Pinnacle Systems' Investor Relations Department Receives Superior Rating From the AIA.MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Jan. 18, 1999--Silicon Valley's leading manufacturer of digital video editing, capture, and professional broadcast solutions, Pinnacle Systems, Inc. (Nasdaq:PCLE), today announced that its Investor Relations Department has received a "Superior" rating from the AIA (Association of Investor Assistance: www.investoraware.org), as announced in their January 14, 1999 press release. Other Recent News From Pinnacle Systems Last week, the Company announced financial results for the second quarter of fiscal 1999, which ended December 31, 1998. Net sales were a record $39,172,000 compared to $27,881,000 in the second quarter of fiscal 1998. Net income for the second quarter of fiscal 1999 was $5,041,000 or $.44 per share on a diluted basis, compared to net income of $2,453,000, or $.26 per share, in the second quarter of fiscal 1998. In addition, the company generated positive cash flow during the second quarter of fiscal 1999 and ended with $96.4 million in cash and marketable securities. According to Pinnacle Systems' President and Chief Executive Officer, Mark Sanders, "The second quarter of fiscal 1999 was a stellar quarter with record sales for the sixth consecutive quarter, record net income, and positive cash flow which added to our already strong balance sheet. Net sales increased 40% and net income more than doubled over the same quarter last fiscal year, with growth coming from increased sales of both desktop and consumer products." The second quarter of fiscal 1999 was the first full quarter for shipments of FXDeko(tm) for the broadcast market and ReelTime(tm) NITRO for the desktop market. In addition, the company commenced shipment of Studio DC10plus and announced Studio MP10, two new additions to the Studio line of consumer products. Also during the quarter Pinnacle Systems entered into a definitive agreement to acquire Truevision, Inc. (NASDAQ:TRUV - news), a leading supplier of digital video products, in a transaction designed to extend Pinnacle Systems' leadership in the desktop digital video capture and editing market. "We are very excited about merging these two companies," said Sanders, "and we believe this transaction will strengthen Pinnacle's leadership position in the desktop video arena, as well as further advance our efforts in high definition video (HDTV (High Definition TV) A set of digital television (DTV) standards that offer the highest resolution and sharpest picture. Although some HDTV sets are available in standard (rather square) screen sizes, the overwhelming majority of sets are wide screen, which eliminates ) tools development. "Truevision's product lines complement Pinnacle's well, and together we will serve a far wider array of customers and applications in the digital video editing market. Importantly, Truevision enjoys strategic relationships with several key partners, including Avid (NASDAQ: AVID - news), Discreet Logic (NASDAQ: DSLGF - news), and Panasonic." In Good Company -- Other Organizations Named as Superior by the AIA in Their January 14, 1999 Press Release Modis Professional Services (nyse: MPS - news), Celerity Systems (nasdaq: CLRT CLRT Continuous Lateral Rotation Therapy CLRT Command Logistics Review Team CLRT Cranial Laser Release Technique - news), Pomeroy Computer Resource (nasdaq: PMRY PMRY Pomeroy IT Resources (stock symbol) - news), Pitney Bowes (nyse: PBI PBI protein-bound iodine. PBI abbr. protein-bound iodine PBI, n See iodine, protein-bound. PBI protein-bound iodine. - news), Chromatic Color Sciences (nasdaq: CCSI CCSI Computer & Control Solutions, Inc CCSI Cisco Certified Systems Instructor (training qualification) CCSI Canadian Centre for Swine Improvement CCSI Contemporary Control Systems, Inc CCSI Channel Coding with Side Information - news), CFI Mortgage Inc. (Nasdaq:CFIM CFIM Center for Integrative Medicine (New Hampshire) CFIM Chloroform Fumigation Incubation Method - news; nasdaq: CFIM - news), Phillip Morris Companies (nyse: MO - news), Pixar Animation Studies (nasdaq: PIXR - news), GM Hughes Electronics (nyse: GMH - news), Phillips Petroleum Co. (NYSE:P - news; nyse: P - news), Monsanto Company (NYSE:MCT See Microsoft certification. - news; nyse: MTC mtc - A Modula-2 to C translator. ftp://rusmv1.rus.uni-stuttgart.de/soft/Unixtools/compilerbau/mtc.tar.Z. - news), College Television Network (nasdaq: UCTN - news), Caring Products Int'l (nasdaq: BDRY BDRY Boundary - news), Calton Inc. (amex: CN - news), Citizens Inc. (amex: CIA CIA: see Central Intelligence Agency. (1) (Confidentiality Integrity Authentication) The three important concerns with regards to information security. Encryption is used to provide confidentiality (privacy, secrecy). - news), Regions Financial Corp. (nasdaq: RGBK - news) Resource Bancshares Mortgage (nasdaq: RBMG RBMG Resource Bancshares Mortgage Group, Inc news), Chaparral Resources (nasdaq: CHAR - news), Resource America Inc. (nasdaq: REXI - news) About Pinnacle Systems, Inc. Pinnacle Systems' broadcast, desktop, and consumer products provide video professionals and consumers cutting-edge digital video product tools to create quality video programs faster and more affordably than ever before. Pinnacle Systems can be reached at 650/526-1600 or on the World Wide Web at www.pinnaclesys.com. Note to Editors: All trademarks and registered trademarks are the property of their respective owners and are used for identification or reference purposes only, with no intent to infringe on copyrights. |
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