Macromedia yesterday issued adjusted first-quarter 2003 financial results, revising its previously announced figures.
The new figures take into account Macromedia and Adobe's resolution of outstanding legal disputes. They reverse the $2.8 million charge originally reported by Macromedia as part of the dispute. The revised figures also announce the deferral of $500,000 revenue “consistent with the company's revenue recognition policies”.
The revised figures show net revenues for the quarter of $83.7 million, compared to $88.7 million in the same quarter a year ago. The company originally announced revenues of $84.2 million for the quarter.
The settlement of the legal disputes between Adobe and Macromedia was announced July 29, 12 days after the unrevised first-quarter results where issued.
At that time, Macromedia CEO Rob Burgess said: “We're pleased with our progress this quarter. We successfully launched our most ambitious product agenda ever with the MX family, and we delivered against our financial targets in this tough economy.”
Wall Street's reaction to the revised results was lacklustre – the company lost 4.08 per cent of value to close at $6.59. The Nasdaq climbed 0.8 per cent overall on the day.