(RTTNews) - Monday, digital audio and video technology company Avid Technology Inc. (AVID: News ), reported its final third quarter results to reflect corrections of errors identified in its previously announced investigation concerning the timing of recognition of revenue.

The Tewksbury, Massachusetts based-company's net loss narrowed to $17.21 million or $0.46 per share from $66.39 million or $1.80 per share for the year earlier period and non-GAAP net loss significantly narrowed to $215 thousand or $0.01 per share from $4.35 million or $0.12 per share a year-ago.

The year-ago period non-GAAP net loss excludes impairment of goodwill and intangible assets of $51.26 million and the recent quarter non-GAAP net loss excludes loss on sale of assets of $3.40 million and restructuring costs of $7.89 million.

The company had earlier reported third quarter net loss of $16.2 million or $.43 per share, compared to a net loss of $66.39 million or $1.80 per share in the third quarter of 2008. On non-GAAP basism net income was reported to be $787 thousand or $0.02 per share, compared with a loss of $4.35 million or $0.12 per share last year.

On average, seven analysts polled by Thomson Reuters had estimated a loss of $0.01 per share for the third quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the third quarter dropped to $152.12 million from $217.07 million for the same period last year, as video segment revenues plunged to $92.62 million from $144.83 million for the same period last year.
Total cost of revenues dropped to $71.20 million from $114.30 million for the prior year period.

The changes to the results for the third quarter and nine months ended September 30 when compared to the results reported by Avid on October 22 indicate revenues decreased by $1.6 million and gross profit decreased by $1.1 million. As the adjustments are related to timing of revenue recognition, and not amount, the revenue and related gross profit will be recognized in the fourth quarter of 2009, the company said.

For the nine month period, the company's net loss narrowed to $50.43 million or $1.35 per share from $97.92 million or $2.59 per share a year earlier. Non-GAAP net loss narrowed to $11.31 million or $0.30 per share from $15.97 million or $0.42 per share in the year-ago period.

Total revenues for the nine month period slipped to $454.29 million from $638.19 million last year.

Monday, AVID closed at $12.92, up $0.83 or 6.87% on Nasdaq.

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by RTT Staff Writer

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