Pinnacle Systems Reports Q2 '98 Financial Results

Pinnacle Systems (Mountain View, CA) reports Q2 '98 financial results. Revenue of $27.9 million represents a 69% increase from Q2 '98 and a whopping 422% increase over Q2 '97 revenue. A net income of $2.5 million compares with a Q1 '98 net income of $985,000 and a Q2 '97 net loss of $9.3 million. Sales growth came from the broadcast, desktop and consumer markets, all target markets for Pinnacle. "The integration of Miro [Digital Video Products group] and Pinnacle operations has gone very well," said president and CEO Mark Sanders. Pinnacle acquired Miro Digital Group in September 1997. During the quarter Pinnacle and Miro co-released the miroVIDEO DV300 video editing platform, to be shipped in Q3 '98. Pinnacle also completed a public stock offering, netting nearly $47 million.