Avid posts revenue loss
Avid Technology, a major supplier of nonlinear video editing systems to broadcasters, posted a first-quarter-2008 loss based on lower revenues than the same period last year. The company is restructuring costs under a new management team.
Revenues for the quarter ending March 31 were $198.3 million compared with $218.9 million for the same period in 2007, and the net loss for the quarter was $21.1 million, or $0.54 per share, versus $20,000 ($0.00 per diluted share) in the first quarter of 2007.
Avid’s quarterly loss reflects $9.4 million of amortization, stock-based compensation, restructuring costs and related tax adjustments. The company’s income for the same period last year also included $10.6 million of similar charges.
Avid is attempting to win back market share it has lost to Apple and Thomson in broadcast editing.