PINNACLE SYSTEMS REPORTS RECORD QUARTERLY REVENUE !!!!!
MOUNTAIN VIEW, Calif., October 15, 1998—Pinnacle Systems, Inc. (NASDAQ:PCLE) today announced financial results for the first quarter of fiscal 1999, which ended September 30, 1998. Net sales were a record $32,273,000 compared to $16,514,000 in the first quarter of fiscal 1998. Net income for the first quarter of fiscal 1999 was $4,008,000 or $.36 per share on a diluted basis. This compares to net income of $985,000, or $.13 per share, in the first quarter of fiscal 1998, excluding non-recurring acquisition related charges. In addition, the company had $94.5 million in cash and marketable securities as of September 30, 1998, an increase of $3.2 million compared to June 30, 1998
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