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Avid Announces Fourth Quarter 2009 Results
February 1, 2010
Source: Avid
Avid reported revenues of $174.7 million
for the three-month period ended December 31, 2009, compared
to $206.7 million for the same period in 2008.
The GAAP net loss for the quarter was $17.9 million, or $0.48
per share, compared to a GAAP net loss of $100.3 million,
or $2.71 per share, in the fourth quarter of 2008.
See financial tables
The GAAP net loss for the fourth quarter of 2009 included
amortization of intangibles, stock-based compensation, restructuring
charges, acquisition related costs, net gains from divested
product lines and related tax adjustments, collectively totaling
$16.5 million. Excluding these items, the non-GAAP net loss
was $1.4 million for the fourth quarter, or $0.04 per share.
The GAAP operating loss for the fourth quarter was $15.1 million,
including amortization of intangibles, stock-based compensation,
restructuring charges, acquisition related costs and net gains
from divested product lines collectively totaling $17.1 million.
Excluding these items, the non-GAAP operating profit was $2.0
million for the fourth quarter.
“Avid has made good progress this quarter. Our revenues
were up sequentially and we believe our markets are stabilizing
with some signs of recovery,” said Gary Greenfield, chairman
and CEO at Avid. “We reported a non-GAAP operating profit
for the quarter and with the majority of our cost structure
transformation complete we feel we are well positioned for
margin expansion.”
Revenues for the year ended December 31, 2009 were $629.0
million, compared to revenues of $844.9 million for 2008.
GAAP net loss for 2009 was $68.4 million, or $1.83 per share,
compared to GAAP net loss of $198.2 million, or $5.28 per
share for 2008. GAAP net loss for 2009 included $55.7 million
of amortization, stock-based compensation, restructuring charges,
acquisition related costs, net gains from divested product
lines and related tax adjustments.
Excluding these items, the non-GAAP net loss was $12.7 million
or $0.34 per share for 2009. GAAP net loss for 2008 included
$172.9 million of amortization, stock-based compensation,
restructuring charges, net gains from divested product lines,
impairment charges and related tax adjustments. Excluding
these items, the non-GAAP net loss was $25.2 million or $0.67
per share for 2008.
The company’s cash balance on December 31, 2009 was $109
million, or approximately $2.91 per share.
See financial tables
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