Burlington’s Avid Technology went from celebrating “Argo” to only plain “Argh” yesterday.
The builder of digital modifying collection used to emanate a Oscar-winning film, among many others, disclosed it would indefinitely check a quarterly gain recover since of an accounting issue.
That announcement, released a morning after a Academy Awards ceremony, sent a company’s batch stumbling like Jennifer Lawrence, who tripped on her approach to accept best-actress honors for another Avid customer’s film, “Silver Linings Playbook.”
Avid shares mislaid scarcely 9 percent, shutting during $6.98 on a Nasdaq. The batch is down 68 percent from a 52-week high.
The fourth-quarter gain recover and an financier discussion call were formerly scheduled for today, though Avid pronounced it needs some-more time to “evaluate a stream and chronological accounting diagnosis associated to bug fixes, upgrades and enhancements to certain products” supposing to customers.
“The association is operative diligently to finish a evaluation, though is now incompetent to guess when a analysis will be completed,” Avid pronounced in a statement. A association mouthpiece declined serve comment.
Last year, Avid cut about 350 jobs and sole some product lines, afterwards posted larger-than-expected waste in a third quarter. Earlier this month, house member Louis Hernandez took over as CEO.
The company’s video modifying and prolongation program business has “slowly been eroded” by cheaper film modifying products such as Apple’s iMovie and Final Cut Pro, pronounced Roger Kay, a Wayland record analyst.
“If you’re Steven Spielberg, we still need Avid, though how many Spielbergs are out there that need that,” Kay said. “It’s not adequate to means a market.”
After a earnings-delay announcement, Avid released a news recover observant that all of a films nominated in a Oscars’ Best Editing difficulty were cut by Avid customers.
Article source: http://bostonherald.com/business/technology/technology_news/2013/02/avid_s_accounting_needs_some_editing
