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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 25, 2007
AVID TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
0-21174 |
04-2977748 | |||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
This Current Report on Form 8-K contains a number of forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, about the performance of Avid Technology, Inc. (the “Company”). For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects” and similar expressions are intended to identify forward-looking statements. There are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, many of which are beyond the Company’s control, including the risk factors disclosed previously and from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements contained herein represent the Company’s estimate only as of the date of this filing and should not be relied upon as representing the Company’s estimate as of any subsequent date. While the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.
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Item 2.02. |
Results of Operations and Financial Condition. |
On October 25, 2007, the Company announced its financial results for the quarter ended September 30, 2007. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
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Item 9.01. |
Financial Statements and Exhibits. |
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(d) |
Exhibits. |
The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
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99.1 |
Press Release issued by the Company on October 25, 2007. |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: October 25, 2007 |
AVID TECHNOLOGY, INC. | |
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3
EXHIBIT INDEX
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Exhibit No. |
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Description |
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99.1 |
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Press release issued by the Company dated October 25, 2007. |
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4
EXHIBIT 99.1
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Contact: |
Dean Ridlon, Investor Relations Director |
Phone: 978.640.5309
Email: Investor_Relations@avid.com
Avid Reports Third Quarter 2007 Results
Tewksbury, MA – October 25, 2007 – Avid Technology, Inc. (NASDAQ: AVID) today reported revenue of $226.8 million for the three-month period ended September 30, 2007, compared to $231.2 million for the same period in 2006. GAAP net loss for the quarter was $5.9 million, or $.14 per share, compared to GAAP net income of $3.6 million, or $.08 per diluted share, in the third quarter of 2006.
GAAP net loss in the third quarter of 2007 includes $21.0 million of amortization, stock-based compensation, restructuring costs, other costs and related tax adjustments. Excluding these items, non-GAAP earnings per diluted share were $.37. For the third quarter of 2006, there was $14.3 million of amortization, stock-based compensation, restructuring recoveries, in-process research and development, and related tax adjustments included in GAAP net income. Excluding these items, non-GAAP earnings per diluted share were $.42 in the third quarter of 2006.
The company’s cash balance increased to $197.2 million at September 30, 2007 primarily due to operating cash flow.
“Given the initiatives we have undertaken, we are pleased with this quarter’s results,” said Nancy Hawthorne, Avid’s interim chief executive officer. “We remain focused on enhancing Avid’s profitability by improving all aspects of the company’s operations.
“Our professional video business had a solid quarter with stable revenue and improved profitability sequentially as we recognized some large deals from our backlog and had a modest increase in our run rate business,” continued Hawthorne. “Audio performed well as strength in studio and live mixing consoles and products serving the home/hobbyist studio market offset weakness in core Pro Tools|HD upgrades and M-Audio. Finally, in consumer the PC-based TV viewing products were strong and the launch of the Studio 11 consumer video editor continued to go well.”
Revenue for the nine-month period ended September 30, 2007 was $671.1 million, compared to revenue of $671.5 million for the same period in 2006. GAAP net loss for the first nine months of 2007 was $11.8 million, or $.29 per share, compared to GAAP net income of $9.6 million, or $.22 per diluted share, for the same period in 2006. GAAP net loss for the nine-month period ended September 30, 2007 includes $45.8 million of amortization, stock-based compensation, restructuring costs, other costs and related tax adjustments. Excluding these items, non-GAAP earnings per share were $.82 per diluted share for the first nine months of 2007. GAAP net income for the nine-month period ended September 30, 2006 includes $38.9 million of amortization, stock-based compensation, restructuring costs, in-process research and development, and related tax adjustments. Excluding these items, non-GAAP earnings per diluted share were $1.13 for the first nine months of 2006.
Use of Non-GAAP Financial Measures
This press release contains “non-GAAP financial measures” under the rules of the U.S. Securities and Exchange Commission. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with, disclosures required by generally accepted accounting principles, or GAAP. The reconciliation for net income and diluted earnings per share for the three- and nine-month periods ended September 30, 2007 and 2006 are in the tables attached to this press release.
We use non-GAAP financial measures internally to manage our business, for example, in establishing our annual operating budget, in assessing segment operating performance and for measuring performance under our employee incentive compensation plans. Non-GAAP financial measures are used by our management in its operating and financial decision-making because management believes these measures reflect our ongoing business in a manner that allows meaningful period-to-period comparisons. Accordingly, we believe it is useful for our investors and others to review both GAAP and non-GAAP measures in order to (a) understand and evaluate our current operating performance and future prospects in the same manner as management does and (b) compare in a consistent manner the company’s current financial results with our past financial results. The primary limitations associated with our use of non-GAAP financial measures are that these measures may not be directly comparable to the amounts reported by other companies and they do not include all items of income and expense that affect our operations. Our management compensates for these limitations by considering the company’s financial results as determined in accordance with GAAP and by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in this press release.
Conference Call
A conference call to discuss Avid’s third quarter 2007 financial results will be held today, October 25, 2007, at 5:00 p.m. EDT. The call will be open to the public and can be accessed by dialing (719) 457-2617 and referencing confirmation code 8148060. The call and subsequent replay will also be available on Avid’s website. To listen via this alternative, go to the Investor Relations page under the About Us menu at www.avid.com for complete details prior to the start of the conference call.
Use of Forward-Looking Statements
The above release is subject to the completion and filing of our Quarterly Report on Form 10-Q. This release includes forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, about Avid’s performance. There are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, such as Avid’s ability to meet customer needs, market acceptance of Avid’s existing and new products, Avid’s ability to recognize revenue in a timely manner, competitive factors, pricing pressures, delays in product shipments and other important events and factors disclosed previously and from time to time in Avid’s filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements contained herein represent Avid’s estimate only as of today and should not be relied upon as representing the company’s estimate as of any subsequent date. While Avid may elect to update these forward-looking statements at some point in the future, Avid specifically disclaims any obligation to do so, even if the estimates change.
About Avid Technology, Inc.
Avid Technology, Inc. is the world leader in digital nonlinear media creation, management and distribution solutions, enabling film, video, audio, animation, games and broadcast professionals to work more efficiently, productively and creatively. For more information about the company’s Oscar®, Grammy® and Emmy® award-winning products and services, please visit: www.avid.com.
© 2007 Avid Technology, Inc. All rights reserved. Avid, Digidesign, Film Composer and Pro Tools are either registered trademarks or trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. Avid received an Oscar statuette representing the 1998 Scientific and Technical Award for the concept, design and engineering of the Avid® Film Composer® system for motion picture editing. Digidesign, Avid’s audio division, received an Oscar statuette representing the 2003 Scientific and Technical Award for the design, development and implementation of its Pro Tools® digital audio workstation. Oscar is a trademark and service mark of the Academy of Motion Picture Arts and Sciences. Emmy is a registered trademark of ATAS/NATAS. Grammy is a trademark of the National Academy of Recording Arts and Sciences, Inc. All other trademarks contained herein are the property of their respective owners.
AVID TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited - in thousands, except per share data)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2007 |
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2006 |
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2007 |
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2006 |
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Net revenues: |
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Products |
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$ |
198,817 |
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$ |
203,274 |
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$ |
583,630 |
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$ |
595.597 |
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Services |
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28,009 |
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27,959 |
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87,420 |
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75,932 |
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Total net revenues |
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226,826 |
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231,233 |
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671,050 |
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671,529 |
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Cost of revenues: |
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Products |
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93,397 |
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99,202 |
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279,100 |
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284,382 |
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Services |
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16,054 |
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13,968 |
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49,487 |
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41,095 |
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Amortization of intangible assets |
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4,096 |
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6,208 |
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13,329 |
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16,304 |
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Restructuring costs |
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2,797 |
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– |
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2,797 |
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– |
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Total cost of revenues |
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116,344 |
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119,378 |
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344,713 |
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341,781 |
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Gross profit |
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110,482 |
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111,855 |
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326,337 |
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329,748 |
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Operating expenses: |
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Research and development |
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36,471 |
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35,250 |
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112,657 |
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106,363 |
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Marketing and selling |
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48,832 |
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50,641 |
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157,031 |
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153,136 |
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General and administrative |
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20,514 |
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16,021 |
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56,064 |
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47,011 |
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Amortization of intangible assets |
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3,432 |
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3,298 |
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10,295 |
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10,940 |
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Restructuring costs (recoveries), net |
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6,297 |
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(1,620 |
) |
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8,072 |
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(554 |
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In-process research and development |
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– |
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569 |
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– |
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879 |
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Total operating expenses |
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115,546 |
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104,159 |
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344,119 |
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317,775 |
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Operating income (loss) |
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(5,064 |
) |
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7,696 |
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(17,782 |
) |
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11,973 |
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Interest and other income (expense), net |
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1,980 |
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1,832 |
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5,898 |
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|
5,683 |
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Income (loss) before income taxes |
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(3,084 |
) |
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9,528 |
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(11,884 |
) |
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|
17,656 |
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Provision for (benefit from) income taxes, net |
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2,769 |
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5,935 |
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(52 |
) |
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8,018 |
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Net income (loss) |
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$ |
(5,853 |
) |
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$ |
3,593 |
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$ |
(11,832 |
) |
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$ |
9,638 |
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Net income (loss) per common share – basic |
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$ |
(0.14 |
) |
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$ |
0.09 |
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$ |
(0.29 |
) |
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$ |
0.23 |
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Net income (loss) per common share – diluted |
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$ |
(0.14 |
) |
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$ |
0.08 |
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$ |
(0.29 |
) |
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$ |
0.22 |
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Weighted-average common shares outstanding – basic |
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40,798 |
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41,531 |
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40,963 |
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41,978 |
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Weighted-average common shares outstanding – diluted |
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40,798 |
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|
42,281 |
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40,963 |
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|
42,845 |
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AVID TECHNOLOGY, INC.
(unaudited - in thousands, except per share data)
Segment revenue and operating income (loss):
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2007 |
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2006 |
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2007 |
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2006 |
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Professional Video: |
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Revenues |
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$ |
118,855 |
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$ |
126,579 |
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$ |
351,844 |
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$ |
361,642 |
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Operating income |
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9,976 |
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14,711 |
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13,892 |
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33,111 |
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Audio: |
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Revenues |
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$ |
77,320 |
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|
|
$ |
74,189 |
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|
|
$ |
233,006 |
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|
|
$ |
221,199 |
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Operating income |
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|
7,797 |
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|
|
|
8,391 |
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|
|
|
21,495 |
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|
|
|
26,481 |
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|
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|
|
|
|
|
|
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Consumer Video: |
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Revenues |
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$ |
30,651 |
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$ |
30,465 |
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$ |
86,200 |
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$ |
88,688 |
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Operating loss |
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|
(1,877 |
) |
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|
|
(2,625 |
) |
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(5,210 |
) |
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|
(7,006 |
) |
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|
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|
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|
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|
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Total: |
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|
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|
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|
|
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Total segment revenues |
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$ |
226,826 |
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$ |
231,233 |
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$ |
671,050 |
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$ |
671,529 |
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Total segment operating income |
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|
15,896 |
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|
|
20,477 |
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|
|
|
30,177 |
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|
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|
52,586 |
|
Reconciliation of GAAP operating income (loss) to Non-GAAP operating income:
|
|
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Three Months Ended |
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Nine Months Ended |
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September 30, |
|
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|
September 30, |
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|
|
|
2007 |
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|
2006 |
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|
2007 |
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|
2006 |
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|
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|
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|
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|
|
|
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Consolidated GAAP operating income (loss) |
|
$ |
(5,064 |
) |
|
|
$ |
7,696 |
|
|
|
$ |
(17,782 |
) |
|
|
$ |
11,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile to Non-GAAP operating income: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
|
7,528 |
|
|
|
|
9,506 |
|
|
|
|
23,624 |
|
|
|
|
27,244 |
|
|
Stock-based compensation |
|
|
3,988 |
|
|
|
|
4,326 |
|
|
|
|
12,091 |
|
|
|
|
13,044 |
|
|
Restructuring costs (recoveries), net |
|
|
9,094 |
|
|
|
|
(1,620 |
) |
|
|
|
10,869 |
|
|
|
|
(554 |
) |
|
Other costs |
|
|
350 |
|
|
|
|
– |
|
|
|
|
1,375 |
|
|
|
|
– |
|
|
In-process research and development |
|
|
– |
|
|
|
|
569 |
|
|
|
|
– |
|
|
|
|
879 |
|
|
Total operating income for reportable segments |
|
$ |
15,896 |
|
|
|
$ |
20,477 |
|
|
|
$ |
30,177 |
|
|
|
$ |
52,586 |
|
AVID TECHNOLOGY, INC.
(unaudited - in thousands, except per share data)
Reconciliation of GAAP net income (loss) to Non-GAAP net income:
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
| ||||||||||||
|
|
|
September 30, |
|
|
|
September 30, |
| ||||||||||||
|
|
|
2007 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
2006 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
(5,853 |
) |
|
|
$ |
3,593 |
|
|
|
$ |
(11,832 |
) |
|
|
$ |
9,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile to Non-GAAP net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
|
7,528 |
|
|
|
|
9,506 |
|
|
|
|
23,624 |
|
|
|
|
27,244 |
|
|
Stock-based compensation |
|
|
3,988 |
|
|
|
|
4,326 |
|
|
|
|
12,091 |
|
|
|
|
13,044 |
|
|
Restructuring costs (recoveries), net |
|
|
9,094 |
|
|
|
|
(1,620 |
) |
|
|
|
10,869 |
|
|
|
|
(554 |
) |
|
Other costs |
|
|
350 |
|
|
|
|
– |
|
|
|
|
1,375 |
|
|
|
|
– |
|
|
In-process research and development |
|
|
– |
|
|
|
|
569 |
|
|
|
|
– |
|
|
|
|
879 |
|
|
Related tax adjustments |
|
|
74 |
|
|
|
|
1,494 |
|
|
|
|
(2,140 |
) |
|
|
|
(1,757 |
) |
|
Non-GAAP net income |
|
$ |
15,181 |
|
|
|
$ |
17,868 |
|
|
|
$ |
33,987 |
|
|
|
$ |
48,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding – diluted |
|
|
41,234 |
|
|
|
|
42,281 |
|
|
|
|
41,521 |
|
|
|
|
42,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per common share – diluted |
|
$ |
0.37 |
|
|
|
$ |
0.42 |
|
|
|
$ |
0.82 |
|
|
|
$ |
1.13 |
|
Stock-based compensation, which relates to adoption of SFAS 123R, the acquisition of M-Audio, and the issuance of restricted stock and restricted stock units in 2006 and 2007, is comprised of the following:
|
Stock-based compensation included in: |
|
Three Months Ended |
|
Nine Months Ended | ||||||||
|
|
|
2007 |
|
2006 |
|
2007 |
|
2006 | ||||
|
Cost of products revenues |
|
$ |
182 |
|
$ |
128 |
|
$ |
505 |
|
$ |
398 |
|
Cost of services revenues |
|
|
248 |
|
|
196 |
|
|
696 |
|
|
623 |
|
Research and development expense |
|
|
1,018 |
|
|
1,252 |
|
|
3,415 |
|
|
3,802 |
|
Marketing and selling expense |
|
|
1,092 |
|
|
1,190 |
|
|
3,228 |
|
|
3,638 |
|
General and administrative expense |
|
|
1,448 |
|
|
1,560 |
|
|
4,247 |
|
|
4,583 |
|
|
|
$ |
3,988 |
|
$ |
4,326 |
|
$ |
12,091 |
|
$ |
13,044 |
AVID TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited - in thousands)
|
|
|
September 30, |
|
|
|
December 31, |
| ||
|
|
|
2007 |
|
|
|
2006 |
| ||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities |
|
$ |
197,239 |
|
|
|
$ |
172,107 |
|
|
Accounts receivable, net of allowances of $19,164 and $23,087 |
|
|
|
|
|
|
|
|
|
|
at September 30, 2007 and December 31, 2006, respectively |
|
|
140,363 |
|
|
|
|
138,578 |
|
|
Inventories |
|
|
133,732 |
|
|
|
|
144,238 |
|
|
Prepaid and other current assets |
|
|
33,336 |
|
|
|
|
29,016 |
|
|
Total current assets |
|
|
504,670 |
|
|
|
|
483,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
45,780 |
|
|
|
|
40,483 |
|
|
Intangible assets, net |
|
|
78,425 |
|
|
|
|
102,048 |
|
|
Goodwill |
|
|
360,550 |
|
|
|
|
360,143 |
|
|
Other assets |
|
|
11,983 |
|
|
|
|
10,421 |
|
|
Total assets |
|
$ |
1,001,408 |
|
|
|
$ |
997,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
35,442 |
|
|
|
$ |
34,108 |
|
|
Accrued expenses and other current liabilities |
|
|
91,262 |
|
|
|
|
88,331 |
|
|
Deferred revenues |
|
|
82,159 |
|
|
|
|
73,743 |
|
|
Total current liabilities |
|
|
208,863 |
|
|
|
|
196,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities |
|
|
19,029 |
|
|
|
|
20,471 |
|
|
Total liabilities |
|
|
227,892 |
|
|
|
|
216,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
423 |
|
|
|
|
423 |
|
|
Additional paid-in capital |
|
|
964,330 |
|
|
|
|
952,763 |
|
|
Accumulated deficit |
|
|
(158,799 |
) |
|
|
|
(134,708 |
) |
|
Treasury stock at cost, net of reissuances |
|
|
(44,536 |
) |
|
|
|
(43,768 |
) |
|
Accumulated other comprehensive income |
|
|
12,098 |
|
|
|
|
5,671 |
|
|
Total stockholders’ equity |
|
|
773,516 |
|
|
|
|
780,381 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
1,001,408 |
|
|
|
$ |
997,034 |
|