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[Sent by Zitel Corporation http://www.zitel.com]
Contact: Zitel Corporation
Anna M. McCann
Chief Financial Officer
510-440-9600
800-622-5020
FOR IMMEDIATE RELEASE
ZITEL REPORTS SECOND QUARTER FISCAL YEAR 2000 RESULTS
FREMONT, CA, April 24, 2000 -- Zitel Corporation (Nasdaq: ZITL) today
announced results for the second fiscal quarter ended March 31, 2000.
The Company recorded revenue of $4,091,000 for the second quarter of
fiscal 2000 versus revenue of $4,239,000 for the same quarter of the
prior year. Prior year's revenue included $3,470,000 related to the
current business of performance management software. License and
maintenance revenue for the quarter increased 24% and 27%, respectively,
from the same period in the prior year. The net loss for the quarter
was $3,072,000 or $0.12 per share versus a net loss of $2,063,000 or
$0.09 per share for the same quarter of the prior year. Included in the
current quarter is the loss associated with the sublease of the
remainder of the corporate facility in Fremont (CA) of $371,000.
Weighted average shares outstanding were 25,978,000 in the current
fiscal quarter compared to 21,908,000 for the same quarter of the prior
year.
The Company announced revenue of $9,611,000 for the first six months
of fiscal 2000 versus revenue of $10,139,000 for the same period of the
prior year. Prior year's revenue included $8,233,000 related to the
current business. License and maintenance revenue in the first six
months of fiscal year increased 17% and 14%, respectively, compared to
the prior year. The net loss for the two quarters was $3,988,000 or
$0.16 per share versus a net loss of $4,839,000 or $0.22 per share for
the same period of the prior year. Weighted average shares outstanding
were 24,928,000 for the first six months of the current year compared to
21,643,000 for the prior year.
Asa W. Lanum, President and CEO, stated, "As we work to complete
Zitel's transition to the premier provider of enterprise-class
performance management software and service-level assurance for
eBusiness applications, the Company's market expansion efforts are
focused in two areas: introduction of enhanced solutions in the first
half of this calendar year and acceleration of sales force hiring to
double year-over-year sales headcount by the end of our fiscal year.
Our financial goals for fiscal year 2000, to grow revenue substantially
over the prior year's performance management revenues and to move toward
break-even, are based on accomplishing these objectives."
This press release contains projections and other forward-looking
statements regarding future events or the future financial performance
of the Company. These statements are only predictions and actual events
or results may differ materially. Refer to the documents the Company
files from time to time with the Securities and Exchange Commission.
These documents contains and identify important factors that could cause
the actual results to differ materially from those contained in the
projections or forward-looking statements in this press release.
About Zitel Corporation
Zitel Corporation (Nasdaq: ZITL) and its Datametrics Systems subsidiary
develop and market leading enterprise e-business performance management
software. ViewPoint(R) software automatically correlates e-business
performance data across the entire enterprise -- as well as from
external influences --- in real-time, with a single management view.
VisualRoute(TM) and VisualPulse(TM) automatically analyze Internet
service levels, connectivity and performance. Using this knowledge,
managers can proactively tune business processes to optimize overall
e-business performance and assure end-to-end service levels.
Datametrics Systems has been delivering performance solutions to
customers in over 25 countries since 1980. Visit The E-Business
Performance Experts(TM) at http://www.datametrics.com or
http://www.itperforms.com. More information on Zitel Corporation is
available at http://www.zitel.com.
# # #
Consolidated Financial Summary follows.
** Zitel is a registered trademark of Zitel Corporation.
All other product names and brand names are trademarks or registered
trademarks of their respective holders.
==================================================
Zitel Corporation
CONSOLIDATED SUMMARY OF FINANCIAL STATEMENTS
Consolidated Statements of Operations
(In Thousands Except Per Share Data)
(Unaudited)
Three Months Ended Six Months Ended
3/31/2000 3/31/1999 3/31/2000 3/31/1999
Net sales $ 4,091 $ 4,239 $ 9,611 $10,139
Cost of goods sold 1,508 1,451 3,350 3,673
Research & development expenses 701 653 1,352 1,268
Selling, general and
administrative expenses 4,906 3,663 8,757 7,550
Loss from unconsolidated company - - - 1,512
Operating loss (3,024) (1,528) (3,848) (3,864)
Other expense 48 535 140 975
Net loss $(3,072) $(2,063) $(3,988) $(4,839)
Loss per common share $ (.12) $ (.09) $ (.16) $ (.22)
Number of shares used in
per share calculation 25,978 21,908 24,928 21,643
Consolidated Balance Sheets
(In Thousands)
(Unaudited) (Audited)
Mar. 31, Sept. 30,
2000 1999
Assets
Current assets:
Cash and cash equivalents $ 2,442 $ 1,670
Accounts receivable, net 2,827 3,719
Deferred and refundable taxes 203 205
Other current assets 2,437 1,218
Total current assets 7,909 6,812
Fixed assets, net 739 738
Other assets, net 4,232 4,102
Total assets $12,880 $11,652
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 2,729 $ 2,568
Accrued liabilities 1,100 1,114
Deferred revenue __7,027 __2,073
Total current liabilities 10,856 5,755
Shareholders' equity:
Preferred stock - 2,000
Common stock 73,455 71,340
Accumulated deficit (71,431) (67,443)
Total shareholders' equity 2,024 5,897
Total liabilities and shareholders' equity $12,880 $11,652
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