TEWKSBURY, MASS.: Avid Technology cut its losses for the first quarter of 2010 on higher revenues than for the same period a year earlier. The broadcast equipment maker posted a net loss of $13.5 million on revenues of $156 million for the quarter ending March 31, 2010. Net loss last year was $17.3 million on revenues of $151.6 million.
The bottom line was affected by $8.9 million in write-offs and restructuring charges. Excluding these, net loss would have totaled $4.6 million for 1Q10.
“Our year-on-year first quarter revenue increase is a positive sign not only for the growth of Avid’s business, but the industry-at-large,” said Gary Greenfield, chairman and CEO of Avid. “We saw some positive momentum at NAB and are excited about the possibilities our new products and the acquisition of Euphonix will play in the future success of our business and our customers’ businesses.”
Avid finished the quarter with $74.2 million in cash. Current liabilities, including $45.6 million in deferred revenues, was $148.7 million. Long-term liabilities totaled $16.3 million.
Shares fell from a one-year high-water mark of nearly $18 to stabilize at around $15.20 on the results. Avid (NASDAQ: AVID) beat the Street for revenue, but missed earnings per share expectations.
Avid posted an EPS loss of 12 cents a share, excluding one-time items. Analysts expected around half that amount, Barron’ssaid. The $15 range for the stock is still higher than where it sold throughout the first quarter.
-- Deborah D. McAdams
See...
April 12, 2010: “Avid Takes Audio Console Maker Euphonix”
Shares of editing specialist Avid shot up after it agreed to buy audio console maker Euphonix for an undisclosed sum.
November 24, 2009: “Avid Moves Closer to Boston”
The video editing, storage and media management developer has signed a lease for three buildings in Burlington, Mass., northwest of Boston. The company is currently based in Tewksbury, about 10 miles further north.
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