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

Pinnacle Micro Inc.: The Irvine provider of optical storage systems reported a net loss of $20.8 million, or $2.52 a share, for 1996, compared with a net loss of $2.5 million, or 31 cents a share, for 1995.

Pinnacle had disclosed its operating results and revenue for the year and fourth quarter last month, but did not release net income figures because of questions raised by the Securities and Exchange Commission over how to account for the company’s convertible debentures. The net income for last year includes $1.7 million in non-cash interest expenses related to the debentures. As previously reported, revenue for the year fell 27% to $59.9 million from $81.8 million.

For the fourth quarter, the company posted a net loss of $3.9 million, or 42 cents a share, compared with a net loss of $2.7 million, or 34 cents a share, for the 1995 fourth quarter. Revenue dropped 19% to $15.9 million from $19.7 million.