Avid Technology announces estimated fourth quarter results.TEWKSBURY, Mass.--(BUSINESS WIRE)--Dec. 20, 1995--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) announced today that it currently estimates, on a preliminary basis, that its revenues for the fourth quarter ending Dec. 31, 1995 will be at a level that is at or lower than its revenues for the third quarter of 1995. While the company expects to report gross margins of approximately 50%, operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. will be greater than those incurred in the third quarter. As a result, the company also expects that profits for the fourth quarter will be lower than profits for the third quarter. The company expects to announce its fourth quarter and audited 1995 results on or about Feb. 6, 1996. Curt Rawley, the company's president and chief executive officer, said, "While we believe our business remains fundamentally sound, our revenues this quarter have been affected primarily by lower-than-anticipated sales of high-end broadcast products, some deferral by customers of decisions to purchase certain post production and audio products and lower-than-expected sales of recently introduced desktop products." The company noted that each of the above forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. is subject to change, based on various important factors, including without limitation year-end buying trends by customers and competitive actions. Further information on potential factors that could affect the company's financial results is included in the company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for its third fiscal quarter, filed with the SEC. -0- 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., headquartered in Tewksbury, Mass., is an international supplier of comprehensive solutions for capturing, creating, editing and distributing digital media. Avid is a pioneering developer of nonlinear film, video and audio editing Audio editing is the process of taking recorded sound and changing it directly on the recording medium (analog) or in RAM (digital). Audio editing was a new technology that developed in the middle part of the 20th century with the advent of magnetic tape recording. software and hardware technologies for applications ranging from desktop video to broadcast news. Integrated with the company's storage and networking solutions, Avid's products are used in post-production facilities; production companies; network, independent and cable television stations; advertising agencies; educational institutions and corporate film and video departments worldwide. Avid's products are sold through direct sales offices and a network of distributors and resellers around the world. CONTACT: Avid Technology Inc. Scott Higgins Scott Higgins (born June 9, 1976 in Cairns, Queensland, Australia) is an Australian football (soccer) player who plays as a goalkeeper. His career has seen has seen him play in three different continents, first in his native Australia and then on to Europe and the Middle , 508/640-3563 |
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