Avid 2011 Annual Report Download - page 93

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88
U. 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 and stock prices)
Net revenues
Cost of revenues
Amortization of intangible assets
Gross profit
Operating expenses:
Research and development
Marketing and selling
General and administrative (a)
Amortization of intangible assets
Restructuring and other costs (recoveries), net
Loss (gain) on sale of assets
Total operating expenses
Operating loss
Other income (expense), net
Loss before income taxes
(Benefit from) provision for income taxes, net (b)
Net income (loss)
Net income (loss) per share – basic
Net income (loss) per share – diluted
Weighted-average common shares outstanding – basic
Weighted-average common shares outstanding – diluted
High common stock price
Low common stock price
Quarters Ended
2011
Dec. 31
$ 185,304
84,358
657
100,289
28,722
47,592
14,393
2,063
8,530
—
101,300
(1,011)
(497)
(1,508)
(2,715)
$ 1,207
$ 0.03
$ 0.03
38,580
38,584
$ 9.05
$ 5.76
Sept. 30
$ 164,965
76,545
685
87,735
28,960
45,411
13,240
2,159
2,707
—
92,477
(4,742)
(503)
(5,245)
2,774
$(8,019)
$(0.21)
$(0.21)
38,511
38,511
$ 20.38
$ 7.72
June 30
$ 161,344
78,276
685
82,383
30,453
46,052
14,920
2,161
(163)
597
94,020
(11,637)
(768)
(12,405)
(543)
$(11,862)
$(0.31)
$(0.31)
38,413
38,413
$ 22.95
$ 16.15
Mar. 31
$ 166,323
79,038
666
86,619
29,973
44,810
15,298
2,145
(2,216)
—
90,010
(3,391)
(300)
(3,691)
1,426
$(5,117)
$(0.13)
$(0.13)
38,228
38,228
$ 23.35
$ 16.32
2010
Dec. 31
$ 195,347
89,575
642
105,130
30,881
47,759
16,166
2,186
14,918
(3,502)
108,408
(3,278)
(258)
(3,536)
(2,965)
$ (571)
$ (0.01)
$ (0.01)
38,101
38,101
$ 18.83
$ 12.23
Sept. 30
$ 165,059
78,615
745
85,699
28,929
43,199
19,698
2,283
185
(1,527)
92,767
(7,068)
(30)
(7,098)
2,897
$ (9,995)
$ (0.26)
$ (0.26)
38,045
38,045
$ 13.82
$ 11.04
June 30
$ 162,160
78,976
946
82,238
30,268
44,474
13,879
2,417
4,007
—
95,045
(12,807)
(102)
(12,909)
(3)
$ (12,906)
$ (0.34)
$ (0.34)
37,909
37,909
$ 17.99
$ 12.26
Mar. 31
$ 155,956
77,309
966
77,681
30,151
41,746
14,602
2,857
1,340
—
90,696
(13,015)
—
(13,015)
467
$ (13,482)
$ (0.36)
$ (0.36)
37,516
37,516
$ 14.84
$ 12.26
(a) General and administrative expenses for the quarter ended September 30, 2010 included costs of $5.6 million related to a legal settlement recorded in that period.
(b) See Note P, “Income Taxes.”
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.