Avid reports severely disappointing 3rd quarter

[peter5992]

http://wallstreetpr.com/avid-investo...iant-avid-3730

This does not look good by any measure, and it is reflected in an all time low stock price of a little over $6.

This upcoming Monday Avid will host an earnings conference call, in case you want to hear it straight from the horse's mouth:

http://ir.avid.com/events.cfm

In case you missed it, back in July Avid decided to decimate Sibelius' UK research and development office, intending to outsource those jobs to Ukraine. At the time Sibelius massively rejected this move, arguing forcefully and sometimes emotionally that getting rid of the UK office was akin to killing the goose that lays the golden eggs (mind you that Sibelius is one of the few consistently profitable Avid divisions, and has been so for years).

Well, lo and behold, a couple of weeks ago at a meeting in London with the BASCA (British Academy of Songwriters, Composers and Authors) Avid had to admit that they couldn't find the right people in the Ukraine, and that they deperately tried to hold on to the few remaining people in the UK. Obviously at that point it was too little too late and now they have nothing.

Nice job, Avid management.

[albee1952]

Many of us believe it will bounce back soon enough

[Nightworker]

If I'm reading this right..

http://investing.businessweek.com/re...urrency=native

The company has 0 debt and still has as of june 2012, a total current asset of 264.5 millions. It doesn't look like the company is rushing into bankruptcy even if the stock price is low, which is really not unusual for the company if you take a look at their stock since '93. Yes they have had some good years, but the vast majority of their years have been with stocks of 10$ and below.

Originally Posted by peter5992

Well, lo and behold, a couple of weeks ago at a meeting in London with the BASCA (British Academy of Songwriters, Composers and Authors) Avid had to admit that they couldn't find the right people in the Ukraine, and that they deperately tried to hold on to the few remaining people in the UK. Obviously at that point it was too little too late and now they have nothing.

Nice job, Avid management.

@ the OP, funny that you say that because if it was true this would be news around the sibelius forums around the world, yet nothing even peaks at it on the web. Neither on the basca website either. Just make a search on it, the only recent news/article on Sibelius on the basca website is about a letter they sent to Avid. infact this http://www.basca.org.uk/news/basca-and-mpa-host-avid/ which was hosted this month at Basca, clearly contradict everything you are saying. This also collaborates what Basca have written on their website.

[dave911]

The earnings season has been a disaster for a lot of companies.
Last I saw 58% missed on earnings.
I'd like to see Avid go lower and get bought.

[nst7]

Even Apple missed earnings yesterday.

[dave911]

Should have looked at the numbers more closely, it's a trainwreak.

[TOM@METRO]

No matter how we spin this, it isn't great.

Avid really needs the PT11 64bit release. This (IMHO) is where the next big "shot in the arm" will come from. Most everyone I know is waiting for this to begin their serious upgrades and purchases.

[Shan]

Originally Posted by TOM@METRO

No matter how we spin this, it isn't great.

Avid really needs the PT11 64bit release. This (IMHO) is where the next big "shot in the arm" will come from. Most everyone I know is waiting for this to begin their serious upgrades and purchases.

There's always been a major PT release at the end of the 4th quarter. It usually gets announced at AES. Avid wont have an exhibit at AES this year. I agree that this isnt great news.

Shane

[Nightworker]

Originally Posted by Shan

There's always been a major PT release at the end of the 4th quarter. It usually gets announced at AES. Avid wont have an exhibit at AES this year. I agree that this isnt great news.

Shane

Wolf! Wolf! WOOOOOLLLFFFFF!!

2009 avid wasn't at aes
From what I can gather they didn't go at the 111th one either, or the 122th in 2007, the 124th.

[TOM@METRO]

Uh, Wasn't 2007 The year I saw Phil Jackson demo "Elastic Time" in 7.4 at the Avid/Digi booth?