Avid Technology Reports 3rd Quarter Loss, Appoints New Marketing V-P

Tewksbury, MA. Avid Technology Inc. has reported financial results for the third quarter of its fiscal year, ended September 30, 1996. For the third consecutive quarter, Avid recorded a net loss on its operations.

The loss amounted to $6.75 million (U.S.), against reported revenues of $114.7 million. This loss included one-time charges of $8.8 million associated with the decision not to release the Avid Media Spectrum product line.

“Our priorities remain the same as they have been for the past two quarters,” commented William J. Miller, Avid’s Chairman and CEO. “We are focused on generating cash flow, returning to profitability and developing and selling innovative products that meet the needs of our customers. We have instituted several companywide programs designed to improve our operating efficiency and we are scrutinizing all aspects of our business to achieve progress toward these goals.”

Two weeks ago, Avid announced the appointment of Clifford A. Jenks to the newly-created position of V-P, Worldwide Sales and Marketing.

Jenks was most recently COO of Zenith Data Systems. Prior to that, he was Apple Computer’s V-P of Sales and Marketing Support, where he was responsible for U.S. sales operations, marketing, channel finance and administration.

Avid Technologies is the parent company of Digidesign Inc., which manufactures the popular ProTools series of digital audio workstations.

Speak Your Mind