Catalyst Semiconductor Announces 2nd Fiscal Quarter Financial Results.Business Editors SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 29, 2001 Catalyst Semiconductor, Inc. (Nasdaq:CATS) today announced financial results for its second fiscal quarter ended October 31, 2001. In the fiscal second quarter, Catalyst had a loss of $1.0 million, or $.05 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, on revenues of $9.2 million. This compares with earnings of $10.4 million, or $.50 per diluted share, on revenues of $31.8 million in the second quarter a year ago. In the first quarter of fiscal 2002, Catalyst reported net income of $0.4 million, or $.02 per diluted share, on revenues of $10.5 million. As of October 31, Catalyst had cash and cash equivalents of $28.3 million, a decrease of $0.2 million versus the previous quarter. During the quarter, the Company repurchased 130,000 shares of its common stock for $262,000. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. decreased by $1.2 million during the quarter, to a total of $38.3 million or $2.15 per share as of October 31, 2001, as a combined result of the loss and of the stock buy back program. "We have completed a very difficult quarter," said Radu Vanco, Chairman and Chief Executive Officer. "Like most other companies in our space and throughout the technology sector, we have seen a significant falloff fall·off n. A reduction or decrease: a falloff in car sales. Noun 1. falloff - a noticeable deterioration in performance or quality; "the team went into a slump"; "a gradual slack in in demand coupled with extreme pricing pressure. Although we obviously are not pleased about the loss, as the result of steps we took earlier in the year to reduce both product and operating costs operating costs npl → gastos mpl operacionales , we were able to keep the loss at a somewhat reasonable level despite a 71 percent decline in revenues. "On the positive side, we have seen bookings, albeit at lower levels, become much more regular, with fewer cancellations and push-outs. This may indicate that the inventory reduction measures taken by our customers are completed and we are now moving into a lower but more normal level of business activity. Also on the positive side, we have now practically depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d our higher priced inventory and are starting to receive the full benefit of the lower costs previously negotiated with our suppliers," he said. Outlook "Obviously, it is difficult to provide a meaningful outlook under the present economic circumstances. Short term, we foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. continued pressure on both prices and revenues. However, with bookings more consistent and reliable - even if at lower levels than in recent quarters - we believe we are reconnecting with our customers' rate of output. At the same time, we believe that our strong cash position and zero debt should provide us with the runway runway: see airport. to weather the last of the storm without cutting into our R&D or other important activities," Vanco said. Six Month Results For the first six months of fiscal 2002, Catalyst reported a net loss of $606,000, or a loss of $0.03 per diluted share, on revenues of $19.7 million. In the same period last year, the Company reported a net income of $18.6 million, or a profit of $0.90 per diluted share, on revenues of $57.3 million. Investor Conference Call The Company will conduct a conference call on fiscal second quarter results beginning at 2:00 p.m. (Pacific Time) today. The call will be available to all investors and media via the company's Web site www.catalyst-semiconductor.com, at www.streetfusion.com, or by dialing 800/777-4086 (domestic only). A replay of the call will be aired from approximately 4:00 p.m. today until 4:00 p.m. on December 13th at the company's Web site or by dialing 800/633-8284, entering reservation number 20021618 and following operator instructions. About Catalyst Semiconductor Founded in 1985, Catalyst Semiconductor, Inc. is 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. . The Company designs and markets a broad range of programmable products including Flash Memories, Serial and Parallel EEPROMs, NVRAM (Non-Volatile RAM) May refer to dynamic RAM (DRAM) and static RAM (SRAM) chips that are backed up by a battery or to non-volatile chips such as flash memory. See non-volatile memory, dynamic RAM, static RAM and solid state disk. , Digital Potentiometers, Microcontroller A single chip that contains the processor (the CPU), non-volatile memory for the program (ROM or flash), volatile memory for input and output (RAM), a clock and an I/O control unit. 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. and other programmable Mixed Signal products. Catalyst products are used in telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , 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. . For additional information about Catalyst Semiconductor, visit our web site at www.catalyst-semiconductor.com Except for those statements that report the Company's historical results, the statements being made are 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. . 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: economic conditions in the market generally and in the semiconductor industry specifically, volatility in supply and demand affecting revenues and market prices, price and 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 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, which can result in delays or failure to contribute to revenues and profits, 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, 2001 and Form 10-Q Form 10-Q See 10-Q. for the quarter ended July 31, 2001.
CATALYST SEMICONDUCTOR, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Oct. 31, 2001 April 30, 2001
------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 28,332 $30,534
Accounts receivable, net 8,345 10,811
Inventories 8,927 8,349
Other assets 592 895
----------- -----------
Total current assets 46,196 50,589
Property and equipment, net 2,479 2,589
----------- -----------
$ 48,675 $53,178
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit $ -- $ 2,025
Accounts payable 4,024 4,261
Accrued expenses 4,948 5,749
Deferred gross profit on
shipments to distributors 1,362 1,972
Capital lease obligation 15 58
----------- -----------
Total liabilities 10,349 14,065
Total stockholders' equity 38,326 39,113
----------- -----------
$48,675 $53,178
=========== ===========
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Six Months Ended
------------------- -------------------
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2001 2000 2001 2000
------------------- -------------------
Net revenue $9,166 $ 31,834 $ 19,682 $ 57,275
Cost of revenues 6,507 15,193 12,985 27,579
--------- --------- --------- ---------
Gross profit 2,659 16,641 6,697 29,696
Research and development 985 987 2,050 2,141
Selling, general
and administration 2,850 3,742 5,667 7,030
--------- --------- --------- ---------
Operating income (loss) (1,176) 11,912 (1,020) 20,525
Net interest income 199 161 463 191
--------- --------- --------- ---------
Income (loss) before taxes (977) 12,073 (557) 20,716
Income tax provision -- 1,650 49 2,100
--------- --------- --------- ---------
Net income (loss) $ (977) $ 10,423 $ (606) $18,616
========= ========= ========= =========
Net income (loss) per share:
Basic $ (0.05) $ 0.63 $ (0.03) $ 1.14
========= ========= ========= =========
Diluted $ (0.05) $ 0.50 $ (0.03) $ 0.90
========= ========= ========= =========
Weighted average common
shares outstanding:
Basic 17,815 16,525 17,735 16,344
========= ========= ========= =========
Diluted 17,815 20,786 17,735 20,671
========= ========= ========= =========
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