07.27.2009 05:00 PM
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



Comments
Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

1.
Posted by: Brian Smith
Mon, 48-27-2009 05:48 PM 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!




Thursday 10:05 AM
NAB Requests Expedited Review of Spectrum Auction Lawsuit
“Broadcasters assigned to new channels following the auction could be forced to accept reductions in their coverage area and population served, with no practical remedy.” ~NAB


 
Featured Articles
Discover TV Technology