Avid Reports Best-Ever First Quarter Revenues and Net Income
biz.yahoo.com
Thursday April 28, 4:01 pm ET
TEWKSBURY, Mass.--(BUSINESS WIRE)--April 28, 2005--Avid Technology, Inc. today reported revenues of $166.0 million for the three months ended March 31, 2005 - a 30% increase over the $127.4 million generated in the corresponding quarter in 2004. GAAP operating income for the first quarter of 2005 was $20.3 million, compared to $14.8 million for the same quarter in 2004. GAAP net income for the quarter was $19.7 million, or $.53 per diluted share, compared to GAAP net income of $14.7 million, or $.44 per diluted share, for the corresponding quarter in 2004. Excluding acquisition-related amortization and related tax benefits, acquisition-related stock-based compensation, non-recurring tax benefits, and expenses in the first quarter of 2004 related to the settlement of a lawsuit, pro forma non-GAAP net income for the first quarter of 2005 was $22.2 million, or $.60 per diluted share, compared to pro forma non-GAAP net income of $15.0 million, or $.45 per diluted share, in the first quarter of 2004.
"We've started 2005 with strong results from both our video and audio businesses," said David Krall, Avid's president and chief executive officer. "Video revenues grew by 14%, on the strength of our broadcast and postproduction offerings - particularly the Avid DNA(TM) product family, which we recently upgraded to support a wide range of HD formats and resolutions. Our audio revenues were also up significantly, with a 74% increase over the first quarter of 2004 reflecting solid performance from Digidesign and from M-Audio following its addition to our audio business in the third quarter of 2004.
Krall added, "We just returned from the National Association of Broadcasters convention in Las Vegas, where we had a great week. We made major announcements across our postproduction, broadcast, shared storage, and audio businesses, including the highly anticipated Avid® Symphony(TM) Nitris® finishing system and the new Avid iNEWS® Instinct(TM) journalist editor, both of which were recognized with awards at the show. All told, Avid won eleven industry awards, making it our most-decorated show in recent years." |
