Avid Technology Inc. expected to Report Fiscal Year 2009 Results on January 25, 2010. This event was calculated by Capital IQ (Created on October 26, 2009).

Avid Technology Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported revenues of $153.7 million compared to $217.1 million for the same period in 2008. The GAAP net loss was $16.2 million, or $0.43 per share, compared to a GAAP net loss of $66.4 million, or $1.80 per share, in the third quarter of 2008. The third quarter 2008 results included a non-cash impairment charge of $51.3 million or $1.39 per share. The GAAP net loss for the third quarter of 2009 included amortization of intangibles, stock-based compensation, restructuring charges, loss on asset sales and related tax adjustments, collectively totaling $17.0 million. Excluding these items, the non-GAAP net income was $787,000 for the third quarter, or $0.02 per share. Operating loss was $18.12 million and loss before income taxes was $18.36 million compared to operating loss of $65.10 million and loss before income taxes of $64.59 million for the same period last year. For the nine month, revenues were $455.9 million, compared to revenues of $638.2 million for the same period in 2008. GAAP net loss was $49.4 million, or $1.33 per share, compared to GAAP net loss of $97.9 million, or $2.59 per share, for the same period in 2008. GAAP net loss for the nine-month of 2009 included $39.1 million of amortization, stock-based compensation, restructuring charges, loss on asset sales and related tax adjustments. Excluding these items, the non-GAAP net loss per share was $0.28 for the nine-month period ended September 30, 2009. GAAP net loss for the nine-month of 2008 included $82.0 million of amortization, stock-based compensation, restructuring charges, impairment charges and related tax adjustments. Excluding these items, the non-GAAP net loss per share was $0.42 for the first nine months of 2008. Operating loss was $53.69 million and loss before income taxes was $53.72 million compared to operating loss of $97.42 million and loss before income taxes of $94.82 million for the same period last year.

Avid Technology Inc. announced that its board of directors has elected Robert M. Bakish as a Class II director of the company. His term will expire at the company's 2010 annual meeting of stockholders. Mr. Bakish is president of MTV Networks (MTVN) International, overseeing all MTV Networks operations outside of the United States. Mr. Bakish has served as president of MTVN since 2007. Currently, Mr. Bakish also serves as Chairman of the Board of Viacom 18, and is on the boards of Viacom joint ventures with BSkyB and Telecom Italia Media.