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The Boston Globe

Business

Avid postpones its 4Q earnings release

Avid Technology Inc., a Burlington company that makes equipment for the editing and processing of music and video, announced Monday that it is postponing its fourth quarter 2012 earnings release and investor conference call, previously scheduled for Tuesday, to “provide additional time for the company to evaluate its current and historical accounting treatment related to bug fixes, upgrades, and enhancements to certain products which the company has provided to certain customers.”

In a press release, the company added: “The need to evaluate the accounting treatment arose during the company’s normal review of its financial results for the fourth quarter and full year 2012. The company is working diligently to complete its evaluation, but is currently unable to estimate when the evaluation will be completed.”

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Earlier this month, Avid announced that its board of directors appointed Louis Hernandez as president and chief executive.

Last summer, Avid said it would shed 350 jobs, or 20 percent of its workforce, as it abandoned consumer product lines that have performed poorly in recent years. The company’s worldwide employment was projected to fall to about 1,400 from about 1,750, the company said then.

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