OTHER NEWS - Aug. 9, 1994
From Times Staff and Wire Reports
Pinnacle Micro Revises 1993 Earnings: The Irvine company said an accounting error--placing $2 million in first-quarter revenue into the previous fiscal year--has forced it to revise its 1993 earnings. James Hanley, Pinnacle Micro Inc.’s vice president for operations, said the miscalculation involved “only a couple of days” at the end of the fiscal year and that the maker of optical disk drives for computers would take steps “to see this doesn’t happen again.” According to the revised numbers, Pinnacle earned between $1.4 million and $1.5 million on revenue of $36 million to $37 million in fiscal 1993. The company’s shares fell $1.50 to $11.75 on Monday in Nasdaq trading.
