Avid has announced first quarter revenues of $156 million, a 3% increase compared to the first quarter of 2009, and stated that there are signs of recovery in the broadcast market.
The revenue increase is the first year-on-year rise for the US manufacturer since the fourth quarter of 2007.
Net losses for the quarter were $13.5 million compared to $17.3 million in the first quarter of 2009 although this figures includes amortization of intangibles, stock-based compensation, restructuring charges, acquisition-related costs and related tax adjustments, collectively totalling $8.9 million.
Excluding these items, the net loss was $4.6 million
The company said it had seen year-on-year growth in most product areas and signs of recovery in the broadcast market.
“Our year-on-year first quarter revenue increase is a positive sign not only for the growth of Avid’s business, but the industry-at-large,” said Gary Greenfield, chairman and chief executive at Avid.
“We saw some positive momentum at NAB and are excited about the possibilities our new products and the acquisition of Euphonix will play in the future success of our business and our customers’ businesses.”
Avid completed a deal to buy audio console and media controller company Euphonix last week.