Avid Cuts Loss on Rising Revenue
BURLINGTON, MASS.: Avid
finished the third quarter with a net loss of nearly $10 million on revenues of
$165.1 million. The quarter ending Sept. 30, 2010, compares favorably to the
year-ago period when Avid lost $17.2 million on $152.1 million. Per-share loss
for 3Q10 was 26 cents compared to 46 cents a year ago.
“We are pleased to report our strongest financial quarter since 2007, including
a non-GAAP operating profit and strong year-over-year revenue growth,” said
Gary Greenfield, chairman and CEO of Avid. “The steady revenue growth trend in
both Avid's business and our customers’ businesses is encouraging and we remain
focused on improving our profit margin.”
Avid finished the quarter with cash and equivalents of $34.4 million, versus
$108.9 million as of Dec. 31, 2009. Long-term liabilities totaled $22.1 million
compared to $14.5 million.
Avid reported second-quarter revenues of $162.2 million, up 8 percent over 2Q09.
The company said it expected positive non-GAAP operating income on full-year
revenues of $645 million to $655 million.
Shares of Avid (NASDAQ: AVID) are about flat year-to-date at $12.78, but fell
from around $13.50 on Friday, when its quarterly results were announced.
-- Deborah D. McAdams