Today Avid announced its results for the quarter and year that ended December 31, 2009.
You can find Avid’s earnings press release here.
Here’s a quick recap of the release:
* Revenue for the quarter was $174.7m, 15% lower than the same quarter a year ago.
* The company reported a GAAP lost of$17.9m for the quarter. This includes charges of $16.5m for a variety of items including stock, acquisition costs and restructuring.
* Product revenue in the quarter declined 19% y/y, while services revenue increased slightly.
* Revenue from video in the quarter declined 21%, and revenue from audio declined 5% versus the same period in 2008.
* R&D and marketing & selling expenses were lower in the quarter versus a year ago, while G&A increased by about $1m.
* Revenue for the year was $629m, 26% lower than revenue for 2008.
* Product revenue in 2009 decreased 29% versus 2008; and services revenue in 2009 declined 8% versus 2008
* Video revenue for the 2009 declined 32% versus 2008; and audio revenue for 2009 declined by 13% versus 2008.
* The company reported a GAAP loss of $68.4m for the year, which includes $55.7m of charges.
The earnings release quotes Avid CEO Gary Greenfield as saying: “Avid has made good progress this quarter. Our revenues were up sequentially and we believe our markets are stabilizing with some signs of recovery. We reported a non-GAAP operating profit for the quarter and with the majority of our cost structure transformation complete we feel we are well positioned for margin expansion.”
This echoes the remarks made by Harris CEO Howard Lance during the announcement of their results. Lance said: “The sequential flattening of revenue and the rebound in orders in this still very tough market environment were both encouraging and are hopefully signs that we are in fact beginning to see a recovery in the global broadcast markets. As the economy improves and advertising revenues begin to improve, we should see some acceleration in capital spending by global broadcast and media networks.”
Everyone is glad to put 2009 behind them and is looking forward to better things in 2010.