Key Developments For Avid Technology Inc
Avid Technology Inc (AVID.O) (Nasdaq)
Avid Technology, Inc. To File Third Quarter Results By November 16, 2009
Avid Technology, Inc. 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. The Company 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, the Company does not believe that any errors relating to periods prior to 2009 will be material to its financial statements for any such prior periods.
Avid Technology, Inc. Posts Surprise Q3 2009 Profit; Probes Revenue Recognition
Reuters reported that Avid Technology, Inc. posted a surprise third-quarter profit, helped by a 40% drop in operating expenses and its audit panel is overseeing a probe into revenue recognition on certain product shipments. The investigation concerns certain shipments of audio products in previous quarters from certain warehouses outside the United States, The Company said that, adding that correction of these errors may not have a material impact on its financial statements. For the third quarter, net loss was $16.2 million, or $0.43 a share, compared with a loss of $66.4 million, or $1.80 per share, previous year. Operating expenses in the quarter fell to $100.1 million from $167.9 million, offsetting a 30% fall in revenue.
Avid Technology, Inc. Issues Q4 2009 Earnings Guidance Above Analysts' Estimates-Conference Call
Avid Technology, Inc. announced that it expect to have a non-GAAP operating profit in the fourth quarter of 2009. According to Reuters Estimates, analysts on an average were expecting the Company to report EBIT of $(2.69)
Avid Technology, Inc. Comments On FY 2009 Guidance-Conference Call
Avid Technology, Inc. announced that it is not providing any revenue or earnings guidance for fiscal 2009. However, the Company said that for fiscal 2009 if it achieves revenue between $645 million to $650 million, it would be at a breakeven.
Avid Technology, Inc. Issues FY 2009 Outlook; Revenue Outlook Below Analysts' Estimates-Conference Call
Avid Technology, Inc. announced that for fiscal 2009, it expects revenue to be approximately $665 million and modest non-GAAP operating profit. This non-GAAP operating profit excludes the following GAAP adjustments - restructuring charges, stock-based compensation and amortization of intangibles. GAAP operating loss is expected to be $35 to $40 million. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $726 million for fiscal 2009.
