Avid 2014 Annual Report Download - page 93

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87
R. 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)
Quarter Ended
2014 2013
Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31
Net revenues $128,196 $ 142,429 $124,644 $ 134,982 $ 147,103 $ 138,893 $ 141,345 $ 136,071
Cost of revenues 50,548 52,788 50,420 50,665 59,801 56,055 54,294 52,291
Amortization of intangible assets — — — 50 158 158 501 651
Gross profit 77,648 89,641 74,224 84,267 87,144 82,680 86,550 83,129
Operating expenses:
Research and development 23,212 22,154 22,070 22,954 24,556 23,239 23,847 23,607
Marketing and selling 34,527 31,410 34,297 32,815 34,566 31,512 33,903 33,909
General and administrative 22,222 20,644 19,984 18,331 23,135 22,715 16,131 15,597
Amortization of intangible assets 375 373 398 480 667 660 658 663
Restructuring (recoveries) costs, net — — (165) — 2,491 688 1,918 273
Total operating expenses 80,336 74,581 76,584 74,580 85,415 78,814 76,457 74,049
Operating (loss) income (2,688) 15,060 (2,360) 9,687 1,729 3,866 10,093 9,080
Other (expense) income, net (1,620) (455) (357) (351) 192 (363) (247) (258)
(Loss) income before income taxes (4,308) 14,605 (2,717) 9,336 1,921 3,503 9,846 8,822
Provision for income taxes 761 365 622 440 792 921 669 557
Net (loss) income $ (5,069) $ 14,240 $ (3,339) $ 8,896 $ 1,129 $ 2,582 $ 9,177 $ 8,265
(Loss) income per share – basic $ (0.13) $ 0.36 $ (0.09) $ 0.23 $ 0.03 $ 0.07 $ 0.24 $ 0.21
(Loss) income per share – diluted (0.13) 0.36 (0.09) 0.23 0.03 0.07 0.23 0.21
Weighted-average common shares outstanding – basic 39,234 39,133 39,119 39,099 39,080 39,075 39,040 38,977
Weighted-average common shares outstanding – diluted 39,966 39,201 39,119 39,122 39,111 39,076 39,069 39,034