Adobe 2002 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2002 Adobe annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 147

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147

25
information and events pertaining to a particular case. Litigation is inherently unpredictable. However, Adobe
believes that it has valid defenses with respect to the legal matters pending against it, as well as adequate provisions
for any probable and estimable losses. It is possible, nevertheless, that cash flows or results of operations could be
affected in any particular period by the resolution of one or more of these contingencies.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
PART II
Item 5. Market for Registrant’s Common Stock and Related Stockholder Matters
Our common stock is traded on The Nasdaq National Market under the symbol “ADBE.” On January 24, 2003,
there were 1,819 holders of record of our common stock. Because many of such shares are held by brokers and other
institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by
these record holders. The following table sets forth the high and low sales price per share of our common stock and
the cash dividends paid per share, for the periods indicated.
Price Range
High Low
Cash
Dividend
Per Share
Fiscal 2002:
First Quarter ................................................................................................ $ 39.2
0
$30.0
0
$ 0.0125
Second Quarter............................................................................................ 43.32 35.05 0.0125
Third Quarter............................................................................................... 39.03 16.50 0.0125
Fourth Quarter............................................................................................. 30.52 17.71 0.0125
Fiscal Year .................................................................................................. 43.32 16.50 0.05
Fiscal 2001:
First Quarter ................................................................................................ $ 77.5
6
$ 26.25 $ 0.0125
Second Quarter............................................................................................ 48.80 24.56 0.0125
Third Quarter............................................................................................... 48.13 31.22 0.0125
Fourth Quarter............................................................................................. 34.99 22.20 0.0125
Fiscal Year .................................................................................................. 77.56 22.20 0.05
We have paid cash dividends on our common stock each quarter since the second quarter of 1988. Under the
terms of our lease agreements and real estate financing agreement, we may pay cash dividends unless an event of
default has occurred; however, our ability to distribute dividends may be limited if we do not meet certain financial
ratios. We have been in compliance with financial ratio covenant requirements since the inception of our lease and
real estate financing agreements. The declaration of future dividends, whether in cash or in-kind, is within the
discretion of Adobe’s Board of Directors and will depend upon business conditions, our results of operations, our
financial condition, and other factors.
For information on our equity compensation plans refer to Item 7, “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” under the section titled “Employee Stock Options.”