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October 27, 1999

Macromedia Beats Q2 Targets as Shockwave Membership Tops 4m

By CBR Staff Writer

Macromedia Inc blew past analysts estimates for its third quarter numbers as membership of its shockwave.com entertainment web site topped four million, three months after its launch. The San Francisco web development tools company reported second quarter net income up 95.6% at $4.7m, including merger-related charges of $2.5m related to the acquisition of Elemental Software Inc and acquired technology charges of $2.8m. Revenues in the quarter rose 62% over last year to $57.7m. All the periods have been restated to reflect the Elemental acquisition, which closed September 30. Taking out the effects of that, net earnings per share would have been $0.19 per share, when the Street was looking for $0.16 per share, according to First Call.

On October 7 Macromedia announced the acquisition of Andromedia Inc in a deal that was worth about $210m at the time. The company also revealed at that time its Project Whirlwind product development plans, which will see it move more into the area of content management, in addition to its traditional content development. The company plans to establish shockwave.com eventually as an independently capitalized company. Cash and equivalents stood at $127.6m at the end of the quarter.

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