By Elsa Bannister, July 27, 2005
Avid Technology, Inc. reported revenues of $160.1 million for the three months ended June 30, 2005 compared to $139.9 million for the same period in 2004. GAAP net income for the quarter was $13.6 million, or $.37 per diluted share compared to $15.5 million, or $.45 per diluted share, in the second quarter of 2004. Excluding acquisition-related amortization and related tax benefits and acquisition-related stock-based compensation, non-GAAP net income for the second quarter of 2005 was $15.9 million, or $.43 per diluted share, compared to non-GAAP net income of $16.0 million, or $.47 per diluted share in the corresponding quarter of 2004.
Revenues for the six months ended June 30, 2005, were $326.1 million compared to revenues of $267.3 million for the same period in 2004
. GAAP net income for the first six months of 2005 was $33.3 million, or $.90 per diluted share, compared to GAAP net income of $30.2 million, or $.89 per diluted share, for the same period in 2004. Excluding acquisition-related amortization and related tax benefits, acquisition-related stock-based compensation, non-recurring tax benefits, and non-recurring expenses in the first quarter of 2004 related to the settlement of a lawsuit, non-GAAP net income for the six months ended June 30, 2005, was $38.1 million, or $1.03 per diluted share, compared to $31.1 million, or $.92 per diluted share, for the first six months of 2004.
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