Catalyst Semiconductor, Inc. Announces Second Quarter Results - Sequential Revenue Up 16% and Profit Up 122%.SUNNYVALE, Calif.--(BUSINESS WIRE)--Dec. 1, 1999-- Catalyst Semiconductor, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CATS) today announced its financial results for the second quarter ended October 31, 1999. Revenues for the second quarter were $10.7 million, compared with revenues of $9.2 million in the preceding quarter and $8.1 million in the second quarter of the previous fiscal year. The quarter ended with a net profit of $2.0 million or $0.10 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with a net profit of $0.9 million, or $0.05 per diluted share in the previous quarter and a net loss of $0.4 million or $(0.04) per diluted share in the second quarter a year ago. Second quarter results include the benefit of an approximately $0.8 million credit, which was in settlement of a previously disclosed agreement with a supplier. Radu Vanco, the Company's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "ASPs have continued to firm up during the second quarter which, combined with certain cost reductions, have resulted in improved profit margin for our operation. We continue to see strong demand for our products and our top priority is to increase our foundry capacity to meet this demand. We are currently working both with Oki in Japan and Xfab in Texas in this direction." Founded in 1985, Catalyst Semiconductor, Inc., headquartered in Sunnyvale, California Sunnyvale ([sʌniveil]) is a city in Santa Clara County, California, United States. It is one of the major cities that make up the Silicon Valley. As of the 2000 census, the city population was 131,760. , develops and markets a broad range of programmable products including Flash Memories, Serial and Parallel EEPROMs, programmable Mixed Signal and Micro-controller Supervisory circuits Supervisory circuits are semiconductor devices that detect and monitor voltage levels in power supplies, microprocessors, and other systems. They are protection circuits that monitor one or more system parameters. . Catalyst products are used in telecommunications, networking systems, computation, industrial and consumer markets driven by the Internet revolution. Typical applications include modems, network cards, PC BIOS See BIOS. , DIMM (Dual In-Line Memory Module) A printed circuit board that holds memory chips and plugs into a DIMM socket on the motherboard. See memory module. DIMM - Dual In-Line Memory Module modules, cellular telephones, digital satellite box receivers, set-top boxes The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. and Internet routers (1) A router in the Internet that forwards IP packets between local, regional and national providers. Same as "IP router." (2) (InterNet Router) Macintosh software from Apple that internetworks different access methods (LocalTalk, EtherTalk, TokenTalk, etc. . Catalyst's Quality Management System has been certified 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. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Factors which could cause actual results to differ from expectations include the following: volatility in supply and demand affecting revenues and market prices, availability of silicon foundry See foundry. , assembly and test subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts capacity required to meet financial targets and/or meet backlog requirements, risks and delays associated with bringing up new production capabilities, timing and market acceptance of new products, increased expenses associated with new product introductions or process changes, delays in developing or achieving volume production of new products, ability of the Company to maintain its customer and vendor base and delays in and/or inability in raising additional capital. 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, 1999.
CATALYST SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands); unaudited
Oct. 31, April 30,
1999 1999
ASSETS
Current assets:
Cash and cash equivalents $ 1,563 $ 1,852
Accounts receivable, net 5,727 5,119
Inventories 2,603 1,914
Other Assets 559 742
Total current assets 10,452 9,627
Property and equipment, net 1,976 1,939
-------- --------
$ 12,428 $ 11,566
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,339 $ 6,045
Bank and other short-term debt 2,891 2,942
Accrued expenses 1,980 1,508
Deferred gross profit on
shipments to distributors 983 1,061
Current portion of long-term
debt and capital leases 455 1,141
Total current liabilities 10,648 12,697
Long-term debt and
capital lease obligations 169 81
Total liabilities 10,817 12,778
Total stockholders' equity 1,611 (1,212)
-------- --------
$ 12,428 $ 11,566
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data); unaudited
Three Months Ended Six Months Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1999 1998 1999 1998
Net revenue $ 10,700 $ 8,126 $ 19,896 $ 15,431
Cost of
revenues 5,552 5,776 10,928 10,841
Gross profit 5,148 2,350 8,968 4,590
Research & development 698 583 1,305 1,150
Selling, general and
administration 2,355 1,921 4,567 4,017
Operating income 2,095 (154) 3,096 (577)
Net interest income
(expense) (141) (266) (289) (488)
Net income (loss) $ 1,954 ($ 420) $ 2,807 ($ 1,065)
Net income (loss)
per share:
Basic $ 0.14 ($ 0.04) $ 0.20 ($ 0.10)
Diluted $ 0.10 ($ 0.04) $ 0.15 ($ 0.10)
Weighted average
common shares
outstanding:
Basic 14,033 11,726 13,998 10,637
Diluted 19,114 11,726 18,484 10,637
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