UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-Q/A
                                 AMENDMENT NO. 1
                                       TO

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the quarterly period ended September 26, 1997

OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the transition period from __________ to __________


Commission File No. 0-24784

                             PINNACLE SYSTEMS, INC.
             (Exact name of Registrant as specified in its charter)

               California                                94-3003809
    (State or other jurisdiction of         (I.R.S. Employer Identification No.)
     incorporation or organization)

          280 N. Bernardo Ave.                             94043
       Mountain View, California                         (Zip Code)
(Address of principal executive offices)

                                 (650) 237-1600
              (Registrant's telephone number, including area code)

         Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X No __

         The number of shares of the Registrant's Common Stock outstanding as of
October 24, 1997 was 7,592,596.



PART II - OTHER INFORMATION

Item 2.  Changes in Securities.

         (a)      Not applicable.

         (b)      Not applicable.

         (c)      Recent Sales of Unregistered Securities.

                  On September 2, 1997, the Registrant  issued 203,565 shares of
Common Stock to miro  Computer  Products AG ("Miro"),  a  corporation  organized
under the laws of Germany,  pursuant to an Asset Purchase  Agreement dated as of
August 29, 1997 by and among the  Registrant,  Pinnacle  Systems GmbH,  Pinnacle
Systems C.V.,  Pinnacle Systems Ltd., Miro, Miro Computer Products Inc. and Miro
Computer  Products  Ltd.  under  which the  Registrant  acquired  the assets and
certain  liabilities  of the sellers  identified  therein,  including  Miro. The
issuance of shares in this transaction was deemed to be exempt from registration
under the  Securities  Act of 1933,  as amended,  in reliance  upon Section 4(2)
thereof  as a  transaction  by  an  issuer  not  involving  a  public  offering.
Appropriate  legends  were  affixed  to the  share  certificate  issued  in such
transaction.

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                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant has duly caused this Amendment to its Report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                                         PINNACLE SYSTEMS, INC.

Date: November 19, 1997                  By: /s/  Mark L. Sanders
                                             -----------------------------------
                                             Mark L. Sanders, President, and
                                             Chief Executive Officer


Date: November 19, 1997                  By: /s/  Arthur D. Chadwick
                                             -----------------------------------
                                             Arthur D. Chadwick, Vice President,
                                             Finance and Administration and
                                             Chief Financial Officer

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