Avid Revenues Down in 2001, Reports Loss

Avid reported a net loss of $38.1 million ($1.49 per share), compared to a net loss of $56.3 million ($2.28 per share) last year. Revenues for the year were down about 9 percent, to $434.6 million. Net income for the quarter was $1.3 million (5 cents per share) on revenues of $104.8 million, which was the company's good news -- last year Avid reported a net loss of $7.6 million on revenues of $126.1 million. During the year, the company released Softimage|XSI 2.0, the latest version of Avid's flagship 3D and animation software; Avid|DS HD 5.0, a high-definition finishing system; Avid Unity LANshare, an Ethernet-based networking solution for improving connectivity within small- and mid-sized production facilities; and Avid Xpress DV 2.0, a low-cost, portable, software-only editing tool.