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 | — | ||||||||||||||||||