Avid Technology, Inc. (NASDAQ:AVID) Reports Strong Quarterly Results

Avid Technology, Inc. (NASDAQ:AVID) jumped to a new annual high on Friday after reporting strong fourth fiscal quarter results that beat expectations easily, and raising 2011 guidance. The Company reported net loss for the fourth fiscal quarter of $0.571 million or 1 cent a share, narrowing the loss by 97% from net loss of $17.9 million or 48 cents a share, in the same quarter last year. Excluding amortization of intangible assets, stock-based compensation, restructuring and other charges, gains on asset sales, acquisition-related costs and related tax adjustments, adjusted net income of $14.2 million or 37 cents a share has been recorded compared to adjusted net loss of $1.4 million or 4 cents a share in the same quarter last year. This Adjusted EPS of 37 cents a share beat the analysts' expectation of 9 cents a share by 28 cents. Revenue climbed 11.79% year over year during the quarter to $195.3 million from $174.7 million for the same period last year, beating the analysts' expectation of $178.9 million. Video revenue (60% of revenue) increased 11% year over year and 7% quarter over quarter to $117.8 million & Audio revenue (40% of revenue) increased 13% year over year and 7% quarter over quarter to $77.6 million during the quarter. The launch of the new version of Pro Tools audio suite drove growth in the audio segment. Both Audio and Video saw double digit year over year revenue growth in the fourth quarter, driving the first overall double-digit revenue growth for Avid in over 4 years. The company is looking for 5% Performa operating margin in 2011 with revenue of $700-$720 million, up from a prior range of $690-$710 million. Analysts were expecting the Company to report revenues of $663 million for fiscal 2011. Shares of the company climbed $1.75 or 10.10% to trade close at $19.08 following strong fourth fiscal quarter results and 2011 guidance. It climbed to its new 52 week high of $20.43, 52 week low being $11.04. Volume of 731,609 shares has been traded compared to the daily average of 91,612 shares. The market capital of the stock stands at $727.64 million. Avid Technology, Inc. is a provider of digital media content-creation solutions for film, video, audio and broadcast professionals, as well as artists and home enthusiasts. It provides digital media content-creation solutions in six segments: education, creative enthusiasts, independent professionals, government and commercial, post facilities and broadcast.
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