Avid Numbers Up In Q4
Avid Technology posted results for the fourth quarter ending Dec. 31 that show increased revenues and net income based on its video segment, reflecting changes in product mix, a stronger Euro and lower discounting. Revenues for the quarter increased 8 percent to $112.8 million from $104.8 million in the same quarter in 2001.
Net income for the quarter was $4.3 million ($0.15 per diluted share), up from $1.3 million ($0.05 per diluted share) last year. A $3.2 million non-recurring charge related to vacating real estate subject to long-term leases in the San Francisco market caused the net income to decrease.
Revenues for FY2002 were $418.7 million compared to $434.6 million for 2001. Net income for 2002 was $3.0 million ($0.11 per diluted share) compared to a net loss of $38.1 million ($1.49 per share). Excluding restructuring and other costs and acquisition-related amortization, Avid would have reported net income of $7.1 million, compared to net income of $1.3 million in 2001.
"We grew top-line revenue over Q4 of last year, and we ended 2002 with a stronger balance sheet," said David Krall, Avid's president and CEO. "We believe our solid performance is a continuing reflection of the strategy we first put in place nearly three years ago, and provides a very firm foundation on which to build in 2003."
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