Citadel Technology Reports 212% Increase in Sales for Second Quarter.DALLAS--(BUSINESS WIRE)--Oct. 21, 1998-- Company Projects Record Results for Current Fiscal Year Citadel Technology, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CITN) today announced results for the second ended August 31, 1998. Gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. for the quarter were $1,129,078 an increase of $779,008 or 212% over gross sales of $350,070 for the quarter ended August 31, 1997. The Company reported 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 $2,111,563 for the six month period ended August 31, 1998, an increase of $1,273,145 or 151.9% over net sales for the same period last year. The Company reported an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. after depreciation, amortization and extraordinary expenses of $704,184 or (0.03) per share for the quarter ended August 31, 1998 versus an operating loss after depreciation, amortization and extraordinary expenses of $935,236 or (0.06) per share for the quarter ended August 31, 1997. The Company reported an operating loss after depreciation, amortization and extraordinary items of $548,186 or (0.02) per share for the sixth month period ended August 31, 1998 versus an operating loss after depreciation, amortization and extraordinary items of $1,796,355 or (0.12) per share for the sixth month period ending August 31, 1997. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. B. Solomon Solomon, d. c.930 B.C., king of the ancient Hebrews (c.970–c.930 B.C.), son and successor of David. His mother was Bath-sheba. His accession has been dated to c.970 B.C. According to the Bible. said, "Our sales and product recognition in the marketplace continue to develop. The necessity for the technology that Citadel has developed is growing as awareness increases. Citadel products target needs in the marketplace that we feel no other company is addressing. We continue tracking for a record year." Solomon continued, "As recently as last week, the Company announced the agreement with Miami Dade County Dade County can refer to the following places:
Citadel Technology Inc. is a developer and marketer of computer software products including security and management utilities for networks and personal computers. The Company's products are designed to secure and manage personal computers (PCs) and local area networks (LANs) and enable network administrators to more efficiently manage the networks. Company products are designed to reduce client costs, improve the accuracy of clients' information, maintain the operation of the network, secure the network from fraud or unauthorized use, and generally enable the administrator to devote more time to improving service to the network rather than focusing on operational details. For more information on Citadel Technology products, visit the Company's homepage at http://www.citadel.com. For information on purchasing products, contact the Company directly by writing or calling: Citadel Technology, 3811 Turtle Creek Turtle Creek may refer to: Streams
The process by which the corporation communicates with its investors. contact: The Investor Relations Group at 212.664.8489. The above statements are not strictly historical facts and include forward looking statements that involve a number of risks and uncertainties. The actual results of the future events described in such 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. could differ materially as a result of, among other things, the following: integration of acquired technology and companies, transition of selling and distribution methods, the availability of capital on terms acceptable to the Company, general economic conditions, competition, the market for the network software products, software development costs and possible future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , as well as the risks and uncertainties discussed in the Company's public reports and filings and public statements. -0-
Citadel Technology Inc.
Consolidated Statement of Operations
Three months ended Six months ended
August 31 August 31
1998 1997 1998 1997
Gross Sales $1,129,078 $350,070 $2,205,504 $ 848,138
Less returns 51,760 3,976 93,991 9,770
and allowances
Net Sales 1,077,318 346,094 2,111,513 838,368
Cost of Sales 60,912 14,375 131,243 23,786
Gross profit 1,016,406 331,719 1,980,270 814,582
Operating Expenses
Research and 146,609 67,215 251,333 217,737
development expenses
Selling and 958,904 303,760 1,430,298 611,387
marketing expenses
General and 426,152 426,570 781,491 1,010,408
administrative expenses
1,531,665 797,545 2,463,122 1,839,532
Operating income (loss)
before depreciation
and amortization (515,259)(465,826) (482,852) (1,024,950)
Depreciation and 371,491 348,152 723,917 622,328
amortization expense
Operating income (loss) (886,750)(813,978) (1,206,769) (1,647,278)
Other income
(expense)
Interest expense (30,847) (29,502) (82,051) (50,728)
Other 7,566 107,916 7,566 101,323
Loss on -- (199,672) -- (199,672)
marketable securities
(23,281)(121,258) (74,485) (149,077)
Net loss (910,031)(935,236) (1,281,254) (1,796,355)
before extraordinary
Extraordinary item - 205,847 - 733,068 -
gain on settlement
of debt
Net income (loss) $(704,184) $(935,236) $(548,186) $(1,796,355)
Basic and diluted earnings
(loss) per share data
Net loss before (0.04) (0.06) (0.05) (0.12)
extraordinary item
Extraordinary item 0.01 -- 0.03 --
Net income (loss) (0.03) (0.06) (0.02) (0.12)
per share
Shares used in computing
earnings (loss) share
Basic and diluted 25,699,532 14,427,452 23,844,644 14,424,452
The accompanying notes are an integral part of these statements
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