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Avid Announces Second Quarter 2009 Results
July 27, 2009
Source: Avid
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Avid reported revenues
of $150.5 million for the three-month period ended June 30,
2009, compared to $222.9 million for the same period in 2008.
The GAAP net loss for the quarter was $15.9 million, or $.43
per share, compared to a GAAP net loss of $10.4 million, or
$.28 per share, in the second quarter of 2008.
The GAAP net loss for the second quarter
of 2009 included amortization of intangibles, stock-based
compensation, restructuring charges and related tax adjustments,
collectively totaling $10.4 million. Excluding these items,
the non-GAAP net loss was $5.5 million for the second quarter,
or $.15 per share.
“We made a number of strategic and
operational improvements in the first half of 2009, which
have resulted in gross margin improvement and reduced operating
costs on a sequential and annual basis,” said Gary Greenfield,
Avid’s chairman and CEO. “While ongoing macroeconomic
issues continue to affect our revenue results, we remain confident
that our continued efforts to improve our operations have
positioned us to take advantage of growth opportunities when
the economy improves.”
Revenues for the six-month period ended
June 30, 2009 were $302.2 million, compared to revenues of
$421.1 million for the same period in 2008. GAAP net loss
for the first six months of 2009 was $33.2 million, or $.89
per share, compared to GAAP net loss of $31.5 million, or
$.83 per share, for the same period in 2008. GAAP net loss
for the six-month period ended June 30, 2009 included $22.1
million of amortization, stock-based compensation, restructuring
charges and related tax adjustments.
Excluding these items, the non-GAAP net loss per share was
$.30 for the first half of 2009. GAAP net loss for the six-month
period ended June 30, 2008 included $19.9 million of amortization,
stock-based compensation, restructuring charges and related
tax adjustments. Excluding these items, the non-GAAP net loss
per share was $.30 for the first half of 2008.
The company’s cash balance on June
30, 2009 was $118.6 million, or approximately $3.18 per share.
The company paid out approximately $6.8 million in cash in
the second quarter related to restructuring activities.
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