Avid Revenues Rise
April 27, 2010
TEWKSBURY, MASS.: Avid Technology cut its losses for the first
quarter of 2010 on higher revenues than for the same period a year earlier. The
broadcast equipment maker posted a net loss of $13.5 million on revenues of
$156 million for the quarter ending March 31, 2010. Net loss last year was
$17.3 million on revenues of $151.6 million.
The bottom line was affected by $8.9 million in write-offs and restructuring
charges. Excluding these, net loss would have totaled $4.6 million for 1Q10.
“Our year-on-year first quarter revenue increase is a positive sign not only for
the growth of Avid’s business, but the industry-at-large,” said Gary
Greenfield, chairman and CEO of Avid. “We saw some positive momentum at NAB and are excited about the possibilities our new products and the acquisition of
Euphonix will play in the future success of our business and our customers’
Avid finished the quarter with $74.2 million in cash. Current liabilities,
including $45.6 million in deferred revenues, was $148.7 million. Long-term
liabilities totaled $16.3 million.
Shares fell from a one-year high-water mark of nearly $18 to stabilize at
around $15.20 on the results. Avid (NASDAQ: AVID)
beat the Street for revenue, but missed earnings per share expectations.
Avid posted an EPS loss of 12 cents a share, excluding one-time items. Analysts
expected around half that amount,
said. The $15 range for the stock is still higher than where it sold throughout
the first quarter.
-- Deborah D. McAdams
April 12, 2010: “Avid Takes
Audio Console Maker Euphonix”
Shares of editing specialist Avid shot up after it agreed to buy audio console
maker Euphonix for an undisclosed sum.
November 24, 2009
: “Avid Moves Closer to
The video editing, storage and media management developer has signed a lease
for three buildings in Burlington, Mass., northwest of Boston. The company is
currently based in Tewksbury, about 10 miles further north.