Avid has reported revenues of $161.3 million for the three-month period which ended on June 30, 2011. The company reported revenues of $162.2 million for the same period in 2010. The GAAP (generally accepted accounting principles in the United States) net loss for the second quarter was $11.9 million, compared to a GAAP net loss […]
Avid has reported revenues of $161.3 million for the three-month period which ended on June 30, 2011.
The company reported revenues of $162.2 million for the same period in 2010.
The GAAP (generally accepted accounting principles in the United States) net loss for the second quarter was $11.9 million, compared to a GAAP net loss of $12.9 million, in the second quarter of 2010.
The GAAP net loss for the second quarter of 2011 and 2010 included amortization of intangible assets, stock-based compensation, loss on asset sales, a legal settlement, acquisition-related costs, restructuring recoveries and charges and related tax adjustments collectively totalling $8.0 million and $10.9 million, respectively.
Excluding these items, the non-GAAP net loss for the second quarter of 2011 was $3.9 million, or $0.10 per share, compared to a non-GAAP net loss of $2.0 million, or $0.05 per share, for the second quarter of 2010.
Speaking about the results Gary Greenfield, chairman and CEO at Avid said: “While Q2 was difficult, I believe our business is sound.
