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Avid Announces Results For Third Quarter 2012

Avid® ( NASDAQ: AVID) today reported GAAP revenues of $127.2 million for the three-month period ended September 30, 2012, compared to $164.7 million for the same period in 2011. The GAAP net loss for the third quarter was $17.4 million, or $0.45 per share, compared to a GAAP net loss of $7.6 million, or $0.20 per share, in the third quarter of 2011.

Revenue for the ongoing business for the third quarter of 2012 was $123.0 million compared to $142.8 million of ongoing revenue for the same period in 2011.

The GAAP net loss for the third quarter of 2012 and 2011 included amortization of intangible assets, stock-based compensation, restructuring costs and costs and allowances related to divestitures, gain on asset sales, acquisition and other costs and related tax adjustments collectively totaling $14.4 million and $8.4 million, respectively. Excluding these items, the non-GAAP net loss for the third quarter of 2012 was $3.0 million, or $0.08 per share, compared to non-GAAP net income of $0.8 million, or $0.02 per share, for the third quarter of 2011.

The GAAP operating loss for the third quarter of 2012 was $16.4 million and excluding the items identified above, except tax adjustments, the non-GAAP operating loss for the third quarter was $2.2 million.

The company's balance sheet remains strong with cash of $71 million, up $12 million sequentially.

“During the third quarter we completed the majority of the changes we announced earlier this summer,” said Gary Greenfield, chairman and CEO of Avid. “Despite the transitional issues we experienced in the quarter, we remain focused on executing the business strategy we outlined in July as the path to returning the business to sustained profitability.”

Revenues for the nine-month period ended September 30, 2012 were $436.7 million, compared to revenues of $492.2 million for the same period in 2011. The GAAP net loss for the first nine months of 2012 was $69.6 million, or $1.80 per share, compared to a GAAP net loss of $23.5 million, or $0.61 per share, for the same period in 2011. The GAAP net loss for the nine-month period ended September 30, 2012 included $55.1 million of amortization of intangible assets, stock-based compensation, restructuring costs and costs and allowances related to divestitures, acquisition and other costs, loss on asset sales and related tax adjustments. Excluding these items, the non-GAAP net loss was $14.6 million, or $0.38 per share, for the first nine months of 2012. The GAAP net loss for the nine-month period ended September 30, 2011 included $21.6 million of amortization of intangible assets, stock-based compensation, restructuring costs, legal settlement, acquisition-related costs, loss on asset sales and related tax adjustments. Excluding these items, the non-GAAP net loss for the nine-month period ended September 30, 2011 was $1.9 million or $0.05 per share.

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