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TheStreet Open House

Avid Provides Preliminary Third Quarter 2012 Results

Stock quotes in this article: AVID

Avid® ( NASDAQ: 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.

The company currently expects revenues to be $125 to $127 million and the GAAP net loss to be $17 to $19 million for the three-month period ended September 30, 2012. This compares to revenue of $164.7 million and a GAAP net loss of $7.6 million for the three-month period ended September 30, 2011. The third quarter revenue includes $4 million of revenue related to the July 2012 divestitures of its video and audio consumer-focused businesses. The revenue for the on-going business for the third quarter of 2012 was $121 to $123 million, down 14% to 15% compared to on-going revenue for the third quarter of 2011 of $143 million. The company believes the decline 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.

The estimated GAAP net loss for the third quarter of 2012 includes amortization of intangible assets, stock-based compensation, restructuring costs and costs and allowances related to divestitures, acquisition and other costs, and related tax adjustments collectively totaling $14 million. Excluding these items, the estimated non-GAAP net loss for the third quarter of 2012 is expected to be $3 to $5 million.

The GAAP operating loss for the third quarter of 2012 is expected to be $16 to $18 million and excluding the items identified above, except tax adjustments, totaling $14 million, the non-GAAP operating loss for the third quarter is expected to be $2 to $4 million.

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