ADOBE SYSTEMS $33.39 - Nasdaq symbol ADBE

ADOBE SYSTEMS $33.39 (Nasdaq symbol ADBE; TSINetwork Rating: Average) (408-536 -6000; www.adobe.com; Shares outstanding: 496.1 million; Market cap: $16.6 billion; No dividends paid) reports that in its fiscal 2012 first quarter, which ended March 2, 2012, its earnings fell 21.1%, to $185.2 million, or $0.37 a share. A year earlier, it earned $234.6 million, or $0.46 a share. Without unusual items, earnings per share fell 1.7%, to $0.57 from $0.58. Sales rose 1.7%, to $1.05 billion from $1.03 billion.

Customers are waiting for the new version of Adobe’s Creative Suite of publishing programs, which it will release later this year. That was the main reason for the lower earnings and weak sales growth.

The stock trades at 13.8 times the $2.42 a share that Adobe will probably earn in fiscal 2012. The company also holds cash and investments of $2.8 billion, or $5.53 a share. Its long-term debt of $1.5 billion is just 9% of its market cap.

Adobe is a hold.

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