Avid report lower than expected quarterly results

Avid Technology Inc have posted figures for the first quarter that fell some way short of those predicted by analysts.
Revenues for the quarter were $92.0 million versus $118.1 million in the corresponding quarter in 2001. Net loss for the quarter was $3.7 million or 14 cents per share compared to a net loss of $10.5 million or 41 cents per share in the first quarter of 2001. The company ended the quarter with $53.5 million in cash after prepaying a $13.0 million note, leaving the company with no long-term debt.
David Krall, Avid's president and chief executive officer, said: "We had expected better results from this quarter especially from the post-production side of our business. We have reduced our budgeted operating expenses, but remain committed to our product development roadmap for the year.
"We continue to see substantial opportunities in our core markets, and want to ensure that Avid can take maximum advantage of our market position when the economy recovers. We are already seeing positive market response to the introduction of our new Pro Tools|HD family of audio products, which started shipping early in the first quarter."
Avid also introduced a broad array of new products and major enhancements for its video business at the NAB convention.
To serve the growing market for HD finishing, Avid|DS HD version six fully integrates the industry's most powerful HD finishing system into the rest of the Avid family through the inclusion of a new Media Composer-like interface and better media interchange with Media Composer systems.
For the broadcast market, Avid announced a low-cost nonlinear news production system. This system complements Avid's higher-end offering, which customers have already made the best-selling end-to-end digital newsroom solution on the market.
The Avid Unity MediaNet family, which is already the industry standard in shared storage, has been expanded to include a lower-cost shared storage solution, enabling Avid to deliver cost-effective, non-linear workflow advantages to facilities of any size.
Avid, www.avid.com
(GMcG)