Exhibit 99.1
PINNACLE SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
December 31, 2003 | June 30, 2003 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 53,402 | $ | 62,617 | ||||
Marketable securities | 17,905 | 18,804 | ||||||
Accounts receivable, net | 48,653 | 55,958 | ||||||
Inventories | 43,667 | 37,280 | ||||||
Prepaid expenses and other current assets | 9,662 | 9,197 | ||||||
Total current assets | 173,289 | 183,856 | ||||||
Restricted cash | 16,850 | 16,890 | ||||||
Property and equipment, net | 16,898 | 14,846 | ||||||
Goodwill | 82,755 | 60,632 | ||||||
Other intangible assets, net | 21,057 | 29,341 | ||||||
Other assets | 6,635 | 5,311 | ||||||
$ | 317,484 | $ | 310,876 | |||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 13,870 | $ | 17,146 | ||||
Accrued and other liabilities | 64,487 | 49,489 | ||||||
Deferred revenue | 17,249 | 10,100 | ||||||
Total current liabilities | 95,606 | 76,735 | ||||||
Deferred income taxes | 4,222 | 7,826 | ||||||
Long-term liabilities | 759 | 158 | ||||||
Total liabilities | 100,587 | 84,719 | ||||||
Shareholders’ equity: | ||||||||
Common stock | 367,657 | 337,593 | ||||||
Accumulated deficit | (158,129 | ) | (115,294 | ) | ||||
Accumulated other comprehensive income | 7,369 | 3,858 | ||||||
Total shareholders’ equity | 216,897 | 226,157 | ||||||
$ | 317,484 | $ | 310,876 | |||||