Avid Technology Inc., 1996 Annual Report

Selected consolidated financial data

	For the year ended December 31,
	1996	1995	1994	1993	1992
Net revenues	$429,009	$406,650	$233,633	$134,366	69,020
Cost of revenues	238,808	198,841	108,057	60,939	29,333
Gross profit	190,201	207,809	125,576	73,427	39,687
As a percent of revenues	44.3%	51.1 %	53.7%	54.6%	57.5%
Operating expenses:
Research and development	69,405	53,841	28,223	16,396	8,276
As a percent of revenues	16.2%	13.2%	12.1%	12.2%	12.0%
Marketing and selling	127,006	107,780	61,366	38,960	21,279
As a percent of revenues	29.6%	26.5%	26.3%	29.0%	30.8%
General and administrative	24,203	18,085	12,575	7,801	3,335
As a percent of revenues	5.6%	4.4%	5.4%	5.8%	4.8%
Nonrecurring costs	28,950	5,456	-	3,750	-
Total operating expenses	249,564	185,162	102,164	66,907	32,890
Operating income (loss)	(59,363)	22,647	23,412	6,520	6,797
Other income and expense, net	3,416	1,380	1,675	1,791	152
Income (loss) before income taxes	(55,947)	24,027	25,087	8,311	6,949
Provision for (benefit from) income taxes	(17,903)	8,588	7,294	2,209	2,504
Net income (loss)	$(38,044)	$15,439	$17,793	$6,102	$4,445
Net income (loss) per common share	$(1.80)	$0.77	$0.99	$0.40	$0.38
Weighted average common and
common equivalent shares outstanding	21,163	20,165	17,921	15,216	11,805
	As of December 31,
	1996	1995	1994	1993	1992
Cash and marketable securities	$94,040	$80,492	$51,891	$59,550	$12,910
Current assets	231,698	242,953	138,431	116,551	34,888
Current liabilities	86,378	80,693	51,918	25,078	13,108
Working capital	145,320	162,260	86,513	91,473	21,780
Current ratio	2.7	3.0	2.7	4.6	2.7
Total assets	300,979	331,604	182,174	132,355	43,104
Asset turnover	1.36	1.58	1.49	1.53	2.27
Long term debt, less current portion	1,186	2,945	2,369	545	-
Redeemable convertible preferred stock	-	-	-	-	30,897
Shareholders' equity	213,415	247,966	127,887	106,732	(901)
Book value per share	$10.00	$11.84	$7.73	$6.69	n/a
	For the year ended December 31,
	1996	1995	1994	1993	1992
Purchases of property, equipment and
other assets	$28,219	$42,410	$22,859	$12,419	$7,726
Depreciation and amortization	29,641	19,539	10,980	5,492	1,992
Stock price (high and low)	$25.875	$48.75	$43.50	$27.50	n/a
	10.125	16.75	20.50	16.00
Employees at year end	1,663	1,476	807	426	243
Revenues per employee	$258	$276	$290	$315	$284

All figures have been adjusted for the pooling-of-interests acquisition of Digidesign, consummated in January, 1995