Pjay,
.....And there's more!!!!
Samui
Wednesday October 21, 12:06 am Eastern Time
INTERVIEW-Citadel sees end of red
ink in fiscal Q3
By Kristin Roberts
NEW YORK, Oct 20 (Reuters) - Upstart software developer Citadel Technology(OTC BB:CITN
- news), which said Tuesday second quarter losses were half as much as a year ago, should finally
climb out of the red by the end of the current quarter as it ramps up product marketing, according to
the company's top executive.
Chief Executive Officer Steve Solomon told Reuters in a interview he expects Citadel to post an
operating profit in the fiscal third quarter ended Nov. 30.
Citadel's software, such as Winshield, enables personal computer network administrators to control
users' access, and protects data files.
''In the second quarter we increased sales and marketing quite a bit,'' Solomon said in an interview.
''Indications from the pipeline and evaluations of what's going on show acceptance of the product is
strong.''
For the second quarter ended Aug. 31, Citadel posted a loss of $0.03 a share compared to a loss
of $0.06 in the same quarter last year. The per share loss for the first half of 1998 shrunk to $0.02
versus $0.12 in 1997.
Sales of Citadel's network protection software reached $1,129,000 in the second quarter, up from
$350,000 a year ago.
In six months, sales increased to $2,205,000 compared to $848,000 in the first half of 1997.
''We did more the first six months of this year than we did the whole of last year,'' Solomon said,
noting Citadel reported year-end sales of $1.5 million in 1997.
''The record year for the company was $5.4 million approximately,'' he said. ''We'll exceed it this
year.''
Last week, the company said it sold 65,000 seats of the Winshield software to the Miami-Dade
Public School District for an undisclosed sum. The school system will use the Windows-based
program to assign a profile to each computer user by log-on type to protect against unauthorized
installations.
Solomon also said Citadel has begun marketing FolderBolt, another Windows-based security
program that protects information stored on both personal computers and on networks.
FolderBolt encrypts information in files and folders and then locks it with a password. The data
cannot be unlocked or deleted without the code. Files may be sent electronically and opened with
the password, even if the receiver's computer does not have FolderBolt installed.
''There is a continued focus on growth,'' Solomon said. ''The focus is on expanding our market,
future acquisitions and new technologies.''
Solomon said the company is ''always looking'' for potential acquisitions of technology companies,
but would not comment on upcoming deals.
Citadel's share price hovered Tuesday at about $0.68, up from its opening price of $0.65, but off
the year high of 2-1/4. |
