By Staff, April 30, 2005
Avid Technology, Inc. reported revenues of $166.0 million for the three months ended March 31, 2005 - a 30% increase over the $127.4 million generated in the corresponding quarter in 2004. GAAP operating income for the first quarter of 2005 was $20.3 million, compared to $14.8 million for the same quarter in 2004. GAAP net income for the quarter was $19.7 million, or $.53 per diluted share, compared to GAAP net income of $14.7 million, or $.44 per diluted share, for the corresponding quarter in 2004
. Excluding acquisition-related amortization and related tax benefits, acquisition-related stock-based compensation, non-recurring tax benefits, and expenses in the first quarter of 2004 related to the settlement of a lawsuit, pro forma non-GAAP net income for the first quarter of 2005 was $22.2 million, or $.60 per diluted share, compared to pro forma non-GAAP net income of $15.0 million, or $.45 per diluted share, in the first quarter of 2004.
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