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It looks like Adobe may have over-extended themselves with all the buyouts of those little companies. Lightroom has been a big head with photographers, but it looks like Adobe may have taken on some debt they might be having a hard time managing.

I have no doubt Adobe will come through this, but it’s troubling to see them in such a vulnerable position.

While developers are scrambling to meet deadlines, on the other end of the building, Adobe executives are applauding their company’s financial performance, with revenue for its fiscal third quarter ending last month coming in at $1 million above the high side of projections, at $887.2 million — a gain of 4% over the previous year’s third quarter.

Behind the applause, though, were some negative signs: Operating income was down about 14% annually, to $219 million. The bad economy was not to blame here: Operating expenses were generally higher — by about 10% annually — margins (GAAP) declined by about 5% in the last year to 24.7%, and the balance sheet shows a $350 million debt maturity during the quarter.

Adobe Creative Suite 4 launches next week, could only help earnings

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