Pinnacle Cuts Losses but Sales Suffer a Steep Fall
Ailing Pinnacle Micro Inc. said Monday it narrowed its losses for the fourth quarter.
The company, which makes storage technology, said it expects to post a loss of $3.3 million for the three months ended Dec. 27, down from $3.9 million a year earlier. However, sales were off sharply to about $2.3 million from $15.9 million.
Pinnacle said it expects a loss of $27 million for the fiscal year, compared with a loss of $20.8 million the previous year. Sales will drop to $31 million from $59.9 million.
Pinnacle said its creditors are cooperating with efforts to restructure its trade debt, and the company’s lender is cooperating with efforts to meet working capital requirements.
The company’s stock was removed from Nasdaq market listings in February after the price and net tangible assets fell below minimum requirements.