Pinnacle Micro Inc.: The Irvine manufacturer of...

Pinnacle Micro Inc.: The Irvine manufacturer of optical storage systems posted a second-quarter profit of $588,800, contrasted with a net loss of $99,700 for the like period last year. Sales more than doubled to $9.3 million from $4.2 million. Profit for the first half was $1.2 million, contrasted with a year-earlier loss of $23,000. Sales doubled to $17.9 million from $8.6 million. Effective July 1, the company converted from an S corporation to a C corporation, and completed its initial public offering of 1.8 million shares of common stock. In an S-type corporation, the dividends are distributed in such a way as to cut down on a portion of the corporation tax.