By Elina Shatkin, February 4, 2005
Avid Technology, Inc. reported record revenues of $175.0 million for the three months ended December 31, 2004 - a 37% increase over the $127.3 million generated in the corresponding quarter in 2003. For the year ended December 31, 2004, Avid reported record revenues of $589.6 million, up 25% from $471.9 million in 2003. This annual revenue growth rate is Avid's highest since 1995, the year it acquired Digidesign.
GAAP operating profit for the fourth quarter of 2004 was $20.1 million compared to $14.9 million for the same quarter in 2003. GAAP net income for the quarter was $22.5 million, or $0.61 per diluted share, compared to GAAP net income of $15.8 million, or $0.47 per diluted share, for the corresponding quarter in 2003
. Excluding non-recurring tax benefits, acquisition-related stock-based compensation and amortization, restructuring charges and a non-cash charge related to the impairment of intangible assets, pro forma non-GAAP net income for the fourth quarter was $23.5 million, or $0.64 per diluted share, compared to pro forma non-GAAP net income of $16.9 million, or $.50 per diluted share, in the fourth quarter of 2003.
GAAP operating profit for 2004 was $68.8 million, compared to $39.6 million in 2003. GAAP net income for 2004 was $71.7 million, or $2.05 per diluted share, compared to GAAP net income of $40.9 million, or $1.25 per diluted share, for 2003. Excluding non-recurring tax benefits, acquisition-related stock-based compensation and amortization, restructuring charges, expenses related to the settlement of a lawsuit and a non-cash charge related to the impairment of intangible assets, pro forma non-GAAP net income for 2004 was $74.9 million, or $2.14 per diluted share, compared to $44.9 million, or $1.37 per diluted share, for 2003.
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