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07.27.2009 12:00AM
Avid Loss Widens in 2Q
TEWKESBURY, MASS.: Video editing specialist Avid Technology posted a loss for the second quarter that exceeded analyst expectations. The company reported a net loss of $15.9 million, or 43 cents a share, on revenues of $150.5 million, for the three months ending June 30. During the same period a year ago, net loss was $10.4 million, or 28 cents a share, on revenues of $222.9 million.

Excluding special items--amortization of intangibles, stock-based compensation, restructuring charges and tax adjustments—net loss was $5.5 million or 15 cents a share. Analysts had Avid coming in at a loss of 13 cents a share on revenues of $155 million, Reuters said.

Cash on hand as of June 30 was $118.6 million, or around $3.18 per share. Shares of Avid slipped on the news of its 2Q results, from around $13.40 on Thursday to less than $12.50 a share on Friday, where it remained in Monday trading.
-- Deborah D. McAdams



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Posted by: Brian Smith
Mon, 07-27-2009 - 5:48PM Report Comment
Of course they lost revenue. They refuse to deliver a competitive product. They refuse to let they hardware work with 3rd party products losing out on millions in sales. Yet more proof that ceos are overcompensated idiots!






 
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