In another sign of the improved broadcast equipment and software market, Avid has reported increased revenues and reduced loses for the first quarter of 2011 ending March 31 of this year. Revenues increased to $166.3 million in the first quarter, the fifth straight quarter of revenue growth, while GAAP (generally accepted accounting principles) net losses declined from $13.5 million in the first quarter of 2010 to $5.1 million in the same period this year.
Operating losses also declined from $13.0 million in the first quarter of 2010 to $3.4 million in 2011.
"We are building on the momentum we established throughout the past year," said Gary Greenfield, chairman and CEO of Avid in a statement. "This quarter represented the third consecutive quarter that we achieved a non-GAAP operating profit. With a number of new products now in the market, and a Q1 non-GAAP operating profit for the first time since 2007, we are off to a solid start for the year."
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.