In a May 2, 2001 announcement, Macromedia reported fourth quarter and fiscal year results for its software business. For the fourth quarter ended March 31, 2001, revenues were $89.1 million as compared with revenues of $86.4 million reported in the same quarter a year ago. Pro forma net income was $8.4 million, or $0.15 diluted earnings per share during the fourth quarter of fiscal 2001, compared to pro forma net income of $16.8 million, or $0.30 diluted earnings per share in the same period a year ago. Revenues for the fiscal year ended March 31, 2001 increased 47%, totaling $376.4 million, as compared with $255.9 million for fiscal year 2000. Pro forma net income for the full fiscal year increased over 56% reaching $66.9 million, or $1.18 diluted earnings per share, as compared with pro forma net income of $42.9 million, or $0.80 diluted earnings per share, a year ago. Pro forma financial information provided by the company excludes shockwave.com operating results and represents operating results for Macromedia's software business only. In addition, the numbers incorporate 10 days of results from Allaire Corporation, whose merger with Macromedia closed March 20, 2001. "Though the second half of our year was weaker than the first, overall it was still a pretty good year," said Rob Burgess, Macromedia chairman and chief executive officer. "The integration with Allaire has gone well and we are all focused and excited about executing on our vision." However, Burgess did sound a word of caution regarding estimates for future revenue and profitability. "While we continue to see great opportunities for Macromedia, the economic climate has significantly reduced our visibility into future financial results," said Burgess. "Therefore, we will not be providing any financial guidance for the near term. We have taken steps to reduce costs in line with the weak economy and remain committed to providing shareholder returns of greater than 20% operating margins over time."