Catapult Communications Reports Financial Results for First Fiscal Quarter Year 2000.Business Editors MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Jan. 25, 2000 Catapult catapult (kăt`əpŭlt'), mechanism used to throw missiles in ancient and medieval warfare. At first, catapults were specifically designed to shoot spears or other missiles at a low trajectory (see bow and arrow). Communications (Nasdaq: CATT), a leading provider of advanced software-based test systems to the global telecom industry, reported quarterly revenues and net income for the first fiscal quarter ended December December: see month. 31, 1999. Total revenues for the first fiscal quarter were $5.0 million, a 5 percent decrease from revenues reported for the first quarter of fiscal 1999. Net income during the first fiscal quarter decreased 31 percent to $817,000 from $1.2 million reported for the first quarter of fiscal 1999. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the first fiscal quarter were $0.06, based on 13.1 million weighted average shares outstanding as adjusted. Earnings per share in the same quarter a year ago were $0.11, based on 11.0 million weighted average shares outstanding. Dr. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a A. Karp KARP Korean Association of Retired Persons , Catapult's founder 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, &uot;Our first quarter results were ahead of our lowered forecast of revenue and earnings for the first quarter of fiscal year 2000. We are pleased that solid profitability continued on lower revenue, which highlights the nature of Catapult's business. While the outlook for the remainder of the year is uncertain, we look forward to playing a leading role in the global telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. test market in fiscal 2000.&uot; About Catapult Communications Corporation: Catapult Communications Corporation, founded in 1985, is a leading provider of advanced software-based test system for the global telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry. Catapult's Digital Communications Transmitting text, voice and video in binary form. See communications. Test System (&uot;DCT&uot;) is a comprehensive test solution designed to enable equipment manufacturers and network operators to deliver complex digital equipment and services more quickly and cost-effectively, while helping to ensure interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. and reliability. Catapult's advanced software and hardware assists equipment manufacturers and service providers in the design, integration, installation and acceptance testing (programming) acceptance testing - Formal testing conducted to determine whether a system satisfies its acceptance criteria and thus whether the customer should accept the system. of a broad range of digital telecommunications equipment and services. Catapult markets its products through a direct sales force 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. , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Japan
to many industry leaders in the global telecommunications market.Catapult Communications Corporation is headquartered at 160 South Whisman Road, Mountain View, CA, 94041. Additional information is available at http://www.catapult.com.
Catapult Communications Corporation
Consolidated Condensed Statements of Income
(In thousands except share and per share data)
For the three months ended December 31,
1998 1999
(unaudited)
Revenues:
Product sales $ 4,524 $ 3,872
Services 705 1,112
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Total revenues 5,229 4,984
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Cost of revenues:
Product sales 611 460
Services 189 312
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Total cost of revenues 800 772
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Gross profit 4,429 4,212
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Operating expenses:
Research and development 553 615
Sales and marketing 1,192 1,990
General and administrative 579 697
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Total operating expenses 2,324 3,302
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Operating income 2,105 910
Interest income 151 604
Other expense, net (166) (187)
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Income before income taxes 2,090 1,327
Provision for income taxes 899 510
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Net income $ 1,191 $ 817
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Earnings per share:
Basic $ 0.11 $ 0.06
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Diluted $ 0.11 $ 0.06
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Shares used in per
share calculation:
Basic 10,517,000 12,727,000
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Diluted 10,953,000 13,103,000
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Catapult Communications Corporation
Consolidated Condensed Balance Sheets
(In thousands)
Sept. 30, Dec. 31,
1999 1999
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 8,486 $ 3,114
Short-term investments 33,168 40,442
Accounts receivable, net 5,852 3,681
Inventory, net 705 770
Other current assets 1,238 1,260
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Total current assets 49,449 49,267
Property and equipment, net 998 1,108
Other assets 220 209
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Total assets $50,667 $50,584
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable & accrued liabilities $ 5,259
$ 4,152
Deferred revenue 1,852 2,107
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Total current liabilities 7,111 6,259
Stockholders' equity 43,556 44,325
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Total liabilities and
stockholders' equity $50,667 $50,584
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