TEWKSBURY, MA, Nov 09 (MARKET WIRE) --
Avid(R) (NASDAQ: AVID) today announced that it will delay the filing of
its Report on Form 10-Q for the third quarter ended September 30, 2009.
The report will now be issued on November 16, 2009, rather than November
9. The delay is due to additional time required for the previously
announced Audit Committee investigation relating to errors in the
recognition of revenue from shipments near the end of fiscal quarters
from certain warehouses outside of the United States.
Avid expects to record changes to its previously announced financial
results for the three and nine month periods ended September 30, 2009 to
reflect these errors. Due to additional work that is required to evaluate
and quantify such changes, the company cannot determine at this time if
the changes will be material. However, based on the current progress of
the investigation, Avid does not believe that any errors relating to
periods prior to 2009 will be material to its financial statements for
any such prior periods.
About Avid
Avid creates the digital audio and video technology used to make the most
listened to, most watched and most loved media in the world -- from the
most prestigious and award-winning feature films, music recordings,
television shows, live concert tours and news broadcasts, to music and
movies made at home. Some of Avid's most influential and pioneering
solutions include Media Composer(R), Pro Tools(R), Avid Unity(TM),
Interplay(R), Oxygen 8, Sibelius(R) and Pinnacle Studio(TM). For more
information about Avid solutions and services, visit www.avid.com,
del.icio.us, Flickr, Twitter and YouTube; connect with Avid on Facebook;
or subscribe to Avid Industry Buzz.
Copyright 2009 Avid Technology, Inc. All rights reserved. Avid, the Avid
Logo, Pinnacle Studio, Avid Unity, Interplay, Media Composer, Pro Tools
and Sibelius are trademarks or registered trademarks of Avid Technology,
Inc. or its subsidiaries in the United States and/or other countries. The
Interplay name is used with the permission of Interplay Entertainment
Corp., which bears no responsibility for Avid products. All other
trademarks are the property of their respective owners.
PR Contact:
Amy Peterson
Avid
978-640-3448
Email Contact
IR Contact:
Tom Fitzsimmons
Avid
978-640-3346
Email Contact
Copyright 2009, Market Wire, All rights reserved.
-0-
