Avid in trouble?

Re: Avid in trouble?

Juergen,

We received the following in email from Avid's PR firm, regarding the thread at http://forums.creativecow.net/thread/335/66457:

Avid Statement via Red Lorry Yellow Lorry said:
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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Re: Avid in trouble?

Now that we have had management spin, here is a consumer spin:

A company has ongoing errors in reporting financial performance as per routine and well-established GAAP principles and law, yet we are to believe that a corporate culture of good-enough/close-enough/fix it later doesn't influence released products.

I am uninterested in their stock and I am now leery of their product.
 
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