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Avid Announces 4Q Financial Results

According to Television Broadcast, Avid Technology reported a loss of $31.9 million on revenues of $206.7 million for the quarter ending Dec. 31. The results were off by 20 percent and 112 percent respectively from the same period in 2007, when the company posted a profit of $3.9 million on revenues of $285.5 million.

The Tewksbury, Mass., video editing specialist wrote down $22.6 million in the quarter for impairment on intangibles, stock compensation and restructuring. Consumer video accounted for $9.6 million. Avid warned that the total for impairment could yet be adjusted for 4Q, changing the final results. Excluding the charge, the company posted a $9.3 million loss for the quarter.

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