Avid Posts 1Q Profit Of $10.6 Million

BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Wednesday reported first-quarter profit of $10.6 million.

The Burlington, Massachusetts-based company said it had profit of 23 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 33 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The audio and video technology company posted revenue of $100.6 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $103.1 million.

For the current quarter ending in July, Avid expects its per-share earnings to range from 19 cents to 32 cents.

The company said it expects revenue in the range of $92 million to $104 million for the fiscal second quarter.

Avid expects full-year earnings in the range of $1.40 to $1.51 per share, with revenue ranging from $430 million to $450 million.

Avid shares have fallen 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $32.21, an increase of 42% in the last 12 months.