Updated from 4:45 p.m. EST

Adobe Systems ( ADBE) posted fiscal fourth-quarter results Thursday that beat expectations and offered guidance for 2006, including newly acquired Macromedia ( MACR), that exceeded analysts' forecasts.

Separately, Adobe announced the resignation of its CFO.

Under generally accepted accounting principles, San Jose, Calif.-based Adobe reported net income of $156.3 million, or 31 cents a share, in the fourth quarter, which ended Dec. 2. That compared with net income of $113.5 million, or 23 cents a share, a year earlier.

Excluding the net tax impact of the repatriation of certain foreign earnings and investment gains, Adobe earned pro forma net income of $151.5 million, or 30 cents a share in the quarter, compared with pro forma net income of $110.4 million, or 22 cents a share, a year earlier.

Sales soared to 19% from a year earlier to $510.4 million, setting a new record for the company and exceeding the company's guidance.

Analysts were most recently forecasting that Adobe would earn 29 cents a share on $507.1 million in revenue in the fourth quarter, according to Thomson First Call.

In October, Adobe said its results should hit the high end of its targets . Those targets called for earnings ranging from 27 cents to 29 cents a share on sales of $490 million to $510 million.

Earlier this month, Adobe, which makes digital document publishing and design software, closed its $3.4 billion purchase acquisition of Macromedia, the maker of Flash software used to display graphics on Web sites.

Adobe has already started bundling Macromedia and Adobe products, a few months earlier than some analysts expected.

"The integration of the two companies is progressing rapidly," CEO Bruce Chizen said on a postclose conference call.

Looking forward, Adobe expects first-quarter revenue to range from $630 million and $660 million, first-quarter GAAP earnings to range from 13 cents to 16 cents a share and non-GAAP earnings of 28 cents to 30 cents a share.

Analysts' forecasts called for Adobe to earn 28 cents a share on $633.9 million in sales in the first quarter.

For fiscal year 2006, Adobe said GAAP earnings should total 74 cents to 82 cents a share and non-GAAP earnings $1.26 to $1.30 a share on sales of about $2.7 billion.

Those targets, which include a full year of Macromedia results for the first time, represent 13% annual non-GAAP earnings growth and 37% sales growth. By comparison, earnings grew 24% and revenue 18% in just-completed fiscal 2005.

Analysts were forecasting that Adobe would earn $1.25 a share on $2.69 billion in sales in fiscal 2006. Several analysts had updated their numbers to reflect the Macromedia acquisition in their 2006 estimates.

Outgoing CFO Murray Demo noted that Adobe is targeting a non-GAAP operating margin for 2006 of 36% to 37%, approximately in line with the stand-alone company's 2005 operating margin.

To help achieve those targets, Adobe plans to lay off 650 to 700 employees from both companies, or about 10% of the combined workforce.

Adobe plans to incur restructuring charges of $20 million to $25 million in the 12 months ending Dec. 1, 2006, although the majority of the activities related to restructuring will be completed in the first quarter ending March 3, 2006.

In a separate announcement after the bell, Adobe said Demo would leave Adobe "to spend more time with his family" after nearly 10 years with the company. Chizen said Demo will remain in his role until March, or later if the company has not found his replacement by then.

Adobe shares have enjoyed a nice run this fall, appreciating nearly 30% since the beginning of September vs. a more modest 6% climb of the Nasdaq Composite.

After hours, shares of Adobe recently rose $1.18, or 3.4%, to $36.11 in after-hours trading; shares closed the regular session up 41 cents to $34.93.