Quote:
Originally Posted by Emcha_audio
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?
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- There isn't a 2013 Annual Report yet, so we don't know the whole financial picture. But the article I linked above said they held $48M in cash at the end of 2013, with no credit line balance (that's good).
- I guess it's not bad to change accounting firms; maybe they got a better deal elsewhere, or they just didn't get along with the people from Ernst & Young. But the timing is worrying... right in the middle of the delisting disaster. Ernst & Young is the accounting firm for Google, Coca-Cola, AT&T, Warner Bros, etc. so I suspect that they have people who can solve difficult problems.
- Check out AVID's
SEC filings - If I'm reading those correctly, AVID execs have been selling stock for the last 6 months