Avid Reports Third Quarter
Created 10/23/2001 - 23:00
Avid Technology, Inc. has reported its financial results for the third quarter ended September 30, 2001. Revenues for the quarter were $102.3 million. Net loss for the quarter was $14.2 million or $.55 per share including amortization of acquisition-related intangible assets, and restructuring and other costs, net. Excluding these items, Avid would have reported a net loss of $801,000 or $.03 per share for the third quarter of 2001. For the nine months ended September 30, 2001, revenues were $329.8 million. Net loss for the nine-month period was $39.5 million or $1.55 per share including acquisition-related amortization and restructuring and othercosts. Excluding these items, Avid would have reported a net loss of $292,000 or $.01 per share for the first three quarters of 2001. ``The difficult but important cost-savings actions we took early in the quarter proved effective at meaningfully lowering our expense base,'' said David Krall, Avid's president and chief executive officer. ``Through these actions, we were able to mitigate the effects of the weakening economy and deliver better-than-expected bottom line results. We also strengthened our balance sheet by reducing our accounts receivable days sales outstanding, increasing our inventory turns and adding more than $10 million to our cash balance.'' Krall concluded, ``In addition, we continued to deliver on our product roadmap in the third quarter, introducing a range of products designed to improve Avid's integrated solution set and to help our customers work faster and more efficiently.'' Avid's new product introductions during the third quarter included the latest version of Avid's flagship 3D product SOFTIMAGE|XSI 2.0 - which brings significant new capabilities to animators, Web authors and game developers.