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Avid Eliminates 140 Jobs Worldwide

"Customers should see no adverse impact," say CEO David Krall (August 05, 2001)
Avid Technology, Inc. announced that it is implementing measures which are expected to result in annual cost savings of approximately $11 million. As a result, operating expenses, excluding amortization and restructuring, are expected to decline to approximately $56 million for the third quarter ending September 30, 2001 and approximately $55 million for the fourth quarter ending December 31, 2001. The savings will be achieved through consolidation of some operations and reductions of approximately 140 jobs worldwide. The company expects to take a charge of approximately $8 million in the current quarter in connection with the restructuring.

"Given the current economic environment, we recognize the need to carefully manage our expenses," said David Krall, Avid's president and chief executive officer. "We're taking these difficult but important steps to further improve our cost structure and profitability, while preserving our investments in the future. Our customers should see no adverse impact on either our product offerings or our level of support as a result of these measures.

"We remain committed to developing the products and services that allow creative professionals to collaborate on the creation, management, and distribution of digital media," Krall added. "As economic conditions improve, Avid will be even better positioned to deliver the integrated solutions that meet our customers' needs."

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