Adobe 2000 Annual Report Download - page 22

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LETTER
(L to R) John E. Warnock, Chairman of the Board and Chief Technology Officer Charles M. Geschke, Chairman of the Board Bruce R. Chizen, President and Chief Executive Officer
During fiscal 2000, direct costs were reduced, helping to increase gross
margins from 90.7% in fiscal 1999 to 93.1% in fiscal 2000. As a percentage of
revenue, general and administrative overhead was reduced from 10.2% to
9.2%. With carefully managed expenses, operating profit increased to $408.1
million in fiscal 2000.
REVENUE GROWTH THROUGH APPLICATIONS While tight operational
controls contributed significantly to our overall fiscal health, our growth was
driven primarily by record revenue from our industry-standard applications.
Web and print professionals enjoyed new versions of our flagship products.
Both Adobe Photoshop 6.0 and Adobe Illustrator 9.0 software delivered
significant enhancements for working with rich Web content. With an
expanded feature set and tighter integration with other Adobe
applications, Adobe GoLive 5.0 software garnered rave product reviews.
And Adobe LiveMotion software gave Web designers an intuitive
software tool that integrates with Photoshop and GoLive and produces
compelling Web animations in the Macromedia®
Flash™ (SWF) file format.
As Web publishers compete for attention online, they are beginning to
integrate rich media and streaming video into their Web sites. In the
midst of this trend, Adobe continued to benefit as the leading provider of
Letter to Stockholders
Financials
The Third Wave
Anyone
Anywhere
Any Device
Financial Highlights
Evolution or Revolution?
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Adobe 2000 Annual Report