CITADEL TECHNOLOGY INC 10KSB
Filing Date: 6/22/98
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Years ended February 28,
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1998 1997
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REVENUES
Sales $1,638,853 $ 5,824,553
Less allowance for returns 25,527 498,361
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Net sales 1,613,326 5,326,192
COST OF SALES 78,429 304,436
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Gross profit 1,534,897 5,021,756
OPERATING EXPENSES
Selling, general and administrative expenses 3,056,408 5,939,099
Provision for uncollectible receivables 368,897 1,984,113
Depreciation and amortization 1,270,708 942,166
Research and development expense 161,010 3,336,253
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4,857,023 12,201,631
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Operating loss (3,322,126) (7,179,875)
OTHER INCOME (EXPENSE)
Interest expense (128,929) (253,557)
Write-down of marketable securities - (1,000,000)
Gain (loss) on sales of marketable securities (199,672) 548,720
Other 128,017 369,105
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(200,584) (335,732)
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NET LOSS $(3,522,710) $(7,515,607)
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Loss per share $(0.21) $(0.56)
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Weighted average shares outstanding 16,801,818 13,721,032
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