Avid Gets More Bad News

24 Mar

SCRI's NewsBriefs

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Following on the heels of  Avid’s recent postponement of Q3 earnings (Avid Postpones Q3 Earnings Release) as well as the replacement  of CEO Gary Greenfield  (Avid Switches CEO’s on Heels of Declining Revenue Trend), Avid has now announced more bad news… a potential delisting from the NASDAQ Stock Exchange.

The latest bad news from NASDAQ states that Avid is no longer n compliance with NASDAQ regulations which require timely filing of periodic reports with the SEC. Avid has until May 20th 2013 to submit a compliance plan.

If the plan is accepted, Avid will have until September 16th 2013 to regain compliance. If the plan is not accepted, Avid will have the opportunity to appeal the decision to a NASDAQ Hearings Panel.

Avid stated that the reason it was unable to comply with the timely Form 10=K filing is due to continued evaluation of accounting practices.

Avid appears to be on a trajectory to continue the decline in annual revenues and continued losses reported since 2007.

Earlier this year, Avid reported that revenues for 2011 were $677.9 million, compared to revenues of $678.5 million for the same period in 2010  (Avid Confirms Continued Negative Trend with Q3 Results).

This continues the downward trend in reported annual revenues since 2007.

Year  Annual $M

2011     677.9

2010     678.5

2009     629.0

2008     844.9

2007     929.6

2006     910.6

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