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Update: Avid to File Its Third Quarter 10-Q Results on November 16, 2009
TEWKSBURY, MA, Nov 09, 2009 (MARKETWIRE via COMTEX) --
Avid(R) (NASDAQ: AVID) today announced that it will delay the filing
of its Report on Form 10-Q for the third quarter ended September 30,
2009. The report will now be issued on November 16, 2009, rather
than November 9. The delay is due to additional time required for
the previously announced Audit Committee investigation relating to
errors in the recognition of revenue from shipments near the end of
fiscal quarters from certain warehouses outside of the United States.
Avid expects to record changes to its previously announced financial
results for the three and nine month periods ended September 30, 2009
to reflect these errors. Due to additional work that is required to
evaluate and quantify such changes, the company cannot determine at
this time if the changes will be material. However, based on the
current progress of the investigation, Avid does not believe that any
errors relating to periods prior to 2009 will be material to its
financial statements for any such prior periods.
About Avid
Avid creates the digital audio and video technology used to make the
most listened to, most watched and most loved media in the world --
from the most prestigious and award-winning feature films, music
recordings, television shows, live concert tours and news broadcasts,
to music and movies made at home. Some of Avid's most influential
and pioneering solutions include Media Composer(R), Pro Tools(R),
Avid Unity(TM), Interplay(R), Oxygen 8, Sibelius(R) and Pinnacle
Studio(TM). For more information about Avid solutions and services,
visit www.avid.com, del.icio.us, Flickr, Twitter and YouTube; connect
with Avid on Facebook; or subscribe to Avid Industry Buzz.
Copyright 2009 Avid Technology, Inc. All rights reserved. Avid, the
Avid Logo, Pinnacle Studio, Avid Unity, Interplay, Media Composer,
Pro Tools and Sibelius are trademarks or registered trademarks of
Avid Technology, Inc. or its subsidiaries in the United States and/or
other countries. The Interplay name is used with the permission of
Interplay Entertainment Corp., which bears no responsibility for Avid
products. All other trademarks are the property of their respective
owners.
PR Contact:
Amy Peterson
Avid
978-640-3448
Email Contact
IR Contact:
Tom Fitzsimmons
Avid
978-640-3346
Email Contact
SOURCE: Avid
http://www2.marketwire.com/mw/emailprcntct?id=49F6894D18574D22
http://www2.marketwire.com/mw/emailprcntct?id=715F3E01E61DAA7A
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