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Pinnacle Cuts Losses but Sales Suffer a Steep Fall

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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.

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The company’s stock was removed from Nasdaq market listings in February after the price and net tangible assets fell below minimum requirements.

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