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AVID > SEC Filings for AVID > Form 8-K on 27-Oct-2011All Recent SEC Filings

Show all filings for AVID TECHNOLOGY, INC.



Results of Operations and Financial Condition, Costs Associated with Exit o

Item 2.02. Results of Operations and Financial Condition.

On October 27, 2011, Avid Technology, Inc. (the "Company") announced its financial results for the quarter ended September 30, 2011. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 2.02 (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 2.05. Costs Associated with Exit or Disposal Activities.

On October 26, 2011, the Company committed to a restructuring plan intended to improve operational efficiencies. The restructuring will include a reduction in force of approximately 10% of the workforce and the closure of the Company's facility in Irwindale, CA. In connection with the restructuring, the Company intends to allocate additional resources to areas it believes have better opportunity for growth. The Company anticipates that it will complete the restructuring during the first half of 2012. In connection with the restructuring, the Company expects to incur total expenses relating to termination benefits and facility costs of $10 million to $11 million, all of which represent cash expenditures. The Company expects to record the majority of these restructuring charges in the quarter ending December 31, 2011.

Item 5.02. Departure of Directors and Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) Effective October 27, 2011, Paige Parisi will cease to serve as Vice President and General Counsel of the Company.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:

Exhibit Number Description
99.1 Press release dated October 27, 2011.

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