They have actually returned to profitability. Growth still sucks though. My guess it will be up $390.25 a share tomorrow since companies doing 10x as well drop 50%.
TEWKSBURY, Mass., April 23 /PRNewswire/ -- Avid Technology, Inc. today reported its financial results for the first quarter ended March 31, 1997. Revenues were $108.2 million, an increase of 17.6% over first quarter 1996 evenues of $92.0 million. Net income amounted to $1.8 million or $0.08 per share as compared to a net loss of $22.8 million or $1.08 per share in the same period in 1996. The loss for the first quarter of 1996 included ne-time, pre-tax charges of $20.2 million incurred primarily for restructuring and product transition costs.
William J. Miller, Avid's Chairman and CEO, commented, "I am pleased to report that Avid returned to profitability in the first quarter. Our results benefited from improved manufacturing efficiencies, a more favorable mix of products, and a tight rein over operating expenses, which more than offset the effect of a decline in revenues compared to the fourth quarter of 1996." .... "We are very pleased with the progress that these results reflect," concluded Miller. "They provide visible evidence that the hard work of Avid people around the world is paying off. For the balance of 1997, we intend to build on those efforts by taking advantage of our leadership position in professional film, video and audio markets and pursuing the opportunities for growth in the corporate, institutional and broadcast news markets. Our top priorities continue to be improving revenue growth, maintaining tight cost controls and increasing profitability." |
