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Avid Divests Consumer Businesses and Streamlines Operations
Focuses on
"The changes we are announcing today make Avid a more focused and agile
company," said
Avid has agreed to sell its consumer audio and video product lines. The
company's consumer audio products are being sold to inMusic, the parent
company of Akai Professional, Alesis and
Separately, the company's consumer video editing line is being sold to
The divested product lines contributed approximately
Avid also plans to reduce the number of its employees as it streamlines
operations, with approximately 20% of its permanent employee base
impacted by the divestitures and headcount reduction plans. The company
currently expects to incur a restructuring charge of approximately
The company's cash balance on
Conference Call
A conference call to discuss these actions has been scheduled for today,
Use of Forward-Looking Statements
This release may include forward-looking statements, as defined by the
Private Securities Litigation Reform Act of 1995. Statements in this
press release that relate to future results or events are
forward-looking statements and are based on Avid's current estimates and
assumptions. Forward-looking statements may be identified by the use of
forward-looking words, such as "anticipate," "believe," "should,"
"estimate," "expect," "intend," "confidence," "may," "plan," "feel,"
"could," "will," and "would," or similar expressions. Actual results and
events in future periods may differ materially from those expressed or
implied by these forward-looking statements because of a number of
risks, uncertainties and other factors, including: Avid's ability to
execute its strategic plans and meet customer needs; Avid's ability to
realize operational and financial benefits from the sale of its consumer
audio and video product lines and the reduction in workforce announced
today; its ability to produce innovative products in response to
changing market demand, particularly in the media industry; competitive
factors; 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; Avid's liquidity; and other risk factors and
uncertainties disclosed previously and from time to time in Avid's
filings with the
About Avid
Avid creates the digital audio and video technology used to make the
most listened to, most watched and most loved media in the world — from
the most prestigious and award-winning feature films, music recordings,
television shows, to live concert tours and news broadcasts. Some of
Avid's most influential and pioneering solutions include Media
Composer®, Pro Tools®, Interplay®, ISIS®, VENUE, Sibelius®, and System
5. For more information about Avid solutions and services, visit www.avid.com,
Flickr,
Twitter
and
© 2012
PR Contact:
Avid
ian.bruce@avid.com
or
IR
Contact:
Avid
tom.fitzsimmons@avid.com
Source: Avid
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