

Operating profit for the quarter was 28.4 per cent, compared to 25.7 per cent in the fourth quarter of fiscal 2001 and 25.6 per cent in the third quarter of fiscal 2002.

Adobe achieved revenue of $1.165 billion in 2002, compared to $1.230 billion in fiscal 2001. Net income was $191.4 million in fiscal 2002, compared to $205.6 million in fiscal 2001.

Adobe is targeting revenue at $275 million to $290 million. It expects to spend 22-23 per cent on research and development in the coming quarter.