Citadel Computer reports record 2nd quarter sales and net profit before special charges.DALLAS--(BUSINESS WIRE)--Oct. 15, 1996-- Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $1,762,000 and Net Profit of $106,257 before reserves and extraordinary items Citadel Computer Systems, Inc., (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : NOFF NOFF Net Operating Funds Flow ) today reported record net sales of $1,762,000 and a net profit of $106,257 before reserves and extraordinary items for its second fiscal quarter ended August 31, 1996. After extraordinary non-recurring charges, the company recorded a net loss of $4,353,000 or thirty-six cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on 12,030,000 weighted average shares outstanding. Second quarter results compare with year-earlier net sales of $394,000 and a net loss of $142,000 or two cents per share. There were 6,514,000 weighted average shares outstanding for the prior period. Reserves and non-recurring write-downs accounted for $4,460,000 of the loss for the quarter ended August 31, 1996 and included primarily write-downs related to the acquisitions of Astonishing a·ston·ish tr.v. as·ton·ished, as·ton·ish·ing, as·ton·ish·es To fill with sudden wonder or amazement. See Synonyms at surprise. Developments, Inc., Kent*Marsh Ltd., Inc., DanaSoft Inc. and MicroVault Corporation, and the purchase of the TabWorks division of Xerox. Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Steven B. Solomon said "With these charges now behind us, Citadel continues to advance ahead of schedule as a result of aggressive marketing of our signature products and our acquisition of complementary products. Citadel's product development and marketing strategies have been well received in the marketplace, as shown by our record sales and growing market share. Our corporate goal remains to become the nation's premier network specialty software An umbrella term for software that is designed for a specific application or niche. What is specialty software one day can become a mainstream application the next. See special. company." "In the second quarter, Citadel completed the acquisitions of Astonishing Developments, Inc., Kent*Marsh Ltd., Inc., DanaSoft Inc. and MicroVault Corporation and the purchase of TabWorks from Xerox. We look forward to integrating these technologies and products into our line of network and PC security and management software." Solomon stated that Citadel would introduce exciting new entries from its growing stable of specialty software products at Comdex, the key industry trade show, in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. next month. In August 1996, Citadel announced a buy-back program under which it may repurchase up to 500,000 of its common shares in the open market. Citadel Computer Systems is a developer and marketer of computer software products, broadly characterized as network and PC security and management utilities and software management tools. Its products, including the new Citadel Network Recovery System and Citadel Network Security System as well as NetOFF, ServerSentry, Phantom of the Console, WinShield, FolderBolt and MicroVault, are designed to better manage and provide additional security to individual PCs as well as local area networks using Novell and Microsoft network See MSN. Microsoft Network - The Microsoft Network software. NOTE: Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this press release are necessarily subject to risks and uncertainties which may affect the accuracy of such statements and limit the company's ability to meet its projections. Such risks may include unanticipated declines in revenues due to competitive, market and general economic factors. For a full discussion of such risks, please refer to the company's Form 10-KSB for the fiscal year ended December 31, 1995, the transition period ended February 29, 1996 and the company's other periodic filings. CONTACT: Citadel Computer Systems Inc., Dallas Steven B. Solomon, COO, 214/520-9292 or The Cavior Organization Warren J. Cavior, 212/687-6070 caviorg@aol.com |
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