BURLINGTON, MA — Avid Technology Inc., based here, announced on Feb. 25 that its Q4 2012 earnings report, originally due to be released on Feb. 26, would be delayed. The company, which made a costly foray into audio and video editing products for consumers before selling those businesses last year, has been reportedly struggling for profitability since 2005. Avid had previously announced on Feb. 11 that its president and CEO, Gary Greenfield, had voluntarily resigned his post and would be replaced by one of the company’s directors, Louis Hernandez, Jr.
More details from Avid (www.avid.com):
Avid Postpones its Fourth Quarter Earnings Release
[Press release issued Feb. 25, 2013]
Avid (NASDAQ: AVID) today announced that it is postponing its fourth quarter 2012 earnings release and investor conference call, previously scheduled for Tuesday, February 26, 2013 to provide additional time for the Company to evaluate its current and historical accounting treatment related to bug fixes, upgrades and enhancements to certain products which the Company has provided to certain customers. The need to evaluate the accounting treatment arose during the Company’s normal review of its financial results for the fourth quarter and full year 2012. The Company is working diligently to complete its evaluation, but is currently unable to estimate when the evaluation will be completed.
