Catalyst Semiconductor, Inc. Announces Fiscal Year-End Results.SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--June 11, 1997--Catalyst Semiconductor, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CATS) today announced its financial results for the quarter and year ended April 30, 1997. Revenues for the fourth quarter were $9.0 million, down 12 percent from revenues of $10.2 million in the preceding quarter. Net loss for the quarter was $1.1. million or $0.14 per share compared with a net loss of $1.6 million or $0.20 per share in the preceding quarter. Revenues for fiscal year 1997 were $47.1 million, down 22 percent from revenues of $60.2 million in fiscal year 1996. Net loss for fiscal year 1997 was $4.0 million, or $0.51 per share, compared with net income of $3.6 million, or $0.44 per share, in fiscal year 1996. Michael Powell There have been a number of well-known people named Michael Powell or Mike Powell, among them:
adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. performance from the previous two quarters of this fiscal year. We have received significant orders from two major disk drive manufacturers for our new 28F102 Flash memory device and have now qualified our new 1 Meg Bootblock Flash memory device at a major U.S. personal computer manufacturer." Continued improvements in bottom-line performance will be dependent upon increasing revenues and gross margins. The Company closed this quarter with its highest end-of-quarter backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. since April 30, 1996. However, the Company is still reliant on a significant amount of turns orders to meet its revenue targets. Lower cost versions of the Company's Serial and Parallel EEPROMs, produced on 0.8 micron micron: see micrometer. One micrometer, which is one millionth of a meter or approximately 1/25,000 of an inch. The tiny elements that make up a transistor on a chip are measured in micrometers and nanometers. See process technology. processes, and Flash memory devices, produced on 0.6 micron processes, are currently in design or already released to production. However, average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. (ASPs), for the Company's Flash memory devices decreased approximately 10 percent in the fourth quarter while ASPs for the Company's EEPROM (Electrically Erasable Programmable ROM) A rewritable memory chip that holds its content without power. Although EEPROMs spawned flash memory, EEPROMs are byte addressable at the write level, whereas flash chips must erase a block of bytes before rewriting. devices decreased approximately 5 percent. The Company's cash and cash equivalents decreased by $.09 million during the fourth quarter. This was primarily attributable to cash reductions due to the net loss and payments reducing the Company's line of credit which were partially offset by cash provided by reduction of inventory. Inventory decreased by $1.5 million in the fourth quarter and is expected to further decrease in fiscal Q1. The Company recently accepted a proposal for a new one-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants working capital line of credit. Conversion to this new credit facility is expected to be completed by the end of June June: see month. . The Company signed a new one-year equipment lease credit facility during the fourth quarter. Except for those statements that report the company's historical results, the statements being made are forward looking statements. Actual results could differ materially from those projected in the forward looking statements. Factors which could cause actual results to differ from expectations include the following: volatility in supply and demand affecting market prices, timing and market acceptance of new products, such as the company's Intel-compatible Bootblock and BIOS BIOS in full Basic Input/Output System Computer program that is typically stored in EPROM and used by the CPU to perform start-up procedures when the computer is turned on. Flash memory products, increased expenses associated with new product introductions or process changes and delays in developing or achieving volume production of new products. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained under the heading "Certain Factors That May Affect the Company's Future Results of Operations" listed from time to time in Catalyst's SEC reports, including but not limited to the report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended April 30, 1996. Catalyst Semiconductor, Inc., headquartered in Sunnyvale, designs and markets a broad range of nonvolatile See non-volatile. semiconductor memory products, including Serial EEPROMs, Parallel EEPROMS and Flash Memories. Catalyst's Quality Management System has been certified See certification. to the ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 Standard by SGS SGS Société Générale de Surveillance SGS Symantec Gateway Security (appliance) SGS School of Graduate Studies SGS Subgrid Scale SGS Singapore Government Securities SGS Shell Global Solutions Yarsley International Certification Services, Inc. -0-
CATALYST SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Year Ended
April 30, April 30, April 30, April 30,
1997 1996 1997 1996
Net revenues $ 9,006 $ 15,860 $ 47,094 $ 60,186
Cost of
revenues 7,027 11,155 36,720 42,199
Gross Profit 1,979 4,705 10,374 17,987
Research and
development 1,330 1,172 5,771 4,407
Selling, general
and
administrative 1,742 2,457 8,437 9,733
Income (loss)
from
operations (1,093) 1,076 (3,834) 3,847
Interest income
(expense), net (132) (38) (205) (225)
Income (loss)
before
income taxes (1,225) 1,114 (4,039) 3,622
Income tax
provision (90) 3 0 48
Net Income
(loss) $ (1,135) $ 1,111 $ (4,039) $ 3,574
Net income
(loss) per
share $ (0.14) $ 0.13 $ (0.51) $ 0.44
Shares used in
per share
calculation 7,968 8,547 7,918 8,144
CATALYST SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
April 30, April 30,
1997 1996
ASSETS
Current Assets:
Cash and cash equivalents $ 2,695 $ 2,966
Restricted cash 5,250 5,250
Accounts receivable, net 7,074 10,470
Inventories 12,732 16,193
Other assets 895 1,346
Total current assets 28,646 36,225
Property and equipment, net 3,907 3,050
----------- ------
$ 32,553 39,275
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Line of credit $ 3,449 $ 130
Accounts payable 10,942 17,310
Accrued expenses 1,269 2,132
Deferred gross profit on shipments
to distributors 378 1,109
Current portion of long-term debt 593 513
Total current liabilities 16,631 21,194
Long-term portion of long-term debt
and other long-term
liabilities 1,885 571
Total liabilities 18,516 21,765
Total stockholders' equity 14,037 17,510
------------- ----------
$ 32,553 $ 39,275
CONTACT: Catalyst Semiconductor, Inc. Kathryn Beaulieu, 408/542-1051 (IR) |
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