U.S. Markets open in 20 mins

Avid: 4Q Earnings Snapshot

BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Thursday reported fourth-quarter net income of $5.9 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Burlington, Massachusetts-based company said it had net income of 14 cents. Earnings, adjusted for amortization costs and stock option expense, were 29 cents per share.

The audio and video technology company posted revenue of $112.7 million in the period.

For the year, the company reported that its loss narrowed to $10.7 million, or 26 cents per share. Revenue was reported as $413.3 million.

For the current quarter ending in April, Avid said it expects revenue in the range of $96 million to $104 million.

The company expects full-year revenue in the range of $420 million to $430 million.

In the final minutes of trading on Thursday, the company's shares hit $4.90. A year ago, they were trading at $5.09.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVID at https://www.zacks.com/ap/AVID