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Industry: Email Alert RSS FeedPinnacle begs for patience. (News).
RCR Wireless News, November, 2001 by Smith, Hilary
Pinnacle Holdings Inc. painted a grim picture during its third-quarter earnings call last week, as executives tried to offer some hope that the company is going to survive even though two of its customers have disappeared and another is about to call it quits. "Pinnacle is clearly a company in transition," said Steve Day, chief executive officer of Pinnacle.
Sarasota, Fla.-based Pinnacle suffered greatly when its paging provider customers PNI and TSR Wireless filed for bankruptcy and another defaulted on its leases. As a result of these lost customers, Pinnacle reported a net loss of $315.4 million, or $6.51 per share, for the quarter, compared with a loss of $38.3 million, or 79 cents per share, for third-quarter 2000. Shares of Pinnacle were trading...
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