Late on Tuesday, software maker Adobe Systems Inc. (NASDAQ: ADBE) announced that its fiscal fourth-quarter net income increased to $245.9 million, or 46 cents a share, from $222.2 million, or 38 cents a share in the corresponding quarter a year ago.  Revenue grew to $915.3 million from $911.2 million in the period. Excluding special items, the company earned 60 cents a share. Analysts on average were looking for to report earnings of 57 cents a share, excluding special items, on revenue of $917.7 million. Earlier in December, Adobe had forecast that it will post earnings excluding special items between 59 and 60 cents a share, and revenue between $912 million and $915 million. San Jose California-based company also reaffirmed its guidance for fiscal first quarter and said that it expects to earn in the range of 43 and 47 cents a share, and report revenue to be between $800 million and $850 million. Analysts on average are currently expecting Adobe to earn 45 cents a share, and $837.8 million in revenue. Adobe Chief Executive Shantanu Narayen said in a statement "Although we expect 2009 will be a challenging year, we remain excited about the long term market trends driving our business."  Shares of Adobe Systems Inc. surged 10.66% in after hours trade on Tuesday.

Homebuilder Hovnanian Enterprises (NYSE: HOV) said that its fourth quarter loss narrowed to $450.5 million, or $5.79 a share, from a net loss of $469.3 million, or $7.42 a share, in the comparable quarter in 2007. Revenue decreased 48% to $721.4 million from $1.39 billion. President and Chief Executive Ara Hovnanian said in a statement "Since mid-September, the housing market has deteriorated in lock-step with the widening financial crisis and declines in broader economic conditions. Despite the headwinds we faced, we ended the year with $838 million in cash, slightly above the guidance we gave earlier in the fall before conditions worsened." He added "The housing industry typically leads the U.S. economy into and out of recessions. It is important that a housing stimulus package is passed in order for a turnaround to occur in housing and the U.S. economy overall."  Shares of the company plunged 10.19% in evening trade.

Applied Signal Technology Inc. (NASDAQ: APSG) reported that its fourth-quarter profit rose to $2.55 million or $0.20 per share from $2.39 million or $0.19 per share in the same quarter last year. Revenues jumped 4.6% to $48.37 million from $46.24 million in the year ago period. Street analysts projected earnings of 19 cents a share on revenue of $51.90 million. Commenting on the results, President and CEO William Van Vleet said "We are pleased with our good financial performance in fiscal 2008. Our revenue performance was driven primarily by continued demand for our core SIGINT products.