Pinnacle Reports Record Q2 Sales
January 23, 2003
Pinnacle Systems rounded out a strong second quarter, boasting a 43 percent increase in net sales to $84,501,000. Pinnacle attributes the record high sales to the success of its consumer products during the holiday season and their ability to leverage technologies for both business and consumers
The company overall had a net income of $4,479,000 or $0.07 a share and ended the quarter with $108.8 million in cash and marketable securities. In the Broadcast and Professional division, net sales were $34.5 million, a 17 percent increase over the year-ago period.
Pinnacle's Q3 appears to be off to a good start as well. The company recently acquired Steinberg Media Technologies, adding digital audio realm to its mix, as well as debuting several new products at CES.