Thursday, February 27, 2014

Avid Statement

Two days ago there was news at TheStreet about Avid's de-listing from NASDAQ and its subsequent listing on OTC.  Avid has responded that some of the original information in their article was incorrect.

Avid statement:
The financial results being quoted in this article are erroneous. Due to the accounting evaluation and restatement process Avid has been going through, we have not issued any financial statements after Q3 2012. As we have previously reported, as a result of the restatement, previously issued financial statements are not accurate and should not be relied upon. We request that you delete any reference to Avid’s financial results, as your reporting is inaccurate.

Avid’s de-listing from NASDAQ and its subsequent listing on OTC is the result of delays in the reporting of financial information -- it was not related to operating performance in any way.

We are continuing to work very hard to correct the accounting, which is related to nearly 5 million transaction lines spanning eight-and-a half years. We announced that we are targeting completion of the restatement by mid-2014.

We continue to invest in product innovation. Since the beginning of the restatement process, we released Pro Tools 11, Media Composer 7, Sibelius 7.5, two new online shared storage offerings, a brand new mixing console – the S6, as well as a new live sound system – Avid S3L.

With a compelling Avid Everywhere vision established, the launch of the ACA, a significant number of new product innovation announcements planned for 2014, we believe we remain well positioned to support our customers’ ongoing success.

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