Avid Posts Record First Quarter Revenues and Earnings.Business Editors TEWKSBURY Tewksbury, town (1990 pop. 27,266), Middlesex co., NE Mass.; settled 1637, set off from Billerica and inc. 1734. It was once the site of a Native American settlement. Primarily residential, the town has light manufacturing, including pharmaceuticals and computer equipment. , Mass.--(BUSINESS WIRE)--April 15, 2004 Avid Technology "Avid" redirects here. For the "Advancement Via Individual Determination" educational program, see AVID. Avid Technology, Inc NASDAQ: AVID is an American company specializing in video and audio production technology; specifically, digital non-linear media editing (NLE) , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AVID) today reported record first quarter revenues and earnings. Net income for the three months ended March 31, 2004 was $14.7 million, or $.44 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on revenues of $127.4 million. This compares to net income of $5.5 million, or $.18 per diluted share, on revenues of $112.2 million for the corresponding quarter in 2003. The 14% year-over-year increase in Avid's revenues is due to strong sales broadly across the company's video and audio product lines - including the new Avid DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. (TM) family of video editing See nonlinear video editing and video editor. solutions, Avid's broadcast and newsroom products, the Avid Unity(TM) suite of shared-storage solutions, and Digidesign's(R) home and project studio systems. "For two consecutive quarters, Avid has delivered record revenues and earnings," said David Krall People named Krall:
A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. resulted in a 165% increase in our operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from one year ago. These results come at a great time for Avid, as we prepare to showcase our latest products, technologies, and innovations at next week's National Association of Broadcasters convention." Conference Call A conference call to discuss Avid's first quarter 2004 financial results and the company's outlook for the balance of 2004 will be held today, April 15th at 5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The call will be open to the public. The conference call can be accessed by dialing (719) 457-2692 and referencing confirmation code 564316. The call and subsequent replay will also be available on Avid's Web site. To listen via this alternative, go to the Investors page under the Company menu at www.avid.com for complete details 10-15 minutes prior to the start of the conference call. About Avid Technology, Inc. Avid Technology, Inc. is the world leader in digital nonlinear A system in which the output is not a uniform relationship to the input. nonlinear - (Scientific computation) A property of a system whose output is not proportional to its input. media creation, management and distribution solutions, enabling film, video, audio, animation, games, and broadcast news professionals to work more efficiently, productively and creatively. For more information about the company's Oscar(R), Grammy Grammy award for musical achievement. [Am. Cult.: Misc.] See : Music Grammy awarded by the National Academy of Recording Arts and Sciences for the best in the recording field. [Am. Hist.: Misc.] See : Prize (R), and Emmy Emmy awarded annually for best achievements in television programing and performance. [TV: Misc.] See : Prize (R) award-winning products and services, please visit: www.avid.com. (C) 2004 Avid Technology, Inc. All rights reserved. Avid, Avid Unity, Avid DNA, Digidesign, Film Composer and Pro Tools are either registered trademarks or trademarks of Avid Technology, Inc. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and/or other countries. Avid received an Oscar statuette representing the 1998 Scientific and Technical Award for the concept, design, and engineering of the Avid Film Composer(R) system for motion picture editing. Digidesign, Avid's audio division, received an Oscar statuette representing the 2003 Scientific and Technical Award for the design, development, and implementation of its Pro Tools(R) digital audio workstation A digital audio workstation (DAW) is a system designed to record, edit and play back digital audio. A key feature of DAWs is the ability to freely manipulate recorded sounds, much like a word processor manipulates typed words. . Oscar is Oscar I, 1799–1859, king of Sweden and Norway (1844–59), son and successor of Charles XIV. His reign was one of social and economic advance. His book on the reform of criminal law and prisons had wide influence. Oscar was succeeded by his elder son, Charles XV. a trademark and service mark of the Academy of Motion Picture Arts and Sciences. Emmy is a registered trademark of ATAS/NATAS. Grammy is a trademark of the National Academy of Recording Arts and Sciences The National Academy of Recording Arts & Sciences, Inc. is known variously as The Recording Academy or NARAS. Established in 1957, The Recording Academy is a U.S. , Inc. All other trademarks contained herein are the property of their respective owners.
AVID TECHNOLOGY, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended
March 31,
2004 2003
(unaudited) (unaudited)
Net revenues $127,374 $112,177
Cost of revenues 54,103 52,227
Gross profit 73,271 59,950
Operating expenses:
Research and development 22,292 21,699
Marketing and selling 29,854 25,264
General and administrative 5,886 5,345
Restructuring and other costs, net 1,783
Amortization of acquisition-related
intangible assets 439 293
Total operating expenses 58,471 54,384
Operating income 14,800 5,566
Interest and other income (expense), net (560) 231
Income before income taxes 14,240 5,797
Provision for (benefit from) for income taxes (500) 300
Net income $14,740 $5,497
Net income per common share - basic $0.47 $0.20
Net income per common share - diluted $0.44 $0.18
Weighted average common shares outstanding -
basic 31,202 27,604
Weighted average common shares outstanding -
diluted 33,740 29,860
AVID TECHNOLOGY, INC.
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2004 2003
(unaudited)
ASSETS:
Current assets:
Cash and marketable securities $170,024 $196,309
Accounts receivable, net of allowances of
$8,714 and $9,161 at March 31, 2004 and
December 31, 2003, respectively 74,892 69,230
Inventories 35,818 38,292
Prepaid and other current assets 13,907 13,181
Total current assets 294,641 317,012
Property and equipment, net 25,159 23,223
Acquisition-related intangible assets, net 50,728 5,150
Other assets 5,602 2,734
Total assets $376,130 $348,119
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $19,843 $15,755
Accrued expenses and other current
liabilities 51,936 59,709
Deferred revenues 57,871 44,943
Total current liabilities 129,650 120,407
Long term liabilities, less current
portion 470 607
Total stockholders' equity 246,010 227,105
Total liabilities and stockholders'
equity $376,130 $348,119
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