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Avid Analysis Results in Additional $69 Million Impairment

TEWKSBURY, MASS.: Avid Technology's final analysis of last year’s financials have resulted in an additional impairment charge of $69 million, the company said, bringing the total write-down on intangibles and goodwill to $78.7 million for 4Q08 and $130 million for the year, the company said.

In January, Avid reported preliminary 2008 revenues of nearly $845 million compared to $929.6 million for 2007. Net loss was anticipated to be nearly $130 million, compared to $8 million for ’07.

The early impairment figure was $104.6 million, meaning the recalculated final net loss figure for 2008 will come in at around $155.4 million.

Avid (NASDAQ: AVID) reported having $147.7 million in cash at the end of 2008. 

Shares were trading near $10 mid-day, up from around $9.70 on a wider spike across the markets. -- Deborah D. McAdams