EX-99.3 2 dex993.htm RESTATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Restated Condensed Consolidated Statements of Operations

Exhibit 99.3

 

PINNACLE SYSTEMS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

     Nine Months Ended March 31,
  
    

2005

    

2004

  
     Original
     As Restated
     Change
     Original
     As Restated
     Change
  

Net sales

    $ 212,568     $ 212,568     $ —       $ 220,763     $ 220,763     $ —    

Costs and expenses:

                                                 

Cost of sales

      118,206       118,206       —         130,180       130,180       —    

Engineering and product development

      24,036       24,036       —         27,591       27,591       —    

Sales, marketing, and service

      55,420       55,420       —         61,821       61,821       —    

General and administrative

      19,984       19,984       —         17,567       17,567       —    

Amortization of other intangible assets

      2,544       2,544       —         3,883       3,883       —    

Impairment of goodwill

      1,310       1,310       —         5,950       5,950       —    

Legal settlement

      (3,137 )     —         3,137       —         —         —    

Transaction costs

      2,752       2,752       —         —         —         —    

In-process research and development

      —         —         —         2,193       2,193       —    

Restructuring costs

      5,597       5,597       —         3,640       3,640       —    
    
 
 
 
 
 

Total costs and expenses

      226,712       229,849       3,137       252,825       252,825       —    
    
 
 
 
 
 

Operating loss

      (14,144 )     (17,281 )     (3,137 )     (32,062 )     (32,062 )     —    

Interest paid on legal settlement

      —         —         —         (2,050 )     —         2,050  

Interest and other income, net

      1,276       1,276       —         1,515       1,515       —    
    
 
 
 
 
 

Loss from continuing operations before income taxes

      (12,868 )     (16,005 )     (3,137 )     (32,597 )     (30,547 )     2,050  

Income tax expense

      2,854       2,854       —         2,938       2,938       —    
    
 
 
 
 
 

Loss from continuing operations

      (15,722 )     (18,859 )     (3,137 )     (35,535 )     (33,485 )     2,050  

Income (loss) from discontinued operations, net of taxes

      (1,683 )     1,454       3,137       (7,591 )     (9,641 )     (2,050 )
    
 
 
 
 
 

Net loss

    $ (17,405 )   $ (17,405 )   $ —       $ (43,126 )   $ (43,126 )   $ —    
    
 
 
 
 
 

Loss per share from continuing operations:

                                                 

Basic and Diluted

    $ (0.23 )   $ (0.27 )   $ (0.04 )   $ (0.53 )   $ (0.50 )   $ 0.03  
    
 
 
 
 
 

Income (loss) per share from discontinued operations:

                                                 

Basic and Diluted

    $ (0.02 )   $ 0.02     $ 0.04     $ (0.12 )   $ (0.15 )   $ (0.03 )
    
 
 
 
 
 

Net loss per share:

                                                 

Basic and Diluted

    $ (0.25 )   $ (0.25 )   $ —       $ (0.65 )   $ (0.65 )   $ —    
    
 
 
 
 
 

Shares used to compute per share amounts:

                                                 

Basic

      69,498       69,498       —         66,526       66,526       —    
    
 
 
 
 
 

Diluted

      69,498       69,803       —         66,526       66,526       —