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31/07/2003

Pinnacle reports record sales for Q4 and year end

Pinnacle Systems have announced financial results for the fourth quarter of fiscal 2003, which ended June 30, 2003.
"We finished the year with a strong fourth quarter," said J. Kim Fennell, Pinnacle Systems' President and Chief Executive Officer. "Sales were at an all-time high for the Company, for both the fourth quarter and the full fiscal year. We were particularly pleased with the strong performance of our broadcast business where we took orders of advanced IT based systems from over 100 different broadcasters in the quarter. We balanced that with superb results in our Business and Consumer division increasing sales 67% over the same quarter last year.
"We are continuing to see unique benefits from our strategy to address the digital video needs of customers all the way from beginners to broadcasters."
Net sales for the Pinnacle's full year of fiscal 2003 were $331,000,000, a 43% increase over net sales of $231,791,000 in fiscal 2002. Net sales for the fourth quarter of fiscal 2003 were $89,339,000, a 37% increase over net sales of $65,021,000 in the fourth quarter of last year.
(GB)
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