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Avid Posts Lowers Revenues, Trims Losses

Avid Technology, maker of the Softimage family of animation and effects tools, reported Q1 results yesterday, posting lower revenues but a smaller loss than last year.
Revenues for the quarter were $92.0 million, versus $118.1 million in the corresponding quarter in 2001. Net loss for the quarter was trimmed to $3.7 million (14 cents per share) from a net loss of $10.5 million (41 cents per share) last year. "We had expected better results from this quarter," said David Krall, Avid's president and chief executive officer, "especially from the postproduction side of our business. Customers for our core video products continue to feel the effects of the weak advertising market and are taking a very conservative approach to their purchasing. In response, we have reduced our budgeted operating expenses, but remain committed to our product development roadmap for the year."

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