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      Management`s Discussions: 10-Q, ZITEL CORP  
       TUESDAY, APRIL 25, 2000 1:03 PM
- Edgar Online

(Edgar Online via COMTEX)

Company Name: ZITEL CORP (SYMBOL:ZITL)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL


CONDITION AND RESULTS OF OPERATIONS Result of Operations

The Company recorded a net loss of $3,072,000 ($0.12 per share) for the quarter ended March 31, 2000 compared with a net loss of $2,063,000 ($0.09 per share) for the same quarter of the prior year. Weighted average shares outstanding for the current quarter were 25,978,000 compared to 21,908,000 for the same quarter of the prior year. For the six months ended March 31, 2000, the net loss was $3,988,000 ($0.16 per share) compared with a net loss of $4,839,000 ($0.22 per share) for the same period a year earlier. Year-to-date weighted average shares were 24,928,000 versus 21,643,000 in the prior year.

Total net sales for the current quarter was $4,091,000 versus total net sales of $4,239,000 for the same quarter of the prior year, a decrease of $148,000. Prior year's net sales included $3,470,000 related to the current business of performance management software. For the six months ended March 31, 2000, total net sales was $9,611,000 versus total net sales of $10,139,000 for the same period a year earlier, a decrease of $528,000. Prior year's net sales included $8,233, 000 related to current business.

Gross margin for the quarter ended March 31, 2000 was 63% of net sales compared to 66% of net sales for the same quarter of the prior year. The decrease in gross margin percentage is primarily attributable to the increased staffing in support and services. For the six months ended March 31, 2000, gross margin was 65% of net sales compared to 64% of net sales for the same period a year earlier. The improvement in gross margin percentage is higher as a result of increased net sales of software in the first quarter offset, in part, by the increase in staffing in support and services discussed above. The Company does not believe that the gross margins reported for the current quarter just ended are necessarily indicative of the gross margins to be expected. Gross margins maybe affected by several factors, including the mix of products sold and price competition.

Research and development expenses for the quarter ended March 31, 2000 were 17% of net sales compared to 15% for the same quarter of the prior year. For the six months ended March 31, 2000, research and development expenses were 14% of net sales compared

to 13% of net sales for the same period a year earlier. The percentage increase as a percent of net sales for the quarter and six month comparison year to year, is primarily a result of lower net sales during both periods, as spending increased only $48,000 and $84,000, for the quarter and six month period, respectively.

Selling, general and administrative ("SG&A") expenses for the quarter ended March 31, 2000 were 120% of net sales versus 86% of net sales for the same period a year earlier. Actual spending increased $1, 243,000. For the six months ended March 31, 2000, SG&A expenses were 91% of net sales compared to 74% of net sales for the same period a year earlier. Actual spending increased $1,207,000. The increased spending in both periods is attributable to increased salaries and related benefits related to additional sales and marketing personnel, increased travel and entertainment, increased consulting and professional services and higher distributor commissions. In addition, during the current quarter, a loss of approximately $371,000 was incurred in the sublease of the Company's facility in Fremont (CA).

Other expense was $48,000 for the quarter just ended versus $535,000 in the same quarter of the prior year. For the current quarter, other expense was primarily due to the interest expense incurred on the factoring of accounts receivable. For the comparable quarter of the prior year, other expense was primarily attributable to $633,000 interest and related expense on the 3% convertible subordinated debentures, partially offset by interest income of $155,000.

For the six months ended March 31, 2000, other expense was $140,000 versus $975,000 for the same period a year earlier. For the current six-month period, other expense consisted primarily of translation losses. For the comparable period of the prior year, other expense included $1,127,000 interest expense related to the convertible subordinated debentures, partially offset by interest income of $323, 000.

Liquidity and Capital Resources

During the six-month period ended March 31, 2000, working capital decreased $4,004,000 and cash flow provided by operating activities was $1,878,000. Cash provided by operating activities resulted primarily from an increase in deferred revenue of $4,954,000, a decrease in accounts receivable of $786,000 and depreciation and amortization charges of $1,090,000, offset by the net loss of $3,988,000 and an increase in other current assets of $1,219,000.

Net cash used in investing activities of $1,221,000 is primarily made up of $811,000 in capitalized software development costs and $372, 000 in acquisition of fixed assets. Net cash provided by financing activities of $115,000 was comprised of $32,000 from the sale of stock under the Company's employee stock purchase plan and $83,000 from stock options exercised.

Non-cash transactions consisted of the conversion of 200,000 shares of preferred stock for 1,306,122 shares of common stock.

Recent Accounting Pronouncements

In March 2000, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation No. 44 ("FIN 44"), Accounting of Certain Transactions involving Stock Compensation an interpretation of APB Opinion No. 25. FIN 44 clarifies the application of Opinion 25 for (a) the definition of employee for purposes of applying Opinion 25, (b) the criteria for determining whether a plan qualifies as a noncompensatory plan, (c) the accounting consequence of various modifications to the terms of a previously fixed stock option or award, and (d) the accounting for an exchange of stock compensation awards in a business combination.

FIN 44 is effective July 1, 2000, but certain conclusions cover specific events that occur after either December 15, 1998, or January 12, 2000. Management believes that the impact of FIN 44 will not have a material effect on the financial position or results of operations of the Company.

In December 1999, the Securities and Exchange Commission ("SEC") issued Staff Accounting Bulleting No. 101 ("SAB 101"), "Revenue Recognition in Financial Statements", which provides guidance on the recognition, presentation and disclosure of revenue in financial statements filed with the SEC. SAB 101 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosures related to revenue recognition policies. Management believes that the impact of SAB 101 will not have a material effect on the financial position or results of the Company.

In June 1998, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities". SFAS No. 133 establishes accounting and reporting standards requiring that every derivative instrument, including

certain derivative instruments embedded in other contracts, be recorded in the balance sheet as either an asset or liability measured at its fair value. SFAS No. 133 requires that changes in the derivative's fair value be recognized currently in earnings unless specific hedge accounting criteria are met. Special accounting for qualifying hedges allows a derivative's gains and losses to offset related results on the hedged item in the income statement, and requires that a company must formally document, designate and assess the effectiveness of transactions that receive hedge accounting. SFAS No. 133 is effective for the Company in fiscal year 2000 and will not require retroactive restatement of prior period financial statements. The Company has not yet quantified the impact of adopting SFAS No. 133 on its financial statements, but the Company believes there will not be a significant impact.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The Company considered the provision of Financial Reporting Release No. 48, "Disclosure of Accounting Policies for Derivative Financial Instruments and Derivative Commodity Instruments, and Disclosure of Quantitative and Qualitative Information about Market Risk Inherent in Derivative Financial Instruments, Other Financial Instruments and Derivative Commodity Instruments". The Company had no holdings of derivative financial or commodity instruments at March 31, 2000. A review of other financial instruments and risk exposures at that date revealed the Company did not have exposure to interest rate risk.

================================================== This Report on Form 10-Q contains forward-looking statements which are made in reliance on the Safe Harbor provisions of the Private Securities Litigation Reform Act. Readers are cautioned that such forward-looking statements are subject to risks and uncertainties and actual results could differ materially. Certain of these risks and uncertainties are discussed herein under the section "Risk Factors" and elsewhere in this Report as well in the Company's other filings with the Securities and Exchange Commission.

- Zitel is a registered trademark of Zitel Corporation. All other product names and brand names are trademarks or registered trademarks of their respective holders.

(c) 1995-1999 Cybernet Data Systems, Inc. All Rights Reserved.

Received by Edgar Online: Apr. 25, 2000




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