SAN JOSE (dpa-AFX) - Corrects to show fourth quarter profit as $73.3 million in the first para and not $733 million as was mentioned in the earlier story:
Adobe Systems Inc. (ADBE) reported net income for the fourth quarter of $73.3 million or $0.14 per share, compared to $65.3 million or $0.13 per share for the year-ago quarter.
Excluding items, adjusted net income for the fourth quarter was $180.3 million or $0.36 per share, compared to $164.6 million or $0.32 per share in the prior year quarter.
Total revenue for the fourth quarter rose to $1.07 billion from $1.04 billion in the same quarter last year.
Anaysts polled by Thomson Reuters expected the company to earn $0.30 per share on revenue of $1.06 billion for the fourth quarter. Analysts' estimates typically exclude special items.
In 2015, the company expects revenue and earnings to grow sequentially every quarter during the year.
Adobe also said that it has agreed to buy privately-held Fotolia, a marketplace for royalty-free photos, images, graphics and HD video, for about $800 million in cash.
Founded in 2004, with offices in New York, Paris and Berlin, Fotolia is owned by Kohlberg Kravis Roberts & Co. L.P., TA Associates and management. Fotolia currently operates in 23 countries and has websites in 14 languages.
The deal is expected to close in the second half of Adobe's fiscal Q1 2015. Fotolia will be integrated into Adobe Creative Cloud, providing current and future Creative Cloud members with the ability to access and purchase over 34 million images and videos, significantly simplifying and accelerating the design process.
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