ZITEL REPORTS FIRST QUARTER RESULTS
ZITEL REPORTS FIRST QUARTER RESULTS MILPITAS, Calif., Jan. 16 /PRNewswire/ -- Zitel Corp.
(NASDAQ: ZITL) today reported net sales of $10,764,000 for the first quarter of fiscal year 1992 ended Dec. 31, 1991, versus net sales of $11,366,000 for the same quarter of the prior year. Net income for the quarter was $278,000 ($0.05 per share) versus net income of $762,000 ($0.14 per share) for the same quarter of the prior year.
Jack King, president and CEO of Zitel stated that "since the results for the quarter did not match last year's, we cannot be completely satisfied with the results. We are at least satisfied that they reflect current market conditions rather than fundamentals of our business. "We are pleased," continued King, " that business opportunities increased at the end of the quarter. Those opportunities represented orders that could not be shipped by the end of the quarter or that may close in the future. First shipments of our new CASD(TM) product were made as planned in this quarter representing over a million dollars in revenue in its first month of availability. "Further," King stated, "we recently renewed our agreement with Unisys Corp. and would expect the benefits of such to be reflected in future quarters." Zitel Corp. designs, manufactures and markets high speed storage subsystems for various applications for Original Equipment Manufacturers (OEM) 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 Three Months Ended (In Thousands Except Per Share Data) Dec. 31, (Unaudited) 1991 1990 Net sales $10,764 $11,366 Cost of goods sold 3,719 3,677 Research & development expenses 1,551 898 Selling, general & administrative expenses 5,249 5,816 Operating income 245 975 Other Income 167 153 Income before income taxes 412 1,128 Provision for income taxes 134 366 Net income $ 278 $ 762 Net income per share: 5 cents 14 cents Number of shares used in per share calculation 6,151 5,591 Consolidated Balance Sheets (In Thousands) Dec. 31, Sept. 30, 1991 1991 (Unaudited) Assets Current assets Cash and cash equivalents $ 8,549 $ 5,965 Accounts receivable 7,517 10,886 Inventories 5,774 5,541 Other current assets 869 615 Total current assets 22,709 23,007 Fixed assets, net 3,418 3,290 Other assets, net 1,148 1,167 Total assets $27,275 $27,464 Liabilities and Shareholders' Equity Current liabilities Current portion of long term debt $ 587 $ 572 Accounts payable 1,509 1,950 Accrued liabilities 1,914 1,956 Income taxes payable 350 336 Total current liabilities 4,360 4,814 Long-term debt 606 759 Deferred lease liability 52 97 Deferred income taxes 27 27 Shareholders' equity: Common stock 13,121 12,936 Retained earnings 9,109 8,831 Total shareholders' equity 22,230 21,767 Total liabilities and shareholders' equity $27,275 $27,464 -0- 1/16/92 /CONTACT: Ted Buxton or Henry C. Harris of Zitel, 408-946-9600 or 800-622-5020 (outside CA)/ (ZITL) CO: Zitel Corp. ST: California IN: CPR SU: ERN
RM -- SJ002 -- 0326 01/16/92 08:02 EST
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|Date:||Jan 16, 1992|
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