more details on the 3Q charge:
biz.yahoo.com
Thursday February 4, 5:01 pm Eastern Time
Avid delays reporting net income
TEWSKBURY, Feb 4 (Reuters) - Avid Technology Inc (Nasdaq:AVID - news) said Thursday it would not report fourth quarter net income until it fully evaluates adjustments related to its acquisition of Softimage Inc in the third quarter.
Avid said a new view on valuation methods by the Securities and Exchange Commission has led to a reevaluation on how Avid took a one-time pre-tax charge of $193 million in the third quarter for purchased in-process research and development (IPR&D).
Avid, which reported fourth quarter earnings on Thursday, said the new methodology would likely result in lower IPR&D charges.
For the year, the digital audio and video tools provider reported record income of $40.1 million, or $1.56 per diluted share, before charges associated with the Softimage buy.
The results compare to the $26.4 million, or $1.08 per share, reported for 1997.
For the fourth quarter, Avid reported $15.2 million, or $0.57 per diluted share, compared to fourth quarter 1997 results of $9.3 million, $0.37 per share. |
