Avid Technology Inc. reported revenues of $245.0 million for the three months ended Dec. 31, 2005, compared to $175.0 million for the same period in 2004. Net income for the quarter was $18.4 million, or $.43 per diluted share compared to net income of $22.5 million, or $.61 per diluted share, in the fourth quarter of 2004.
Revenues for the year ended Dec. 31, 2005, were $775.4 million compared to revenues of $589.6 million for 2004. Net income for 2005 was $34.0 million, or $.86 per diluted share, compared to $71.7 million, or $2.05 per diluted share, for 2004. Net income for the year ended Dec. 31, 2005, was $92.4 million, or $2.34 per diluted share, compared to $74.9 million, or $2.14 per diluted share, for 2004. Net income in 2005 excludes a $32.4 million in-process research and development charge related to the acquisition of Pinnacle Systems Inc. on Aug. 9, 2005, $20.2 million of non-cash acquisition-related amortization, $3.2 million of restructuring costs, $2.2 million of stock-based compensation, and $451,000 of non-recurring and other tax provisions.
“We finished 2005 with a solid fourth quarter,” said David Krall, Avid’s president and chief executive officer. “Our professional video segment posted good results in the quarter led by strong sales of Avid Symphony Nitris into the postproduction market and Avid Unity ISIS to our broadcast customers.
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