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.

Woodland Hills, CA. Spatializer Audio Laboratories today announced financial results for its third quarter of fiscal 1996, ended September 30, 1996. Revenues were $472,200 (U.S.), an increase of 76 percent over the third quarter of fiscal 1995. The company reported a net loss of $1,101,700 for the quarter, compared to a net loss of $849,822 a year earlier.

Spatializer reported that nine new OEM licensees were added during the quarter, bringing the total to 44 chip licensees. Also, nine new game developers signed up for the company’s Spatializer 3-D MAP™ positional audio enhancement software for Windows® ’95. The increase in licensing reflects both a new “bundled” licensing arrangement with Matsushita Electric Co., and a favorable ruling by the courts in a long-standing patent litigation with QSound Labs, Inc.

“The uncertainty and costs associated with twenty-two months of patent litigation are at long last behind us,” said Steven D. Gershick, President and CEO of Spatializer. “We have already begun to see very positive and immediate effects of this resolution in both substantial licensee growth and increased Spatializer chip sales. [also] we have seen our R&D investment begin to bear fruit during the quarter with the introduction of our N22™ Digital Virtual Surround™ technology for multi-channel discrete digital audio systems for DVD/DVD-ROM and home theater markets.”