Originally featured on BroadcastEngineering.com
Avid reports loss, company to restructure
As Avid Technology announced a second quarter net loss of $6 million, the company said last week it will restructure its operations and lay off about 150 employees, mostly from its video division.
As part of the restructuring, Avid said it would move its video server engineering operations from Mountain View, CA, to existing facilities in Edmonton, Canada and Tewksbury, MA. It will also reduce space within certain facilities.
Revenue for the six-month period ended June 30, 2007, was $444.2 million, compared with revenue of $440.3 million for the same period in 2006. Net loss for the first six months of 2007 was $6 million, or $.15 per share.
It was announced earlier that David Krall, Avid’s CEO, is leaving the company, effective this week. Avid is currently searching for a replacement.