Revenue Sliding, Pinnacle Micro Plans More Layoffs
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IRVINE — Ailing Pinnacle Micro Inc. said Friday that it is planning another round of layoffs, and expects third-quarter revenue to be “significantly” below its second-quarter revenue.
The company, which makes compact disc storage systems, said its chief executive, William F. Blum, is planning significant job cuts at Pinnacle plants in Irvine and Colorado Springs, Colo. The company last month eliminated 25% of its work force, citing weak sales and a need to cut costs.
Pinnacle posted $11.2 million in revenue for the second quarter ended June 28, and $14.3 million in revenue for the third quarter a year ago. The company also said it has received a 30-day extension, until Oct. 14, from its creditors to seek additional capital.
The company’s stock on Friday fell 14%, or 16 cents a share, to 91 cents.
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