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Technology Stocks : Pinnacle Systems (PCLE) -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (33)	2/4/2000 3:52:00 AM
From: Scrapps	Read Replies (1) \| Respond to of 45

Pinnacle Systems, Inc. Announces a Two-for-One Stock Split MOUNTAIN VIEW, Calif., Feb. 4 /PRNewswire/ -- Pinnacle Systems, Inc. (Nasdaq: PCLE - news) today announced that its Board of Directors has approved a two-for-one stock split. Stockholders of record on March 2, 2000 will be entitled to one additional share of common stock for each share of Pinnacle Systems Common Stock held on that date. The payment date will be March 24, 2000. On or about that date, Pinnacle Systems transfer agent, ChaseMellon Shareholder Services, will mail new stock certificates representing the additional shares. Pinnacle Systems expects that its outstanding common stock will begin to trade on Nasdaq on a post-split basis on Monday, March 27, 2000. The stock split will increase the number of shares of Pinnacle Systems Common Stock outstanding from approximately 24,250,000 shares to 48,500,000 shares. ''We believe this two-for-one stock split will serve to increase the stocks liquidity and make ownership of our Company more accessible to the average investor,'' said Arthur D. Chadwick, Vice President of Finance and CFO of Pinnacle Systems, Inc. About Pinnacle Systems, Inc. On January 19, 2000, the Company announced financial results for the second quarter of fiscal 2000, which ended December 31, 1999. Net sales for the second quarter of fiscal 2000 were a record $62,562,000, a 60% increase over the same quarter last fiscal year. Net income increased 64% over the same quarter last fiscal year, excluding amortization of acquisition-related intangible assets. According to Pinnacle Systems' President and Chief Executive Officer, Mark Sanders, ''We were very pleased with the results for the quarter, with record sales in each of our three business groups. It was also a record sale quarter for our video server group, formed when we combined Pinnacle's Thunder video server business with the Media Stream video server business acquired from Hewlett Packard in August 1999. We now have a focused team dedicated to providing traditional and Internet video broadcasters an advanced set of solutions for the storage and distribution of high-quality digital media.'' Sanders also added, ''As demand for professional-quality streaming increases, Pinnacle Systems intends to leverage its position in digital video content creation, storage, distribution and TV viewing on a PC to offer a wide range of Web solutions using our most advanced technology. Broadcast quality video on the Internet will be essential to the Web experience in the future, and Pinnacle is bringing the same Emmy award-winning look that broadcasters enjoy to the Web at a fraction of the cost. We recently introduced StreamGenie, a new portable Webcasting solution for streaming live video program over the Internet. StreamGenie is a complete Web casting station-in-a-box. It supports multiple live video cameras, encoding A/V content and applying video special effects, transitions and stunning titles as the media is Webcast live. Pinnacle Systems' broadcast, desktop, and consumer products provide video professionals and consumers cutting-edge digital video tools to create, store, distribute and view Web enabled digital video easier and more affordably than ever before. Pinnacle Systems may be reached at 650-526-1600 or on the World Wide Web at www.pinnaclesys.com.