Staff -- Broadcasting & Cable, 7/22/2001 8:00:00 PM
Pinnacle Systems says preliminary financial results for the fourth quarter are lower than expected, with sales dipping in both the U.S. and Europe. Preliminary net sales for the quarter were approximately $49 million, and preliminary figures indicate a net loss for the quarter of approximately $7 million. Pinnacle President and CEO Mark Sanders says he considers the recent downturn cyclical, not structural.
Video-content-management company Virage reports record revenues for its first fiscal quarter ended June 30. Total pro forma revenues for the quarter were up 16%, to $4.2 million, from $3.6 million in the prior quarter and up 118% over the same quarter last year.
License revenues also showed strong gains, totaling $1.9 million, a 72% increase from the year-ago quarter.
The largest jump was in pro forma service revenues which totaled $2.3 million, a 176% increase from the year-ago period.
Pro forma service and pro forma total revenues exclude a non-cash, stock-based charge of $216,000 resulting from the issuance of a common-stock warrant to Major League Baseball. This charge reduces revenues for the quarter ended June 30, to $4.0 million and $2.0 million for total and service revenues, respectively.
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