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AVID

Avid Technology, Inc.

6/19/2013, 10:28 AM ET

Quote & Headlines Market Currents StockTalk

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Tuesday, May 21, 5:23 PM Avid (AVID) -12.7% AH to $6 after announcing it has received a NASDAQ non-compliance warning due to its failure to file its 2012 10-K on time, that it expects to restate its 2009-2012 results due to its (previously-announced) accounting review, and that its review now extends to "accounting for certain restructuring expenses related to lease obligations and other exit activities" for Q2 and Q3 2012 - Avid thinks restructuring expenses may have been overstated by ~$3.5M on a pre-tax basis. Shares are close to a multi-year low of $5.85. 1 Comment [Tech, On the Move]
Monday, April 22, 9:29 AM Avid (AVID) CFO Ken Sexton is stepping down from his position, and will become a consultant to the company. Replacing him is John Frederick, formerly the CFO of financial services software firm Open Solutions (recently acquired by Fiserv). If that company sounds familiar to Avid investors, it's because Avid named former Open Solutions chief Louis Hernandez its new CEO in February, as the video editing hardware/software firm bets a management shakeup will help reverse slumping demand in the face of cheaper alternatives from Apple/Adobe. Comment! [Tech]
Monday, February 25, 9:22 AM Avid (AVID) -9% after postponing its Q4 report (scheduled for tomorrow) to address accounting issues related to "related to bug fixes, upgrades and enhancements" provided to some customers. It might not be a coincidence the news comes two weeks after a CEO change. (PR) Comment! [Tech, On the Move, Earnings]
Monday, February 11, 10:38 AM Avid (AVID +1.6%) is now trading higher following news Gary Greenfield has been replaced as CEO by Open Solutions' Louis Hernandez. With Avid shares down 70% since Greenfield took over in Dec. '07, the Street's response isn't too surprising. Avid has issued a PR about the change that doesn't say much of anything. Its Q4 report is due on Feb. 26. Comment! [Tech]
Monday, February 11, 9:42 AM Avid (AVID) discloses chairman/CEO Gary Greenfield has "voluntarily resigned" from both positions, but will remain a board member. Fellow board member Louis Hernandez, until now the CEO of banking software firm Open Solutions, has been named CEO. Another director, George Billings, is the new chairman. Hernandez takes over a company that has been bleeding share for years in the professional video hardware/software space to Adobe and Apple. Shares are halted. Comment! [Tech]
Monday, October 29, 2012, 5:00 PM Avid Technology (AVID): Q3 EPS of -$0.08 misses by $0.10. Revenue of $127.2M (-23% Y/Y) misses by $5.8M. (PR) Comment! [Earnings, Consumer]
Monday, October 22, 2012, 12:45 PM Midday top 10 gainers: STXS +56%. SVU +35%. CASC +18%. PGRX +14%. GURE +13%. CRMB +13%. LLEN +12%. CHC +12%. PRWT +11%. PETS +11%.
Top 10 Losers: OSG -63%. BSAC -62%. FSCI -29%. MSN -19%. ZN -18%. AVID -15%. HRT -6%. FDML -12%. DHRM -11%. CLWT -11%. 1 Comment [On the Move]
Monday, October 22, 2012, 9:44 AM Avid Technology (AVID -8.2%) crashes after warning it expects Q3 revenue of $125M-$127M, below a $145.2M consensus. Avid, expected to report Q3 EPS of $0.14, also forecasts a non-GAAP net loss of $3M-$5M. The company blames Americas sales execution and "transitional issues" related to plans to divest its consumer businesses. However, Avid's video production gear appears to be in a long-term decline relative to cheaper Adobe and Apple-based solutions. (Q1 warning) 1 Comment [Tech, On the Move, Earnings]
Monday, July 30, 2012, 4:40 PM Avid Technology (AVID): Q2 EPS of -$0.11 misses by $0.04. Revenue of $157.4M (-2.7% Y/Y) beats by $2.4M. (PR) Comment! [Earnings, Consumer]
Thursday, April 26, 2012, 5:12 PM Avid Technology (AVID): Q1 EPS of -$0.24 misses by $0.02. Revenue of $152M (-8.5% Y/Y) in-line. (PR) Comment! [Earnings, Consumer]
Thursday, April 12, 2012, 9:00 AM As part of its much-anticipated CS6 suite, Adobe (ADBE) is rolling out a major upgrade to its Premiere Pro video editing solution, one that includes a new UI and playback engine, support for higher resolutions, and expanded multicam editing capabilities. It's worth noting the Premiere Pro upgrade is being announced just a day after rival Avid Technology (AVID -16.3%) issued a Q1 warning. Comment! [Tech]
Wednesday, April 11, 2012, 5:16 PM Avid Technology (AVID) has resumed trading following its Q1 warning, and is currently down 18.2% AH. With Avid specifically blaming weakness in "creative enthusiast" solutions, questions about further market share losses at the hands of cheaper products such as Adobe's (ADBE) Premiere Pro and Apple's (AAPL) Final Cut Pro are bound to be raised. Comment! [Tech, On the Move]
Wednesday, April 11, 2012, 4:16 PM Avid Technology (AVID) says Q1 revenue will likely come in at $152M, below Street consensus estimates of $161M. The company says revenues were down nearly 30% Y/Y due to weak demand in its creative enthusiast unit. Shares are halted AH. Comment! [Tech, Earnings]
Wednesday, February 8, 2012, 10:19 AM Avid Technology (AVID +20.1%), which has seen its stock price hammered over the last 7 years thanks to the market share losses seen by its high-end video editing gear, is rallying strongly following yesterday's Q4 beat. Helping Avid's cause are earnings call remarks claiming the company, which just posted its first GAAP profit since 2007, may post a GAAP profit for the whole of 2012. Comment! [Tech, On the Move]
Tuesday, February 7, 2012, 4:45 PM More on Avid Technology (AVID): FQ1 easily beats EPS estimates despite a 5.1% overall dip in Y/Y revenue. Margins were the highest they've been since 2005, as the company streamlined operations and improved execution across virtually all business lines. Shares +13.6% AH. Comment! [On the Move, Tech, Earnings]
Tuesday, February 7, 2012, 4:18 PM Avid Technology (AVID): Q4 EPS of $0.38 beats by $0.23. Revenue of $185.3M (-5.1% Y/Y) beats by $9M. Shares +10.7% AH. (PR) Comment! [Earnings, Consumer, Breaking News, On the Move]