Avid 2009 Annual Report Download - page 87

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82
S. QUARTERLY RESULTS (UNAUDITED)
The following information has been derived from unaudited consolidated financial statements that, in the opinion of
management, include all normal recurring adjustments necessary for a fair presentation of such information.
(In thousands, except per share data)
Quarters Ended
2009
2008
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Net revenues
$174,679
$152,119
$150,543
$151,629
$206,706
$217,066
$222,863
$198,266
Cost of revenues
82,827
70,683
72,519
77,087
115,310
113,047
112,257
102,460
Amortization of intangible assets
568
519
426
520
753
1,249
2,270
3,254
Restructuring costs
—
—
—
799
1,876
—
—
—
Gross profit
91,284
80,917
77,598
73,223
88,767
102,770
108,336
92,552
Operating expenses:
Research & development
30,015
29,262
30,661
31,051
33,291
37,825
38,972
38,510
Marketing & selling
46,121
44,705
41,994
40,781
49,511
53,638
55,259
50,327
General & administrative
21,322
12,093
12,559
15,113
17,422
19,734
19,492
21,943
Amortization of intangible assets
2,732
2,782
2,622
2,375
2,837
3,307
3,323
3,387
Impairment of goodwill and
intangible assets
—
—
—
—
78,715
51,257
—
—
Restructuring costs, net
9,741
7,891
5,019
4,222
21,305
2,107
937
1,063
(Gain) loss on sale of assets
(3,553)
3,398
—
—
(13,287)
—
—
—
Total operating expenses
106,378
100,131
92,855
93,542
189,794
167,868
117,983
115,230
Operating loss
(15,094)
(19,214)
(15,257)
(20,319)
(101,027)
(65,098)
(9,647)
(22,678)
Other income (expense), net
(94)
(240)
58
153
331
507
617
1,481
Loss before income taxes
(15,188)
(19,454)
(15,199)
(20,166)
(100,696)
(64,591)
(9,030)
(21,197)
Provision for (benefit from) income
taxes, net
2,733
(2,246)
750
(2,889)
(443)
1,800
1,355
(49)
Net loss
($17,921)
($17,208)
($15,949)
($17,277)
($100,253)
($66,391)
($10,385)
($21,148)
Net loss per share – basic and diluted
($0.48)
($0.46)
($0.43)
($0.47)
($2.71)
($1.80)
($0.28)
($0.54)
Weighted-average common shares
outstanding – basic and diluted
37,415
37,341
37,282
37,130
37,012
36,960
36,904
39,362
High common stock price
$15.42
$15.29
$15.48
$12.18
$25.00
$29.91
$25.61
$28.38
Low common stock price
$11.52
$10.81
$9.00
$8.40
$9.68
$16.60
$16.97
$17.61
The Company's quarterly operating results fluctuate as a result of a number of factors including, without limitation, the
timing of new product introductions; the timing of, and costs incurred in association with, the recognition of large
enterprise sales to customers; marketing expenditures; promotional programs; and periodic discounting due to competitive
factors.
T. SUBSEQUENT EVENT
On January 5, 2010, the Company acquired all the outstanding shares of Blue Order Solutions AG (―Blue Order‖) for
approximately $16 million, which is subject to adjustment. Blue Order is headquartered in Germany and is a global
provider of workflow and media asset management solutions.