CUBE customers continue to report great earnings. ATI and now Pinnacle.......
Pinnacle Systems Announces Key Promotions
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Jan. 19, 1999--Pinnacle Systems Inc. (Nasdaq:PCLE), today announced key personnel promotions.
These organizational changes are intended to leverage the Company's position as Silicon Valley's leading provider of digital video solutions.
Pat Burns has been promoted to vice president, Professional Video Sales and Marketing. In his new capacity, Burns is responsible for all sales and marketing activities for the Company's professional products in the Americas as well as Japan. Prior to this, Burns was Pinnacle Systems' vice president of Corporate Marketing. Burns also held senior and executive management positions with Ampex Corp. (AMEX:AXC), Chyron (NYSE:CHY), and Radius (Nasdaq:RDUS), before joining Pinnacle Systems.
Kevin Hunt was promoted to vice president, Business and Consumer Sales and Marketing, for the Americas. In this role, Hunt is responsible for business and consumer sales channels including distributors, retail, catalog and Internet sales. Prior to this promotion, Hunt was Pinnacle Systems' vice president of North American Sales. Before joining Pinnacle Systems, Hunt held key positions with IBM (NYSE:IBM), and Xerox (NYSE:XRX).
Other Recent News From Pinnacle Systems -- Record Results
Last week, the Company announced financial results for the second quarter of fiscal 1999, which ended Dec. 31, 1998.
Net sales were a record $39,172,000 compared to $27,881,000 in the second quarter of fiscal 1998. Net income for the second quarter of fiscal 1999 was $5,041,000 or $.44 per share on a diluted basis, compared to net income of $2,453,000, or $.26 per share, in the second quarter of fiscal 1998. In addition, the company generated positive cash flow during the second quarter of fiscal 1999 and ended with $96.4 million in cash and marketable securities.
According to Pinnacle Systems' President and Chief Executive Officer, Mark Sanders, "The second quarter of fiscal 1999 was a stellar quarter with record sales for the sixth consecutive quarter, record net income, and positive cash flow which added to our already strong balance sheet. Net sales increased 40% and net income more than doubled over the same quarter last fiscal year, with growth coming from increased sales of both desktop and consumer products."
The second quarter of fiscal 1999 was the first full quarter for shipments of FXDeko(TM) for the broadcast market and ReelTime(tm) NITRO for the desktop market. In addition, the company commenced shipment of Studio(TM) DC10plus and announced Studio MP10, two new additions to the Studio line of consumer products.
Also during the quarter Pinnacle Systems entered into a definitive agreement to acquire Truevision, Inc. (Nasdaq:TRUV), a leading supplier of digital video products, in a transaction designed to extend Pinnacle Systems' leadership in the desktop digital video capture and editing market.
"We are very excited about merging these two companies," said Sanders, "and we believe this transaction will strengthen Pinnacle's leadership position in the desktop video arena, as well as further advance our efforts in high definition video (HDTV) tools development. Truevision's product lines compliment Pinnacle's well, and together we will serve a far wider array of customers and applications in the digital video editing market. Importantly, Truevision enjoys strategic relationships with several key partners, including Avid (Nasdaq:AVID), Discreet Logic (Nasdaq:DSLGF), and Panasonic"
Other Promotions within Pinnacle Systems
Greg Marek has been promoted to director of corporate communications and marketing, reporting directly to Kevin Hunt. Before joining Pinnacle, Marek held key positions with Oracle Corp. (Nasdaq:ORCL), and Intuit Inc (Nasdaq:INTU).
M3 Sweatt has been promoted to director of desktop retail products, responsible for all product activities of the Company's immensely popular miroVIDEO product family. Before joining Pinnacle Systems, Sweatt held key positions with AutoDesk Inc (Nasdaq:ADSK), The 3DO Company (Nasdaq:THDO), and DigiDesign, which is a division of AVID (Nasdaq:AVID).
Brian VanHerp has been promoted to Director of OEM sales. Before joining Pinnacle, Van Herp held individual contributor and management positions with Intel (Nasdaq:INTC) and Truevision (Nasdaq:TRUV).
Blake Roberts, Pinnacle Systems' corporate PR manager, will focus his activities on the broadcast market. Before joining Pinnacle Systems, Roberts held individual contributor and management positions with Apple Computer (NYSE:AAPL), Silicon Graphics (Nasdaq:SGI) and Ziff-Davis Publishing (Nasdaq:ZD).
Paulien Ruijssenaars will focus her PR activities on Pinnacle Systems' desktop and consumer product lines. Before joining Pinnacle, Ruijssenaars worked for Fractal Designs (Meta Creations NASDAQ:MCRE).
Vince Mock, formally of Franklin Resources (NYSE:BEN), and VLSI (Nasdaq:VLSI), is Pinnacle Systems' manager of financial planning.
About Pinnacle Systems, Inc.
Pinnacle Systems' broadcast, desktop, and consumer groups provide video professionals and consumers, the digital video editing tools needed to create dazzling productions faster and more affordably than ever before. These innovative tools perform a variety of on-air, production, and postproduction functions such as the addition of special effects, image management, capture, storage, and playout, as well as graphics and title creation. Pinnacle Systems may be reached at 650/526-1600 or on the World Wide Web at www.pinnaclesys.com.
Note to Editors: All trademarks and registered trademarks are the property of their respective owners and are used for identification or reference purposes only, with no intent to infringe on copyrights.
CONTACT:
Pinnacle Systems
Blake Roberts, 650/237-1851 (Media)
pr@pinnaclesys.com
Sales: 888/484-3366 |
