Pinnacle Micro’s Revised Report Gets OK
A spokesman for Ernst & Young, the accounting firm that audited Pinnacle Micro’s flawed annual report last year, said Tuesday that the accounting firm is satisfied with the accuracy of revised earnings and revenue reports from the Irvine-based manufacturer of optical disk drives for storing computer data.
Pinnacle Micro’s stock closed at $11.75 on Tuesday, unchanged after a $1.50 fall on Monday, when the company announced revisions in its 1993 reports. Because some products recorded as 1993 sales were not actually shipped until the first days of 1994, about $2 million of the company’s 1993 revenues of $39.2 million should have been counted as sales in the first quarter of 1994, the company said.
For the record:
12:00 a.m. Aug. 11, 1994 For the Record
Los Angeles Times Thursday August 11, 1994 Orange County Edition Business Part D Page 2 Column 6 Financial Desk 1 inches; 24 words Type of Material: Correction
Pinnacle Micro--The Irvine maker of optical disks to store computer data estimates second-quarter revenue of $13.2 million. A story Wednesday misstated the amount.
Pinnacle Micro had also announced preliminary second-quarter earnings of $13.2 million.
