Catalyst announces fiscal year end 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)--April 26, 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 operating results for the quarter and year ended March 31, 1995. Revenues for the fourth fiscal quarter were $12.8 million, compared with $10.0 million for the corresponding period of the prior year. Revenues for fiscal year 1995 were $48.8 million, compared with revenues of $54.3 million in fiscal year 1994. Net income was $689,000 for the quarter and $2.0 million for the year, representing earnings per share of $0.09 and $0.28, respectively. This compared to a net loss of $23.8 million ($3.67 per share) and a loss of $21.6 million ($3.55 per share) for the quarter and year ended March 31, 1994. Mike Powell Powell See Osceola. , 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. of the corporation, stated, "As we go forward in 1995 we see a number of positive signs. Revenues this past quarter were up 28 percent relative to the corresponding quarter one year ago and our 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. for 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. and FLASH products is at its highest point in over a year. Several major customers have recently qualified the company's FLASH products, which are being converted to a new 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. process. Delivery of these new 0.7 micron products is expected to begin in the third fiscal quarter. In addition, the company recently signed an agreement with a new wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. , as well as a new two-year extension of its current foundry partnership with Oki OKI Okinawa OKI Open Knowledge Initiative (Massachusetts Institute of Technology) OKI Ohio-Kentucky-Indiana (also KOI) Electric Industry Co. Ltd." The company said that operating results for fiscal year 1995 benefited from high gross margins achieved on sales of inventories of older generation FLASH products which had previously been charged off and that the company did not expect to see any material further benefit from sales of charged off inventory after the first quarter of fiscal 1996. Accordingly, these factors could adversely impact profitability in the second quarter of fiscal 1996. However, Mr. Powell suggested that the outlook for the second half of the fiscal year is more positive, particularly if market demand for FLASH memory products continues to exceed supply and the company is successful in bringing on-line its new products and new wafer foundry. Catalyst catalyst, substance that can cause a change in the rate of a chemical reaction without itself being consumed in the reaction; the changing of the reaction rate by use of a catalyst is called catalysis. Semiconductor Inc. designs and markets a range of nonvolatile See non-volatile. semiconductor memory products. Its headquarters are in Santa Clara, Calif. More information may be obtained from the company's SEC filings or by contacting the company directly. -0-
Catalyst Semiconductor Inc.
Condensed Consolidated Balance Sheets
(in thousands except per share data)
March 31, March 31,
1995 1994
Assets
Current assets:
Cash and cash equivalents $ 5,246 $ 4,965
Restricted cash 5,250 7,000
Short-term investments 909 2,052
Accounts receivable, net
of allowances 9,393 4,913
Inventories 5,055 5,877
Other assets 734 536
Total current assets 26,587 25,343
Property and equipment, net 4,230 5,289
------ ------
$30,817 $30,632
Liabilities and Stockholders' Equity
Current liabilities:
Bank debt $ 4,539 $ 3,952
Accounts payable 8,884 12,008
Accrued expenses 5,104 6,890
Deferred gross profit on
shipments to distributors 847 750
Current portion of capital
lease obligations 730 244
Total current liabilities 20,104 23,844
Long-term portion of capital
lease obligations 1,347 82
Total liabilities 21,451 23,926
Total stockholders' equity 9,366 6,706
------ ------
$30,817 $30,632
Catalyst Semiconductor Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended Year Ended
Mar. 31, Mar. 31, Mar. 31, Mar. 31,
1995 1994 1995 1994
Net revenue $12,787 $10,016 $48,764 $54,252 Cost of revenues 8,578 24,499 33,910 54,755 Gross profit 4,209 (14,483) 14,854 (503) Research and development 1,207 2,072 4,252 6,464 Selling, general and administrative 2,232 7,654 8,263 14,856 Income (loss) from operations 770 (24,209) 2,339 (21,823) Interest income (expense), net (81) 33 (223) 339 Income (loss) before income taxes 689 (24,176) 2,116 (21,484) Income tax provision 0 (386) 94 122 Net income (loss) $ 689 $(23,790) $ 2,022 $(21,606) Net income (loss) per share $ 0.09 $ (3.67) $ 0.28 $ (3.55) Shares used in per share calculation 7,569 6,480 7,319 6,079 CONTACT: Catalyst Semiconductor, Santa Clara Don Witmer, 408/764-0260 |
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