Avid Woes Continue with Q3 Warning

23 Oct

SCRI's NewsBriefs

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Avid today reported certain preliminary financial results for the fiscal quarter ended September 30, 2012. Avid’s third quarter results are preliminary, subject to change, and expressed in approximate figures. Avid currently plans to hold a conference call on October 29, 2012 to provide additional detail and updated results for the third quarter and information as to current expectations for the fourth quarter.

Avid now sees revenue of $125 million to $127 million, and a GAAP loss of $17 million to $19 million; previous Street consensus was for revenue of $145.2 million and a profit of 14 cents a share. In the year ago quarter, Avid had revenue of $164.7 million and a GAAP oss of $7.6 million. The company notes that the Q3 revenue range includes $4 million of revenue from divested businesses; ongoing businesses had revenue of $121 million to $123 million, versus $143 million a year ago.

On a non-GAAP basis, the company expects a net loss for the quarter of $3 million to $5 million.

Avid said the weak quarter “was largely due to sales execution in the Americas region and some transitional issues related to the implementation of the strategic actions announced by the company in July 2012.”

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