Catalyst announces first quarter results.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--July 17, 1995--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 first quarter of fiscal 1996, ended June 30, 1995. Revenues were $13.9 million, up 23 percent from revenues of $11.4 million in the same period a year ago and 9 percent from revenues of $12.8 million in the prior quarter. Net income for the quarter was $734,000 or $0.10 per share, compared with net income of $305,000 or $0.05 per share in the same quarter a year ago and $689,000 or $0.09 per share reported in the previous quarter. "We are encouraged by revenue growth in the first quarter and our recent bookings activity. We have increased our assembly capacity by engaging Amkor as an assembly subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. When an individual or a company is involved in a large-scale project, a contractor is often hired to see that the work is done. in the Philippines and we have begun production at our NWL NWL Newell Rubbermaid, Inc. (stock symbol) NWL Northwest League (Boise, Idaho; baseball) NWL Northwoods League NWL North West London NWL Neverending White Lights (band) foundry in Newport Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. ," said Mike Powell, 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. . "We anticipate shipping product from the NWL foundry at the end of the second fiscal quarter," he said. During the first quarter the company began shipments of its 0.7 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. 2 Meg Flash memory and its ultra low voltage Low voltage is an electrical engineering term that broadly identifies safety considerations of an electricity supply system based on the voltage used. While different definitions exist for the exact voltage range covered by "low voltage", the most commonly used ones include "mains 24C02 memory. The company also began sampling its ultra low voltage 24C01 memory. The company also opened a sales office in Taipei, Taiwan and added two distributors, Reptron Electronics in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Memec (Asia Pacific, Ltd.) in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . These companies enhance Catalyst's existing distribution channel, which includes Arrow Electronics Arrow Electronics NYSE: ARW is a Fortune 500 company headquartered in Melville, New York. This company specializes in products and services of electronic components and computer products. , Inc. and Future Electronics in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe as well as the Marubun Corporation in Japan. Catalyst Semiconductor, Inc. designs and markets a range of nonvolatile semiconductor memory products. -0-
Catalyst Semiconductor, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended
June 30, 1995 June 30, 1994
Net revenue $ 13,942 $ 11,376 Cost of revenues 9,629 8,119 Gross profit 4,313 3,257 Research and development 1,109 917 Selling, general and administrative 2,331 1,990 Income from operations 873 350 Interest expense, net (128) (24) Income before income taxes 745 326 Income tax provision 11 21 Net income $ 734 $ 305 Net income per share $ 0.10 $ 0.05 Shares used in per share calculation 7,661 6,654
Catalyst Semiconductor, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
June 30, March 31,
1995 1995
Assets
Current assets:
Cash and cash equivalents $ 4,462 $ 5,246
Restricted cash 5,250 5,250
Short-term investments -- 909
Accounts receivable, net of allowances 10,554 9,393
Inventories 5,979 5,055
Other assets 584 734
Total current assets 26,829 26,587
Property and equipment, net 3,723 4,230
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$ 30,552 $ 30,817
Liabilities and Stockholders' Equity
Current liabilities:
Bank debt $ 2,253 $ 4,539
Accounts payable 10,726 8,884
Accrued expenses 4,732 5,104
Deferred gross profit on shipments to
distributors 1,032 847
Current portion of capital lease obligations 648 730
Total current liabilities 19,391 20,104
Long-term portion of capital lease obligations 939 1,347
Total liabilities 20,330 21,451
Total stockholders' equity 10,222 9,366
-------- --------
$ 30,552 $ 30,817
CONTACT: Catalyst Semiconductor, Inc. Don Witmer, 408/748-7700 |
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