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.