AVID Q2 (6/30/2015) Earnings update

AVID announced Q2 2015 earnings (quarter ended June 30, 2015) after the close last night. Revenues were $110 million down from $125 million last year. They made a Non-GAAP profit of $.05 per share versus a $.15 profit last year. Our valuation moved down a bit to $22.24 from $22.59 last quarter. They upped their 2015 guidance of $74-$80 million of adjusted EBITDA from $72-$78 million. Also, while the debt for the acquisition of Orad was on the balance sheet at June 30, the revenues and profits were not. You would think that AVID lost money and lowered their guidance by 50% with the way the market reacted afterhours last night and this morning. We are doubling up here. The new Buy Price will be approximately $11.30.

http://finance.yahoo.com/news/avid-announces-financial-results-second-203852725.html

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