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Article for Zitel Corporation (NASDAQ SC:ZITL)
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JOSEPH CHARLES MAINTAINS BUY RATING ON ZITEL CORP.


MONDAY, MAY 01, 2000 1:24 PM
- PRNewswire

BOCA RATON, Fla., May 1, 2000 /PRNewswire via COMTEX/ -- The following is being issued by Joseph Charles &
Associates, Inc. (Joseph Charles), a member of the National Association of Securities Dealers, CRD number 3949:

Joseph Charles & Associates, Inc. (Joseph Charles), Director of Research David Weinstein reiterates a BUY rating on
Zitel Corp. (Nasdaq:ZITL) and maintains a 12-month price target of $12.

We believe that the recent Nasdaq correction has afforded investors an opportunity to accumulate shares in Zitel
Corporation at attractive levels. Furthermore we believe there are several near term catalysts which will focus attention
on the company. Zitel released second quarter earnings on April 24, 2000.

Highlights on the quarter include: (a) Cash and cash equivalents are up 46% ($2.44 mil. vs. $1.67 mil. Fiscal year-end
`99); (b) Current liabilities are down 26% ($10.8 mil. vs. $14.7 mil.); (c) Revenues for performance management
software are up 18% ($4.09 mil. vs. $3.47 mil.)

Zitel earnings for the second fiscal quarter ending March 31, 2000 showed a loss of ($0.12) per share versus Joseph
Charles anticipated losses of ($0.08) per share. Nearly 38% of that shortfall was due to a one-time charge for $371,000
charge ($0.015) per share for subleasing that will result in future cost savings. The balance of the earnings difference
was due to a slower than expected ramp up in the sales force which resulted in a revenue shortfall of $500,000.
Management has indicated that demand for its products was strong and has taken measures to insure a steady
growth of the sales force this quarter. This is the first quarter that Zitel`s financial performance reflects only revenues
from its performance management solutions; the Y2K business was phased out last year. This year`s quarterly
revenue totaled $4.09 million, an increase of 18% over last year`s performance management solutions revenue. Last
year same quarter revenue for its performance management solutions totaled $3.47 million.

We expect Zitel will post a strong Q3. Zitel will realize $3 million (from Deferred Revenues reported in Q2) as a lump
sum payment from its Unisys contract. It will realize at least $1.6 million in maintenance fees from the Deferred
Revenues. This will give the company a revenue run rate 10% higher than Q2 before the addition of new performance
management software sales from the quarter. We expect demand for Zitel`s current software products to remain strong
and expect the company to roll out new products shortly. Our earnings estimates only account for sales of existing
products. We believe that the combination of demand for new products and visibility on sales from product resellers
such as Unisys will provide near term catalysts for the stock to trade to higher levels.

Information and statements contained herein, other than historical information, should be considered forward looking,
involving risk and uncertainties. The security referenced is speculative in nature and may not be suitable for your
investment objective. Joseph Charles is a market maker in the securities of this company and may hold a long or short
position.

CONTACT: David Weinstein, Director of Institutional Research, 561-391-9090 or e-mail,
[e-mail].

SOURCE Joseph Charles & Associates, Inc.

(C) 2000 PR Newswire. All rights reserved.
http://www.prnewswire.com
-0-
CONTACT: David Weinstein, Director of Institutional Research, Joseph
Charles & Associates, Inc., 561-391-9090 or e-mail,
[e-mail]
(ZITL)

andy

[duke & duke]

hallo

werden denn die aktien von zitel hier in deutschland gehandelt?

die sind mir früher schon mal aufgefallen (1999), als ich noch aktien der zi corp. (kanadische firma) hatte.

die tauchten bei der eingabe von zi corp. bei comdirekt immer mit auf.

die vollführten ja ganz schöne kurssprünge, wenn ich das noch richtig in erinnerung habe.

bin an näheren infos interessiert.

duke

[firstecom]

man hat der sich verschätzt

FRTL bei 2$ ZIEL 12 $ das ist das 6-fache

wann gets los ???

fecc