Archive | May, 2013

Avid Woes Continue – Errors in Financial Statements & 2nd Letter from Nasdaq

26 May

Avid continues to report financial problems, the latest being that the company has acknowledged accounting errors leading to revised consolidated financial statements. In addition Avid is still not in compliance with Nasdaq continued listing requirements and expects to receive a second letter from Nasdaq regarding the company’s listing. This follows several previously announced financial issues including the potential delisting from Nasdaq (Avid Gets More Bad News) , the postponement of Q3 earnings release (Avid Postpones Q3 Earnings Release), and the replacement of Gary Greenfield as CEO (Avid Switches CEO’s on Heels of Declining Revenue Trend) and just recently as a Board Director (Avid Ex CEO Now Resigns As Director) and the replacement of CFO Ken Sexton (Avid Replace CFO Amid Financial Troubles)

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Avid Ex CEO Now Resigns As Director

20 May

Avid has reported via a Form-8K filing with the SEC that ex Chairman and CEO, Gary Greenfield has now also resigned as a director of the company.  The statement went on to say that the departure was “not a result of any dispute.”  This in contrast to the February announcement of Greenfield’s departure as Chairman and CEO which appeared to be somewhat rocky, based on the 8K filing with the SEC statement at the time that Greenfield would “release claims against the company” on payment of $1M + in salary and benefits” (Avid Switches CEO’s on Heels of Declining Revenue Trend)

Autodesk Q1 Down Across the Board

20 May

Autodesk reported a Q1 decline in revenue across the board, with  an 8% decline in Media & Entertainment division revenue, to $47M million, compared to Q1 in 2012.

These results are in contrast to the positive Q4 results releases in February (Autodesk Reports Annual Revenue Up 14% ) where the company reported a 14% revenue growth across the board, with a 7% increase in the Media & Entertainment division.

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Chyron Cuts Staff After Posting Continued Q1 Loss

10 May

Chyron has announced a 2013 Q1 net loss of $917K, compared to a $951K net loss in 2012; this in spite of a 2% overall revenue increase. In fact, only product revenue increased (3%); in contrast, services revenue declined (2%).  A week earlier, the company announced a board approved reorganization plan to reduce operating expenses by cutting twenty employees, with severance pay and benefits. […]

Cloud-based storage usage varies by vertical market

8 May

Cloud-based storage or other cloud-based software applications received much attention at NAB 2013 but how much of that is hype and how much is real in the broadcast pro video space? SCRI has conducted a comprehensive global survey of broadcasters and pro video facilities with Broadcast Engineering Magazine and tracked how these facilities are dealing with a wide range of new technologies in a new Broadcast Technology Report

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