BURLINGTON, MASS.—Avid said on Monday, March 9, that it will publicly announce later this week whether it will exhibit at the 2020 NAB Show next month.
“Right now we are in active discussions with NAB and the Avid Customer Association Board of Directors to make a decision that we think is in the best interest of our employees, customers and partners,” said Avid President Jeff Rosica. “We expect to make an announcement later this week regarding our participation—well, our participation at NAB and what we'll be doing about Connect. So I would say stay tuned. But generally I think we're going to probably have to lean to be a little more safe with our decisions.”
Rosica made his comments during the company’s quarterly earnings report conference call on Monday, in which it reported total revenue in the fourth quarter was up 3.2% year-over-year, “benefiting from ongoing growth in our creative software subscriptions business and our audio integrated solutions business and continued relative strength in our maintenance business,” the company said.
The impact that the coronavirus (COVID-19) could have on Avid’s bottom line was also discussed.
“We are continuing to carefully track any potential impact of the evolving COVID-19 situation in our business,” said Avid CFO Ken Gayron. “Our transition of our supply chain out of Southeast Asia during 2019 has lessened any impact we may have otherwise felt to date. However, as the situation evolves there could be potential risk to our Q1 results, any of which to the extent realized would likely be timing differences as opposed to permanent in nature. Accordingly, we have widened our guidance ranges for the quarter to the downside, given the risk of COVID-19.”
TVT is keeping track of the latest information on the coronavirus and the NAB Show.
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