-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JLDBPQUB4KEUM0NHHsZgPmxzxl4/Ivbm+ESxio6dopXU9aZRBMjrM+SdVIULjS8L JZ1sH2erFHeq7EsgxF4qoA== 0000896841-03-000018.txt : 20031016 0000896841-03-000018.hdr.sgml : 20031016 20031016161204 ACCESSION NUMBER: 0000896841-03-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030930 ITEM INFORMATION: FILED AS OF DATE: 20031016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AVID TECHNOLOGY INC CENTRAL INDEX KEY: 0000896841 STANDARD INDUSTRIAL CLASSIFICATION: PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861] IRS NUMBER: 042977748 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21174 FILM NUMBER: 03943998 BUSINESS ADDRESS: STREET 1: METROPOLITAN TECHNOLOGY PARK STREET 2: ONE PARK WEST CITY: TEWKSBURY STATE: MA ZIP: 01876 BUSINESS PHONE: 9786406789 MAIL ADDRESS: STREET 1: METROPOLITAN TECHNOLOGY PARK STREET 2: ONE PARK WEST CITY: TEWKSBURY STATE: MA ZIP: 01876 8-K 1 form8k_93003-3qtr.txt 8K FOR Q3 2003 PRESS RELEASE AVID TECHNOLOGY, INC. Avid Technology Park One Park West Tewksbury, MA 01876 October 16, 2003 Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington, DC 20549 Re: Avid Technology, Inc. File No. 0-21174 Form 8-K --------- Ladies and Gentlemen: Pursuant to regulations of the Securities and Exchange Commission, submitted herewith for filing on behalf of Avid Technology, Inc. is the Company's Form 8-K dated the 16th day of October, 2003. This filing is being effected by direct transmission to the Commission's EDGAR System. Very truly yours, /s/ Carol E. Kazmer Carol E. Kazmer General Counsel 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 16, 2003 AVID TECHNOLOGY, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 0-21174 04-2977748 (State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Incorporation or Organization) Identification No.) Avid Technology Park, One Park West, Tewksbury, MA 01876 (Address of Principal Executive Offices) (zip code) Registrant's telephone number, including area code: (978) 640-6789 This is Page 1 of 4 pages Exhibit Index is on Page 4 Item 12. Disclosure of Results of Operations and Financial Condition On October 16, 2003, the Registrant announced its financial results for the quarter ended September 30, 2003. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934 (the "Exchange Act"), 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. 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. Date: October 16, 2003 AVID TECHNOLOGY, INC. (Registrant) By: /s/Paul Milbury ---------------------------- Paul Milbury Chief Financial Officer (Principal Financial Officer) 3 EXHIBIT INDEX Exhibit Description - ------- ----------- 99.1 Press release of the Registrant dated October 16, 2003. 4 EX-99.1 3 exhibit99-1_93003.txt AVID'S PRESS RELEASE Contact: Dean Ridlon Investor Relations Director Phone: 978.640.5309 Email: Investor_Relations@avid.com Avid Reports Strong Revenue and Profit Growth in Third Quarter TEWKSBURY, Mass. (October 16, 2003) - Avid Technology, Inc. (Nasdaq: AVID) today reported strong revenue growth and increased profitability for the third quarter ended September 30, 2003. Revenues for the quarter increased by more than 10 percent to $119.1 million compared to the $107.8 million reported in the corresponding quarter in 2002. For the nine months ended September 30, 2003, revenues were $344.6 million, an increase of almost 13 percent compared to $305.9 million for the first three quarters of 2002. Net income for the third quarter was $11.8 million or $.35 per diluted share compared to net income of $2.3 million or $.09 per diluted share for the corresponding quarter in 2002. Net income for the nine-month period ended September 30, 2003 was $25.1 million or $.78 per diluted share compared to a net loss of $1.3 million or $.05 per share for the same period in 2002. Avid's cash and marketable securities increased during the third quarter by $36.6 million to $171.6 million on September 30, 2003. Approximately $17 million of the increase was generated through operations and the balance from employee stock program activity. Since the beginning of 2003, the company's cash and marketable securities balance has nearly doubled. "Our third quarter results are another indicator that our long-term strategy is paying off," said David Krall, Avid's president and chief executive officer. "Year-over-year, the combination of our increasing revenue, expanding gross margins, and cost containment efforts enabled us to generate more than five times the quarterly net income posted just one year ago. We believe we've put the essential building blocks in place in all areas of our business to enable further increases in Avid's revenue and profitability." Conference Call A conference call to discuss Avid's third quarter 2003 financial results and the company's outlook for the fourth quarter of 2003 and full year 2004 will be held today, October 16 at 5:00 p.m. ET. The call will be open to the public. The conference call can be accessed by dialing (913) 981-5542 and referencing confirmation code 770128. The call and subsequent replay will also be available on Avid's Web site. To listen via this alternative, go to the investor relations page at www.avid.com for complete details 10-15 minutes prior to the start of the conference call. The above release includes forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1996, including statements about Avid's financial outlook, products and functionality, and size and growth of existing markets. There are a number of factors that could cause actual events or results of operations to differ materially from those indicated by such forward-looking statements, such as market acceptance of Avid's products, further weakening of worldwide economic conditions and the other factors set forth under the caption "Certain Factors That May Affect Future Results" in Avid's Form 10-Q for the quarter ended June 30, 2003 and other filings with the Securities and Exchange Commission. In addition, any forward-looking statements contained herein represent Avid's estimates only as of today and should not be relied upon as representing the company's estimates as of any subsequent date. While Avid may elect to update 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 news professionals to work more efficiently, productively and creatively. For more information about the company's Oscar(R), Grammy(R), and Emmy(R) award-winning products and services, please visit: www.avid.com. (C) 2003 Avid Technology, Inc. All rights reserved. Avid and Film Composer are either registered trademarks or trademarks of Avid Technology, Inc. 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(R) Film Composer(R) system for motion picture editing. Oscar is a registered 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 & Sciences, Inc. All other trademarks contained herein are the property of their respective owners. AVID TECHNOLOGY, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ----------------------- 2003 2002 2003 2002 ----------- ----------- ---------- ---------- (unaudited) (unaudited) (unaudited) (unaudited) Net revenues $119,090 $107,832 $344,584 $305,935 Cost of revenues 52,784 53,222 155,619 153,528 ----------- ----------- ---------- ---------- Gross profit 66,306 54,610 188,965 152,407 ----------- ----------- ---------- ---------- Operating expenses: Research and development 20,706 20,916 63,833 61,145 Marketing and selling 27,959 25,677 80,971 75,418 General and administrative 5,670 5,454 16,632 14,985 Restructuring and other costs, net 76 1,859 (327) Amortization of acquisition-related intangible assets 341 257 975 861 ----------- ----------- ---------- ---------- Total operating expenses 54,752 52,304 164,270 152,082 Operating income 11,554 2,306 24,695 325 Interest and other income (expense), net 592 259 1,330 (192) ----------- ----------- ---------- ---------- Income before income taxes 12,146 2,565 26,025 133 Provision for income taxes 300 300 900 1,400 ----------- ----------- ---------- ---------- Net income (loss) $11,846 $2,265 $25,125 ($1,267) =========== =========== ========== ========== Net income (loss) per common share - basic $0.40 $0.09 $0.88 ($0.05) =========== =========== ========== ========== Net income (loss) per common share - diluted $0.35 $0.09 $0.78 ($0.05) =========== =========== ========== ========== Weighted average common shares outstanding - basic 29,865 26,287 28,663 26,064 =========== =========== ========== ========== Weighted average common shares outstanding - diluted 33,380 26,550 32,059 26,064 =========== =========== ========== ==========
AVID TECHNOLOGY, INC. Condensed Consolidated Balance Sheets (in thousands)
September 30, December 31, 2003 2002 ------------- ------------ (unaudited) ASSETS: Current assets: Cash and marketable securities $171,649 $89,034 Accounts receivable, net of allowances of $9,646 and $10,614 at September 30, 2003 and December 31, 2002, respectively 60,843 65,942 Inventories 38,558 38,047 Prepaid and other current assets 12,166 11,919 ------------- ------------ Total current assets 283,216 204,942 Property and equipment, net 22,309 25,731 Acquisition-related intangible assets, net 2,205 2,600 Other assets 2,869 2,530 ------------- ------------ Total assets $310,599 $235,803 ============= ============ LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts payable $16,477 $24,297 Accrued expenses and other current liabilities 53,789 51,032 Deferred revenues 42,115 35,483 ------------- ------------ Total current liabilities 112,381 110,812 Long term liabilities, less current portion 759 1,427 Total stockholders' equity 197,459 123,564 ------------- ------------ Total liabilities and stockholders' equity $310,599 $235,803 ============= ============
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