f8k_102611.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 26, 2011
AVID TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
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0-21174
(Commission File Number)
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04-2977748
(I.R.S. Employer
Identification No.)
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75 Network Drive, Burlington, Massachusetts 01803
(Address of Principal Executive Offices) (Zip Code)
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(978) 640-6789
(Registrant's Telephone Number, Including Area Code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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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.
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Item 2.05.
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Costs Associated with Exit or Disposal Activities.
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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.
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Item 5.02.
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Departure of Directors and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(b)
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Effective October 27, 2011, Paige Parisi will cease to serve as Vice President and General Counsel of the Company.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
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Exhibit Number
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Description
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99.1
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Press release dated October 27, 2011.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AVID TECHNOLOGY, INC.
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(Registrant)
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Date: October 27, 2011
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By:
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/s/ Ken Sexton
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Name:
Title:
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Ken Sexton
Executive Vice President, Chief Financial
Officer and Chief Administrative Officer
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EXHIBIT INDEX
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Exhibit Number
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Description
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*99.1
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Press release dated October 27, 2011.
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* Document filed herewith