Pinnacle Reports Financial Results for Third Quarter 2000
Pinnacle Systems (http://www.pinnaclesys.com) announced financial results for the third quarter 2000, ended March 31, 2000.
Net sales for the second quarter of fiscal 2000 were $61,246,000 comparedto $40,147,000 in the same quarter last fiscal year. Net income for the third quarter was $1,669,000 or $.03 per share, compared to $8,000 or $0.0 per share inthe same period last year.
"We were very pleased with the results for the quarter," said President and Chief Executive Officer, MarkSanders. "Net salesincreased 53% and net income increased 45%, excluding charges, over the samequarter last year. Our cash andsecurities balance increased nearly $6 million during the quarter, giving us ahealthy ending balance sheet with more than $94 million in cash andsecurities."
Pinnacle Systems recently announced new streaming products like the StreamFactory web encoder, and StreamGenie, which provides the ability to broadcast live events over the web.