-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UaEF5F8GZMvppnQHrSsoBOcNunEkMf0TakTbgIbrkO/jfCsWuW6MC/3DByftkHqO ER7BP2T1L4vd36aIxs+6dw== 0001047469-98-026919.txt : 19980714 0001047469-98-026919.hdr.sgml : 19980714 ACCESSION NUMBER: 0001047469-98-026919 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980710 ITEM INFORMATION: FILED AS OF DATE: 19980710 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZITEL CORP CENTRAL INDEX KEY: 0000731647 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 942566313 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-12194 FILM NUMBER: 98664191 BUSINESS ADDRESS: STREET 1: 47211 BAYSIDE PARKWAY CITY: FREMONT STATE: CA ZIP: 94538-6517 BUSINESS PHONE: 5104409600 MAIL ADDRESS: STREET 1: 47211 BAYSIDE PARKWAY CITY: FREMONT STATE: CA ZIP: 94538 8-K 1 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 10, 1998 ZITEL CORPORATION (Exact name of Registrant as specified in charter)
California 0-12194 94-2566313 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.)
47211 Bayside Parkway Fremont, California 94538-6517 (Address of principal executive offices) (Zip Code) Company's telephone number, including area code: (510) 440-9600 N/A (Former name or former address if changed since last report.) ITEM 5. OTHER EVENTS The Company has adopted Statement of Financial Accounting Standards (SFAS) No. 128. This Statement requires the presentation of basic and diluted net income per share. Basic net income per common share is computed using the weighted average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares consist of stock options. The Company has restated all prior period per share data presented as required by SFAS No. 128. Restated numbers as computed using the diluted method under SFAS No. 128 approximate those computed using the primary method as defined n Accounting Principals Board Opinion No. 15. Share and per share data presented reflect the two-for-one stock split, which was effective November 27, 1996. The following table presents the restated annual EPS (in thousands, except per share amounts):
1997 1996 1995 (unaudited) ------------------------------------------ Numerator - Basic and Diluted EPS Net income (loss) $(17,501) $ 4,049 $ 8,526 ======== ======= ======= Denominator - Basic EPS Common stock outstanding 15,222 14,726 14,157 -------- ------- ------- 15,222 14,726 14,157 -------- ------- ------- Basic income (loss) per share $ (1.15) $ 0.27 $ 0.60 ======== ======= ======= Denominator - Diluted EPS Denominator - Basic EPS 15,222 14,726 14,157 Effect of Dilutive Securities: Common stock options 0 900 1,009 -------- ------- ------- 15,222 15,626 15,166 -------- ------- ------- Diluted income (loss) per share $ (1.15) $ 0.26 $ 0.56 ======== ======= =======
Page 2 The following table summarizes quarterly data for the first and second quarters of fiscal 1998 and for fiscal years 1997 and 1996 (in thousands, except per share amounts): Page 3
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, 1998 1997 1997 1997 1997 1996 1996 1996 1996 1995 (unaudited) ----------------------------------------------------------------------------------------- Numerator - Basic and Diluted EPS Net income (loss) $(5,490) $(4,496) $(7,046) $(7,973) $(1,914) $ (567) $ 276 $ 1,146 $ 984 $ 1,643 ======= ======= ======= ======= ======= ======= ======= ======= ======= ======= Denominator - Basic EPS Common stock outstanding 16,646 15,704 15,439 15,280 15,234 14,953 14,855 14,796 14,675 14,572 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- 16,646 15,704 15,439 15,280 15,234 14,953 14,855 14,796 14,675 14,572 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Basic income (loss) per share $ (0.33) $ (0.29) $ (0.46) $ (0.52) $ (0.13) $ (0.04) $ 0.02 $ 0.08 $ 0.07 $ 0.11 ======= ======= ======= ======= ======= ======= ======= ======= ======= ======= Denominator- Diluted EPS Denominator - Basic EPS 16,646 15,704 15,439 15,280 15,234 14,953 14,855 14,796 14,675 14,572 Effect of Dilutive Securities: Common stock options 0 0 0 0 0 0 855 986 887 872 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- 16,646 15,704 15,439 15,280 15,234 14,953 15,710 15,782 15,562 15,444 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Diluted income (loss) per share $ (0.33) $ (0.29) $ (0.46) $ (0.52) $ (0.13) $ (0.04) $ 0.02 $ 0.07 $ 0.06 $ 0.11 ======= ======= ======= ======= ======= ======= ======= ======= ======= =======
Page 4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ZITEL CORPORATION Dated: July 10, 1998 Jack H. King Jack H. King President and Chief Executive Officer Page 5 -----END PRIVACY-ENHANCED MESSAGE-----