Avid Technology Third Quarter 1998 Results to be Lower than Planned.TEWKSBURY, Mass.--(BUSINESS WIRE)--Oct. 2, 1998--Avid Technology, 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 announced that it expects revenues for the third quarter of 1998 to be below the Company's previously planned level. Revenues are expected to be in the range of $112.0 million to $114.0 million for the third quarter of 1998, compared to revenues of $116.5 million in the third quarter of 1997 and $112.9 million in the second quarter of 1998. While this revenue shortfall will have a negative impact on third quarter 1998 earnings, the Company expects to record a modest profit, excluding the previously announced non-recurring charge for the acquisition of Softimage Inc. The Company expects to report results for the third quarter on October 22, 1998. William J. Miller William Jennings Miller (March 12, 1899 - November 22, 1950) was a U.S. Representative from Connecticut. Born in North Andover, Massachusetts, Miller attended the public schools. He was graduated from Cannon's Commercial College, Lawrence, Massachusetts, in 1917. , Avid's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "We have recently announced several major new products. These include Avid Symphony, Digital Studio 2.1, Avid Xpress NT, Pro Tools|24 MIX and MIX NT and NewsCutter DV, all of which are scheduled for release in the fourth quarter. In addition, we are in the process of assimilating Softimage's product line and launching our alliance with Tektronix Inc. in the broadcast market. We believe that these factors have resulted in a transition quarter with some customers delaying buying decisions, which contributed to the revenue shortfall. We remain committed to growing Avid with innovative products that will allow us to maintain and expand our leadership position in the film, video and audio markets. We are targeting new opportunities for growth in such markets as television finishing, digital news production, corporate and industrial and audio mixing Audio mixing is used for sound recording, audio editing, and sound systems to balance the relative volume, frequency, and dynamical content of a number of sound sources. Typically, these sound sources are the different musical instruments in a band or vocalists, the sections of an ." The above includes forward-looking statements based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from those described herein, depending on the completion of the Company's financial statements for the third quarter 1998 and such factors as described under "Certain Factors That May Affect Future Results" in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for 1997 and the Form 10-Q Form 10-Q See 10-Q. for June 30, 1998, filed with the SEC. 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. is an international, industry-leading provider of digital audio and video tools for creating content for information and entertainment applications. The company's products are used by customers ranging from corporate communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. professionals to film, television and interactive content producers to broadcast news organizations. For more information, visit Avid's World Wide Web site at www.avid.com. Avid, Pro Tools, NewsCutter and Softimage are registered trademarks and Symphony and Avid Xpress are trademarks of Avid Technology, Inc., or its subsidiaries or divisions. All other trademarks contained herein are the property of their respective owners. |
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