Third Quarter 10-Q Results
Tewksbury, Mass, 2009-11-11 Avid® (NASDAQ: AVID) today announced that it will delay the filing of its Report on Form 10-Q for the third quarter ended September 30, 2009. The report will now be issued on November 16, 2009, rather than November 9. The delay is due to additional time required for the previously announced Audit Committee investigation relating to errors in the recognition of revenue from shipments near the end of fiscal quarters from certain warehouses outside of the United States.
Avid expects to record changes to its previously announced financial results for the three and nine month periods ended September 30, 2009 to reflect these errors. Due to additional work that is required to evaluate and quantify such changes, the company cannot determine at this time if the changes will be material. However, based on the current progress of the investigation, Avid does not believe that any errors relating to periods prior to 2009 will be material to its financial statements for any such prior periods.
Avid creates the digital audio and video technology used to make the most listened to, most watched and most loved media in the world – from the most prestigious and award-winning feature films, music recordings, television shows, live concert tours and news broadcasts, to music and movies made at home. Some of Avid’s most influential and pioneering solutions include Media Composer®, Pro Tools®, Avid Unity™, Interplay®, Oxygen 8, Sibelius® and Pinnacle Studio™. For more information about Avid solutions and services, visit www.avid.com, del.icio.us, Flickr, Twitter and YouTube; connect with Avid on Facebook; or subscribe to Avid Industry Buzz.
© 2009 Avid Technology, Inc. All rights reserved. Avid, the Avid Logo, Pinnacle Studio, Avid Unity, Interplay, Media Composer, Pro Tools and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. The Interplay name is used with the permission of Interplay Entertainment Corp., which bears no responsibility for Avid products. All other trademarks are the property of their respective owners.