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Avid Narrows 1Q Loss

TEWKSBURY, MASS.: Avid’s cut its loss for the first quarter even as revenues fell. The pro video-editing specialist posted revenues of $151.6 million for the three months ending March 31, 2009, compared to $198.3 million for the same period in 2008. Net loss for the quarter was $17.3 million compared to $21.1 million in the first quarter of 2008.

1Q09 net loss included amortization of intangibles, stock-based compensation, restructuring costs and related tax adjustments totaling $11.7 million. Excluding these items, the net loss was $5.6 million.

“The economic climate continues to be a challenge; however, we are making solid progress executing our strategy to transform Avid,” said Avid chief Gary Greenfield. “The steps we’ve taken to integrate our business have enabled us to begin cultivating deeper partnerships with our customers--from home enthusiasts to large media enterprises--helping us to better understand their needs in terms of interoperability, openness, collaborative production and workflow. When the economy enters a period of recovery, we will be well positioned to take advantage of the many opportunities that exist in our markets.”