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Avid Shares Maintain Gain on 2Q Results

BURLINGTON, MASS.: Avid shares have held onto a 14 percent gain since the company reported second-quarter results last Thursday. Revenues missed analyst expectations of nearly $164 million, coming in at $162.2 million for the three months ending June 30. The sum was up 8 percent from $150.5 million recorded in the second quarter of 2009.

Video products contributed $93.5 million; audio contributed $68.6 million. Net loss was $12.9 million, or 34 cents a share, versus $15.9 million or 43 cents a share a year ago.

“The success of our broadcast and live sound segments this quarter is a good indication of how our ongoing engagement with audio and video customers continues to result in solutions that both anticipate their technology needs and solve business problems,” said Avid chief Gary Greenfield. 

Avid finished the quarter with $46.8 million in cash and equivalents, compared to $108.8 million as of Dec 31, 2009. Long-term liabilities totaled $22.2 million versus $14.3 million.

Avid shares (NASDAQ: AVID) jumped from around $12 July 22 to $13 the next day and $13.65 today. Remaining 2010 revenues are expected to be higher than for the second half of 2009. Positive non-GAAP operating income is expected on projected full-year revenues of between $645 million and $655 million.
-- DMcA