Pinnacle Micro Inc. Posts Loss of $7.8 Million in Third Quarter

Pinnacle Micro Inc. posted a loss for the third quarter as sales dropped 33%.

The company, which makes optical storage systems, said it lost $7.8 million, or 98 cents a share, including $4.3 million in nonrecurring charges for a planned restructuring and revisions to two component supply contracts. The company earned $24,000 for the third quarter last year. Sales fell to $14.3 million from $21.4 million.

Pinnacle Micro said it lost $15.6 million, or $1.98 a share, for the first nine months, contrasted with net income of $198,000, or 2 cents a share, for the same period last year. Revenue declined 29% to $44 million from $62.2 million.