BURLINGTON, Mass.--(BUSINESS WIRE)--
Avid Technology, Inc. (NASDAQ: AVID) today announced that it received a
positive decision from the Listing Qualifications Panel of The NASDAQ
Stock Market ("NASDAQ") granting Avid's request for an exception within
which to regain compliance with NASDAQ's filing requirement, through
March 14, 2014. It is a condition to the Company's continued listing on
NASDAQ that the Company evidence compliance with all applicable
requirements for continued listing on NASDAQ on or before March 14,
2014, including the filing of all outstanding annual and periodic
reports with the Securities and Exchange Commission. The Company expects
that it will be able to satisfy the March 14, 2014 deadline.
The Company's cash balance on September 30, 2013 was $50.2 million. The
Company expects that additional cash expenditures related to the ongoing
accounting evaluation through completion of the evaluation will amount
to approximately $15 million to $20 million.
Cautionary Note Regarding Forward-Looking Statements.
The information provided in this release includes forward-looking
statements that involve risks and uncertainties, including statements
about Avid's anticipated plans, objectives, expectations and intentions.
Such statements include, without limitation, statements regarding Avid's
belief that it will be able to comply with the March 14, 2014 NASDAQ
deadline by completing the previously announced restatement and filing
its outstanding annual report on Form 10-K and periodic reports on Form
10-Qs with the SEC, and the estimated costs related to the Company's
ongoing accounting evaluation of its current and historical accounting
practices. These forward-looking statements are based on current
expectations as of the date of this filing and subject to known and
unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such statements,
including but not limited to: the impact of restatement of financial
statements for prior periods; the impact of delays in Avid's completion
of its financial statements and the filing of its periodic reports; the
impact of the previously disclosed ongoing SEC and Department of Justice
inquiries; the impact of the ongoing evaluation and these inquiries on
Avid's financial results and financial statements for the quarter ended
September 30, 2013 and prior and future periods, including the costs
associated with the evaluation and inquiries; Avid's ability to regain
compliance with NASDAQ's continued listing requirements; the identified
material weakness in Avid's internal controls; recent changes in Avid's
management; Avid's ability to execute its strategic plan and meet
customer needs; its ability to produce innovative products in response
to changing market demand, particularly in the media industry; risks
related to litigation; competitive factors; history of losses;
fluctuations in its revenue, based on, among other things, Avid's
performance in particular geographies or markets, fluctuations in
foreign currency exchange rates and seasonal factors; adverse changes in
economic conditions; and Avid's liquidity. Moreover, the business may be
adversely affected by future legislative, regulatory or tax changes as
well as other economic, business and/or competitive factors. The risks
included above are not exhaustive. Other factors that could adversely
affect Avid's business and prospects are described in the filings made
by the Company with the SEC.
Avid expressly disclaims any obligation or undertaking to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.
Through Avid Everywhere, Avid delivers the industry's most open,
innovative and comprehensive media platform connecting content creation
with collaboration, asset protection, distribution and consumption for
the most listened to, most watched and most loved media in the
world—from the most prestigious and award-winning feature films, music
recordings, and television shows, to live concerts and news broadcasts.
Industry leading solutions include Pro Tools®, Media Composer®, ISIS®,
Interplay®, and Sibelius®. For more information about Avid solutions and
services, visit www.avid.com,
connect with Avid on Facebook,
or subscribe to Avid
© 2013 Avid Technology, Inc. All rights reserved. Avid, the Avid
logo, Media Composer, Pro Tools, Interplay, ISIS, 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 the Interplay Entertainment Corp.
which bears no responsibility for Avid products. All other trademarks
are the property of their respective owners.
Lisa Kilborn, 978-640-3230
Tom Fitzsimmons, 978-640-3346
Source: Avid Technology, Inc.
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