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ZITEL CORP. REPORTS SECOND QUARTER RESULTS

 ZITEL CORP. REPORTS SECOND QUARTER RESULTS
 MILPITAS, Calif., April 16 /PRNewswire/ -- Zitel Corp.


(NASDAQ/NMS: ZITL) today announced net sales of $12,839,000 for the second quarter of fiscal year 1992 ended March 31, 1992 versus net sales of $10,809,000 for the same quarter of the prior year. Net income for the quarter was $481,000 ($0.08 per share) versus net income of $1,011,000 ($0.17 per share) for the same quarter of the prior year.
 For the six months ended March 31, 1992, the company reported revenue of $23,603,000 versus $22,175,000 for the first six months of the prior year and net income of $759,000 ($0.12 per share) versus $1,773,000 ($0.31 per share) for the last fiscal year.
 Jack H. King, president and CEO, stated that, "While revenue contribution from our OEM business segment continued to decline, revenue growth from the End User business unit rose to contribute to the 19 percent growth in revenues this quarter compared to the second quarter of the previous year.
 "Net earnings did not keep pace due to increased spending for R&D and the commissions payable to Unisys under the renegotiated cooperative marketing agreement. The investment in R&D will continue and is directed towards developing several potentially unique future products for both the OEM and End User businesses," he continued.
 "Our new CASD(TM) product for the Unisys A and V Series computer systems continues to be well received. We have identified some software deficiencies which affect CASD's performance capabilities in certain computer configurations. These issues are being addressed and have resulted in our identifying improvements in the CASD proprietary logic which will result in measurably improved performance," he said.
 Zitel Corp. designs, manufactures and markets high speed storage subsystems for various applications for Original Equipment Manufacturers (OEMs) and business end-users of standard mini-computers and mainframe computers. The company is headquartered at 630 Alder Dr., Milpitas, Calif. 95035.
 ZITEL CORP.
 Consolidated Summary of Financial Statements
 (Thousands except per share amounts)
 Consolidated Income Statements
 (In Thousands Except Per Share Data)
 (Unaudited)
 Three Months Ended Six Months Ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Net sales $12,839 $10,809 $23,603 $22,175
 Cost of goods 4,262 4,052 7,981 7,729
 Research & development
 expenses 1,665 1,299 3,216 2,197
 Selling, general and
 administrative expenses 6,189 3,982 11,438 9,798
 Operating income 723 1,476 968 2,451
 Other (income) expense 109 ( 22) (58) (175)
 Income before income
 taxes 614 1,498 1,026 2,626
 Provision for income taxes 133 487 267 853
 Net income 481 $ 1,011 $ 759 $ 1,773
 Net income per share: 8 cents 17 cents 12 cents 31 cents
 Number of shares used
 in per share calculation 6,284 5,836 6,217 5,713
 Consolidated Balance Sheets
 (In Thousands)
 Mar. 31, Sept.30,
 1992 1991
 (Unaudited)
 Assets
 Current assets
 Cash and cash equivalents $ 6,087 $ 5,965
 Accounts receivable 11,205 10,886
 Inventories 5,974 5,541
 Other current assets 816 615
 Total current assets 24,082 23,007
 Fixed assets, net 3,504 3,290
 Other assets, net 1,218 1,167
 Total assets $ 28,804 $ 27,464
 Liabilities and Shareholders' Equity
 Current liabilities
 Current portion of long-term
 debt $ 603 $ 572
 Accounts payable 2,279 1,950
 Accrued liabilities 2,079 1,956
 Income taxes payable 281 336
 Total current liabilities 5,242 4,814
 Long-term debt 449 759
 Deferred lease liability -0- 97
 Deferred income taxes 27 27
 Shareholders' equity:
 Common stock 13,496 12,936
 Retained earnings 9,590 8,831
 Total shareholders' equity 23,086 21,767
 Total liabilities and
 shareholders' equity $ 28,804 $ 27,464
 -0- 4/16/92
 NOTE: CASD is a trademark of Zitel Corp.
 /CONTACT: Ted E. Buxton or Henry C. Harris of Zitel Corp., 800-622-5020 (outside California) or 408-321-9606/
 (ZITL) CO: Zitel Corp. ST: California IN: CPR SU: ERN


MM -- SJ002 -- 9066 04/16/92 08:03 EDT
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Date:Apr 16, 1992
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