Pinnacle Systems Announces Preliminary Sales Expectations for Third Quarter of Fiscal 2005
13 Abril 2005 - 8:01AM
PR Newswire (US)
Pinnacle Systems Announces Preliminary Sales Expectations for Third
Quarter of Fiscal 2005 MOUNTAIN VIEW, Calif., April 13
/PRNewswire-FirstCall/ -- Pinnacle Systems(R), Inc. (NASDAQ:PCLE),
a leader in digital video solutions, today announced its
preliminary expectations of net sales for the third fiscal quarter
ended March 31, 2005. The company currently anticipates
third-quarter net sales of approximately $64 million to $66
million. Pinnacle Systems' prior outlook for the third quarter, as
announced with second-quarter results on January 25, 2005, called
for net sales of approximately $74 million to $77 million. This
outlook included expected sales of approximately $4 million for
Team Sports, the assets of which were subsequently sold to XOS
Technologies, as announced on February 7, 2005. Excluding the
anticipated sales contribution of Team Sports, the adjusted outlook
for Pinnacle's third-quarter net sales would have been $70 million
to $73 million. Additionally, on March 21, 2005, Avid Technology,
Inc. (NASDAQ:AVID) and Pinnacle Systems announced a definitive
agreement for Avid to acquire Pinnacle in a cash and stock
transaction. Initial uncertainty regarding the potential impact of
the transaction slowed orders from Pinnacle's distribution
channels, principally in Europe, in the last 10 days of the
quarter. This also contributed to the company's revised sales
outlook. Pinnacle Systems acknowledged that its current sales
expectations are preliminary and subject to the closing of its
books, management review and other customary accounting procedures
related to quarterly financial results. The company plans to
announce its complete financial results for the third fiscal
quarter after the close of market on April 27, 2005. The proposed
acquisition of Pinnacle Systems by Avid Technology is subject to a
number of closing conditions, including shareholder and regulatory
approvals, and is expected to close in the second or third calendar
quarter of 2005. About Pinnacle Systems Pinnacle Systems provides
broadcasters and consumers with cutting-edge digital media
creation, storage, and play-back solutions for use at Home, in the
Studio and on the Air. Pinnacle Systems' award winning digital
media solutions are in use around the world for broadcast, video
and audio editing, DVD and CDR authoring and on the Internet. A
recognized industry leader, the company has received nine
prestigious Emmy Awards for its technical innovations and carries
this commitment throughout all of its product lines. Pinnacle
Systems may be reached at 650-526-1600 or at
http://www.pinnaclesys.com/. Safe Harbor Statement This news
release contains forward-looking statements that involve risks and
uncertainties within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
including statements regarding Pinnacle Systems' preliminary
expectations of net sales for the third quarter of fiscal 2005 and
current expectations for the close of its acquisition by Avid
Technology, Inc. Forward-looking statements contained in this news
release relating to expectations about future events or results are
based upon information available to the company as of the date
hereof. Readers are cautioned that these forward-looking statements
are only predictions and are subject to risks, uncertainties and
assumptions that are difficult to predict. As a result, Pinnacle
Systems' actual results may differ materially and adversely from
those expressed in the forward-looking statements. Factors that may
cause such a difference include, but are not limited to, risks
related to customer orders for the company's current and future
products and the possibility that the acquisition will not close or
that the closing will be delayed due to antitrust regulatory review
or other factors. Factors that could affect Pinnacle Systems'
business and financial results are detailed in the company's
periodic reports filed with the Securities and Exchange Commission
(SEC), including, but not limited to, its Annual Report on Form
10-K for the fiscal year ended June 30, 2004; its Quarterly Reports
on Form 10-Q for the fiscal quarters ended September 30, 2004 and
December 31, 2004, respectively; and the Joint Proxy
Statement/Prospectus to be filed in the future by Avid Technology
and Pinnacle Systems. These documents are or will be on file with
the SEC and available at the SEC's website at http://www.sec.gov/.
All information set forth in this news release is made as of April
13, 2005, and Pinnacle Systems undertakes no obligation to revise
or update publicly this information for any reason. Additional
Information Avid plans to file with the SEC a Registration
Statement on Form S-4 in connection with the transaction, and Avid
and Pinnacle plan to file with the SEC and mail to their respective
stockholders a Joint Proxy Statement/Prospectus in connection with
the transaction. The Registration Statement and the Joint Proxy
Statement/Prospectus will contain important information about Avid,
Pinnacle, the transaction, and related matters. Investors and
security holders are urged to read the Registration Statement and
the Joint Proxy Statement/Prospectus carefully when they are
available. Investors and security holders will be able to obtain
free copies of the Registration Statement and the Joint Proxy
Statement/Prospectus (when available) and other documents filed
with the SEC by Avid and Pinnacle through the web site maintained
by the SEC at http://www.sec.gov/. In addition, investors and
security holders will be able to obtain free copies of the
Registration Statement and the Joint Proxy Statement/Prospectus
(when available) and other documents filed with the SEC from Avid
by contacting Dean Ridlon, Investor Relations Director for Avid, at
telephone number 978-640-5309, or from Pinnacle by contacting
Deborah B. Demer of Demer IR Counsel, Inc. at telephone number
925-938-2678, extension 224. Avid and Pinnacle, and their
respective directors and executive officers, may be deemed to be
participants in the solicitation of proxies in respect of the
transactions contemplated by the merger agreement. Information
regarding Avid's directors and executive officers is contained in
Avid's Form 10-K for the year ended December 31, 2004 and its proxy
statement dated April 16, 2004, which are filed with the SEC and
available free of charge as indicated above. Information regarding
Pinnacle's directors and executive officers is contained in
Pinnacle's Form 10-K for the year ended June 30, 2004 and its proxy
statement dated September 30, 2004, which are filed with the SEC
and available free of charge as indicated above. The interests of
Avid's and Pinnacle's respective directors and executive officers
in the solicitations with respect to the transactions in particular
will be more specifically set forth in the Registration Statement
and the Joint Proxy Statement/Prospectus filed with the SEC, which
will be available free of charge as indicated above. DATASOURCE:
Pinnacle Systems, Inc. CONTACT: Mary Dotz, Chief Financial Officer
of Pinnacle Systems, Inc., +1-650-237-1952, or Web site:
http://www.pinnaclesys.com/
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