Quote:
Originally Posted by Jeff D.
The paperwork problems must be pretty serious if they couldn't fix it in the year they have known about it. Plus, they fired Ernst & Young, one of the "big four" accounting firms. Now they plan to spend $25 to $34 MILLION with another of the big four, Deloitte & Touche to fix it.
Yes, AVID had a pile of cash to the tune of $48M at the end of 2013... but they plan to spend most of that with their new accounting firm in 2014.
They had better be releasing HDX Thundermega Super Pro this year if they're going to end up with cash in the bank after 2014.
I've been a customer since Sound Tools 1, and I want them to succeed. But I would need a lot of convincing to buy stock at this point. |
They actually had more than that if I remember right, just by the sale of M-audio and Air. Something around the 97 M in pays/research etc they don't have to spend anymore for both divisions of the companies. I don't know for this accounting year (2013), but last year (2012) they were standing on over 200 M on cash and assets. And it's pretty obvious of why they would change accounting firm after finding out than their books were not meeting the norms.. someone would have to be an idiot to remain with the same firm after so many years book were found faulty, no?