Financials:
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------------
1999 1998 1999 1998
(unaudited)(unaudited)(unaudited)(unaudited)
Net revenues $116,353 $112,852 $227,636 $221,594
Cost of revenues 50,275 44,537 94,696 90,064
Gross profit 66,078 68,315 132,940 131,530
Operating expenses:
Research and
development 22,644 20,616 46,893 40,928
Marketing and
selling 33,525 30,584 66,087 58,278
General and
administrative 7,270 6,450 14,011 13,029
Amortization of
acquisition-related
intangible assets 19,787 -- 40,298 --
Total operating
expenses 83,226 57,650 167,289 112,235
Operating income (loss) (17,148) 10,665 (34,349) 19,295
Interest and other
income, net 1,263 2,713 1,863 5,249
Income (loss) before
income taxes (15,885) 13,378 (32,486) 24,544
Provision for (benefit from)
income taxes (7,849) 4,147 (12,995) 7,608
Net income (loss) ($8,036) $9,231 ($19,491) $16,936
Net income (loss) per
common share - diluted ($0.34) $0.37 ($0.81) $0.69
Weighted average
common shares
outstanding - diluted 23,946 24,833 24,167 24,687
Supplemental Information:
Tax-effected income,
excluding amortization
of acquisition-related
charges $2,692 $9,231 $5,390 $16,936
Tax-effected income,
excluding amortization
of acquisition-related
charges per common
share - diluted $0.10 $0.37 $0.20 $0.69
Weighted average common
shares outstanding -
diluted - used for
tax-effected income,
excluding amortization
of acquisition-related
charges calculation 25,781 24,833 26,407 24,687
AVID TECHNOLOGY, INC.
Condensed Consolidated Balance Sheets
(in thousands)
June 30 December 31
1999 1998
ASSETS: (unaudited)
Current assets:
Cash and marketable securities $82,456 $111,826
Accounts receivable, net of
allowances of $7,827 and $7,171
in June 1999 and December 1998,
respectively 75,579 89,754
Inventories 11,235 11,093
Other current assets 30,644 28,974
Total current assets 199,914 241,647
Property and equipment, net 38,491 35,398
Long term deferred tax asset 34,292 23,891
Acquisition-related intangible assets 134,640 181,631
Other assets 6,215 4,148
Total assets $413,552 $486,715
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $28,229 $24,311
Accrued expenses 46,846 75,454
Deferred revenue and
other current liabilities 19,422 22,917
Total current liabilities 94,497 122,682
Long term liabilities,
less current portion 8,647 13,261
Purchase consideration 39,157 60,461
Total stockholders' equity 271,251 290,311
Total liabilities and
stockholders' equity $413,552 $486,715 |
