Print
Email
/ 07.27.2010 2:00PM
Avid Shares Maintain Gain on 2Q Results
BURLINGTON, MASS.: Avid shares have
held onto a 14 percent gain since the company reported second-quarter results
last Thursday. Revenues missed analyst expectations of nearly $164 million,
coming in at $162.2 million for the three months ending June 30. The sum was up
8 percent from $150.5 million recorded in the second quarter of 2009.
Video products contributed $93.5 million; audio contributed $68.6
million. Net loss was $12.9 million, or 34 cents a share, versus $15.9 million
or 43 cents a share a year ago.
“The success of our broadcast and live sound segments this quarter is a good
indication of how our ongoing engagement with audio and video customers
continues to result in solutions that both anticipate their technology needs
and solve business problems,” said Avid chief Gary Greenfield.
Avid finished the quarter with $46.8 million in cash and equivalents, compared
to $108.8 million as of Dec 31, 2009. Long-term liabilities totaled $22.2
million versus $14.3 million.
Avid shares (NASDAQ: AVID) jumped from around $12 July 22 to $13 the next day
and $13.65 today. Remaining 2010 revenues are expected to be higher than for
the second half of 2009. Positive non-GAAP operating income is expected on
projected full-year revenues of between $645 million and $655 million.
-- DMcA
Print
Email
Sunday 12:00AM
EBU Pushes Hybrid Broadcast/Broadband TV
“Underlying this co-operation is the shared conviction that... only a flexible, cross-border approach will make it happen quickly.” ~ Ingrid Deltenre