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Avid Technology, Inc. (AVID) Announces Second Quarter 2008 Earnings and Provides FY08 Guidance

Avid Technology, Inc. (NASDAQ: AVID), a worldwide leader in tools for film, video, audio, 3D animation, gaming and broadcast professionals, recently announced financial results for the second quarter of 2008. Shares of Avid Technology posted strong gains late last week after the company reported revenue of $222.9 million for the second quarter ended June 30, 2008, compared to $225.3 million for the same period in 2007.

Revenue for the six-month period ended June 30, 2008 was $421.1 million, compared to revenue of $444.2 million for the same period in 2007. Non-GAAP earnings per share were $0.00 in the second quarter of 2008, compared to $0.20 per share during the same period in 2007. Avid Technology will continue to align expenses with revenue to create a more competitive cost structure that allows the company to invest in new technologies that are strategically beneficial to future growth.

Despite lackluster breakeven results for the quarter, senior management was pleased that the company accomplished key milestones and is showing improvement in top and bottom line results. The company expects gross margins to improve slightly in the second half of the year with the ultimate goal of achieving double-digit operating margins in 2010.

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