Catalyst Semiconductor, Inc. Announces Third Quarter Results; Revenue $12.5 Million, Profit $2.3 Million.Business Editors/High-Tech Writers SUNNYVALE, Calif.--(BUSINESS WIRE)--February 22, 2000 Catalyst Semiconductor, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CATS) today announced its financial results for the quarter ended January 31, 2000. Revenues for the third fiscal quarter were $12.5 million, an increase of 49% over revenues of $8.4 million in the comparable quarter of the previous year. Net profit for the quarter was $2.3 million or $0.12 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 $.4 million, or $0.02 per diluted share in the previous year. Year to date revenues for the nine months ended January 31, 2000 were $32.4 million, an increase of 36% over revenues of $23.9 million for the nine month period of the previous year. 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 or with deliveries from subcontractors, 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. 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. , designs 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 is 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 certified See certification. .
CATALYST SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data; unaudited)
Three Months Ended Nine Months Ended
1/31/2000 1/31/1999 1/31/2000 1/31/1999
Net revenue $12,536 $8,441 $32,432 $23,872
Cost of revenues 7,212 5,806 18,140 16,647
Gross profit 5,324 2,635 14,292 7,225
Research & development 646 591 1,951 1,741
Selling, general
and administration 2,209 1,520 6,776 5,537
Operating income 2,469 524 5,565 (53)
Net interest income
(expense) (127) (134) (416) (622)
Net income (loss) $ 2,342 $ 390 $ 5,149 $ (675)
Net income (loss)
per share:
Basic $0.16 $0.03 $0.36 $(0.06)
Diluted $0.12 $0.02 $0.27 $(0.06)
Weighted average
common shares:
Basic 14,492 13,948 14,164 11,653
Diluted 19,976 19,186 18,986 11,653
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands; unaudited)
1/31/2000 4/30/1999
ASSETS
Current assets:
Cash and cash equivalents $ 3,405 $ 1,852
Accounts receivable, net 7,716 5,119
Inventories 2,014 1,914
Other assets 654 742
Total current assets 13,789 9,627
Property and equipment, net 1,819 1,939
$15,608 $11,566
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,980 $ 6,045
Bank and other short-term debt 3,439 2,942
Accrued expenses 2,195 1,508
Deferred gross profit on
shipments to distributors 925 1,061
Current portion of long-term
debt and capital leases 205 1,141
Total current liabilities 10,744 12,697
Long-term debt and capital
lease obligations 117 81
Total liabilities 10,861 12,778
Total stockholders' equity 4,747 (1,212)
$15,608 $11,566
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion