SARASOTA, Fla.-Pinnacle Holdings Inc. reported for the fourth quarter ended Dec. 31, an
increase in revenue of 122 percent to $10.9 million compared with $4.9 million for the same time period last
year.
The company also reported a fourth-quarter net loss of $13.4 million, or $37.03 per share, compared with a
loss of $2.8 million, or $8.89 per share, for the fourth quarter 1997.
Pinnacle said its results for the fourth quarter
and year ended Dec. 31, include an extraordinary loss of $5.6 million from the extinguishment of debt, representing a
write-off of deferred debt issuance costs related to its senior credit facility which was revised in December 1998.
