Professional video editing powerhouse Avid released their quarterly financials, and they’re nothing to brag about. Opening with an $11M loss in the 2nd quarter, they’ve got lots of excuses:
Avid blames the net loss in the quarter on a wide variety of issues: amortization of intangible assets, stock-based compensation, loss on asset sales, a legal settlement, acquisition-related costs, restructuring recoveries, and charges and related tax adjustments. Even without these mitigating factors, Avid says it would have shown a net loss in the quarter of approximately $3.9 million.
Surprisingly, their product revenues were actually up just a bit this quarter, as were service revenues. With any luck, this is just a 1-quarter hit from the issues above and not the first sign of an SGI-esque decline.
via GraphicSpeak » Avid posts $11 million second quarter net loss.
