Avid posts final 3Q results, corrects errors

AP News
Posted: Nov 16, 2009 7:37 PM

Multimedia software developer Avid Technology Inc. on Monday reported final, corrected third-quarter results that show its revenue was slightly lower than what it had originally reported in October.

The company posted a smaller third-quarter net loss, even as revenue declined, as the year-ago results were weighed by a large impairment charge.

Avid said Monday it recorded a net loss of $17.2 million, or 46 cents per share compared with a loss of $66.4 million, or $1.80 per share, in the same period a year earlier. The year-ago loss includes an impairment charge of $51.3 million or $1.39 per share.

Excluding items, Avid's net loss for the latest quarter totaled 1 cent per share. On Oct. 22, the company had reported an adjusted profit of 2 cents per share.

Revenue fell 30 percent to $152.1 million from $217.1 million. Avid had previously reported revenue of $153.7 million.

The company said its results reflect the corrections of errors it found in a previously announced investigation of the timing of the recognition of revenue.

Shares rose 83 cents, or 6.9 percent, to close at $12.92.