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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