Printer Friendly

ZITEL CORPORATION REPORTS THIRD QUARTER RESULTS

 ZITEL CORPORATION REPORTS THIRD QUARTER RESULTS
 MILPITAS, Calif., July 16 /PRNewswire/ -- Zitel Corporation


(NASDAQ-NMS: ZITL) today announced net sales of $11,045,000 for the third quarter of fiscal year 1992 ended June 30 versus net sales of $8,732,000 for the same quarter of the prior year. Net income for the quarter was $426,000 ($0.07 per share) versus net income of $598,000 ($0.10 per share) for the same quarter of the prior year.
 For the nine months ended June 30, 1992, the company reported net sales of $34,648,000 versus $30,907,000 for the first nine months of the prior year and net income of $1,185,000 ($0.19 per share) versus $2,371,000 ($0.41 per share).
 "We are pleased to report profitability for the twenty-first consecutive quarter," said Jack H. King, president and CEO of Zitel. "Earnings for the quarter, however, did not exceed the previous quarter or same quarter of the prior year due to several factors. Sales commissions under the co-marketing agreement with Unisys Corporation were significantly higher than in the year earlier quarter. The general business level, while showing some signs of recovery, has not returned to its expected levels. The mix of business and increased price competition has also had an effect. The Company has continued to invest heavily in the development of new products and technologies. We believe this investment will result in positioning us favorably in the market and produce a more than satisfactory return on investment."
 "Last quarter," King continued, "we announced that we had identified some deficiencies in our CASD firmware which affected its performance. Since then we have released a new version of the firmware which has stabilized and enhanced the product. We have in test, for release later this quarter, the next version of the software which will again substantially enhance CASDs performance. Customer interest in the product has remained strong."
 Zitel Corporation 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 Drive, Milpitas, CA 95035
 /CASD is a trademark of Zitel Corporation./
 Zitel Corporation
 CONSOLIDATED SUMMARY OF FINANCIAL STATEMENTS
 (Thousands except per share amounts)
 Consolidated Income Statements
 (In Thousands Except Per Share Data)
 (Unaudited)
 Three Months Ended Nine Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net sales $11,045 $ 8,732 $ 34,648 $ 30,907
 Cost of goods sold 4,092 2,889 12,073 10,618
 Research & development exps. 1,394 1,316 4,610 3,513
 Selling, general and
 administrative expenses 5,181 3,609 16,619 13,407
 Operating income 378 918 1,346 3,369
 Other (income) expense (115) 31 (173) (144)
 Income before income taxes 493 887 1,519 3,513
 Provision for income taxes 67 289 334 1,142
 Net income $ 426 $ 598 $ 1,185 $ 2,371
 Net income per share 7 cents 10 cents 19 cents 41 cents
 Number of shares used in per
 share calculation 6,257 6,082 6,231 5,836
 Consolidated Balance Sheets
 (In Thousands)
 June 30, Sept. 30,
 1992 1991
 (unaudited)
 Assets
 Current assets
 Cash and cash equivalents $ 7,217 $ 5,965
 Accounts receivable 10,114 10,886
 Inventories 6,071 5,541
 Other current assets 769 615
 Total current assets 24,171 23,007
 Fixed assets, net 3,359 3,290
 Other assets, net 1,270 1,167
 Total assets $ 28,800 $ 27,464
 Liabilities and shareholders' equity
 Current liabilities
 Current portion of long-term debt $ 616 $ 572
 Accounts payable 1,604 1,950
 Accrued liabilities 2,356 1,956
 Income taxes payable 187 336
 Total current liabilities 4,763 4,814
 Long-term debt 291 759
 Deferred lease liability --- 97
 Deferred income taxes 27 27
 Shareholder's equity:
 Common stock 13,703 12,936
 Retain earnings 10,016 8,831
 Total shareholders' equity 23,719 21,767
 Total liabilities and shareholders' equity $ 28,800 $ 27,464
 -0- 7/15/92
 /CONTACT: Ted E. Buxton or Henry C. Harris of Zitel Corporation, 408-321-9600 or 800-622-5020/
 (ZITL) CO: Zitel Corporation ST: California IN: CPR SU: ERN


KD -- NY003 -- 9837 07/16/92 08:01 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 16, 1992
Words:707
Previous Article:VALMONT REPORTS 68 PERCENT EARNINGS INCREASE
Next Article:BLOCKBUSTER NAMES RAMON MARTIN-BUSUTIL INTERNATIONAL PRESIDENT; 21-YEAR EUROPEAN VETERAN WITH CADBURY-SCHWEPPES, GENERAL FOODS
Topics:


Related Articles
ZITEL REPORTS FIRST QUARTER RESULTS
ZITEL CORPORATION REPORTS FOURTH QUARTER RESULTS
ZITEL ANNOUNCES PRELIMINARY RESULTS
ZITEL CORP. REPORTS FIRST QUARTER RESULTS
ZITEL CORPORATION REPORTS SECOND QUARTER PROFIT
ZITEL ANTICIPATES QUARTERLY LOSS
ZITEL REPORTS THIRD QUARTER
ZITEL RESTRUCTURES ON EARNINGS OUTLOOK
ZITEL RECEIVES IN EXCESS OF $6,000,000 IN ROYALTY REVENUE
ZITEL REPORTS YEAR END RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters