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31/10/2003

Pinnacle Systems report results for first quarter 2004

Pinnacle Systems have announced financial results for the first quarter of fiscal 2004, which ended September 30, 2003.
Net sales for the first quarter of fiscal 2004 were $70,927,000, a 3% increase over net sales of $68,574,000 in the first quarter of fiscal 2003. The GAAP net loss for the first quarter of fiscal 2004 was $12,980,000 or $0.20 per share compared to a loss of $17,870,000 or $0.29 per share in the first quarter of last year.
The pro forma non-GAAP net loss for the first quarter of fiscal 2004 was $8,393,000 or $0.13 per share. This pro forma non-GAAP net loss excludes $2,820,000 in amortization of acquisition-related other intangible assets, $2,193,000 of expensed in-process research and development costs associated with the Dazzle video products acquisition in July 2003 and a $426,000 difference in GAAP and non-GAAP income taxes.
By way of comparison, the pro forma non-GAAP net income reported for the first quarter of fiscal 2003 was $4,194,000, or $0.07 per share, which excludes $3,371,000 in amortization of acquisition related goodwill and intangible assets, $19,291,000 in the cumulative effect of a change in accounting principle and a $598,000 difference in GAAP and non-GAAP income taxes. The reconciliation of the GAAP to non-GAAP measurements for net income and earnings per share for the first quarter of fiscal 2004 and the first quarter of fiscal 2003 are set forth below with Pinnacle Systems' financial statements.
By division, sales in the Broadcast and Professional (B&P) division in the first quarter of fiscal 2004 were $34,283,000, the GAAP operating loss for the B&P division was $1,559,000 and the non-GAAP operating loss for the B&P division was $1,115,000, which excludes $444,000 in amortization of acquisition related other intangible assets. Sales in the Business and Consumer (B&C) division in the first quarter of fiscal 2004 were $36,644,000, the GAAP operating loss for the B&C division was $11,344,000 and the non-GAAP operating loss for the B&C division was $6,775,000, which excludes $2,376,000 in amortization of acquisition related other intangible assets and $2,193,000 of expensed in-process research and development costs associated with the Dazzle video products acquisition in July 2003.
In March 2000, the Company acquired Digital Editing Services (DES). That acquisition included a provision that allowed DES shareholders to receive an earnout payable in shares of the Company's common stock based on certain financial results of DES operations. In April 2001, the Company determined that no payout was payable; the Shareholders asserted that an earnout payment was payable. The matter was submitted to an independent arbitrator in October 2001. The Company believes it is likely that the arbitrator could provide a ruling within the next few weeks. To the extent the ruling is made prior to the filing of the Company's Form 10-Q for the first quarter of fiscal 2004 and to the extent the ruling requires additional shares be issued to the DES shareholders, the value of those shares will increase goodwill associated with that acquisition, which will most likely lead to a goodwill impairment charge in the first quarter of fiscal 2004. Such a charge has not been included in the results provided above and would increase the GAAP net loss for the quarter.
(GB)
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