Catapult Communications Reports Financial Results for First Quarter Fiscal Year 2001.Business Editors MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Jan. 18, 2001 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 Corporation (Nasdaq:CATT), a leading provider of advanced software-based test systems to the global telecom industry, reported quarterly revenues and net income for its first fiscal quarter ended December December: see month. 31, 2000. Total revenues for the first fiscal quarter increased to $9.7 million, a 95 percent increase over revenues reported for the comparable quarter a year ago. This increase is largely as a result of strong sales from the Company's third generation (3G) digital cellular products. Net income for the first fiscal quarter increased to $3.15 million from the $817,000 reported for the first quarter of fiscal year 2000. 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 $0.24 compared to the $0.06 reported for the first quarter of fiscal year 2000. "The market for our software-based test systems has never been stronger. Telecom carriers invested at least $100 billion in purchases of 3G bandwidth in the last few years. In order to get a return on that huge investment, cellular carriers are focusing their resources on building out their 3G networks. For the past year, much of Catapult's resource investment has been focused on developing tests for these networks. We are now realizing the benefits of this strategic decision," said 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 , Chairman 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 believe that Catapult continues to execute extremely well. We have high expectations for this year and we are taking specific steps to ensure that we meet those goals. First, we will continue to invest in advancing our DCT (Discrete Cosine Transform) An algorithm that is widely used for data compression. Similar to Fast Fourier Transform, DCT converts data (pixels, waveforms, etc.) into sets of frequencies. The first frequencies in the set are the most meaningful; the latter, the least. 2000(TM) telecom test systems to remain the technological leader in our field. Second, we will strongly endeavor to improve DCT2000 market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" , and finally, we will make aggressive efforts to expand our staff size, particularly in engineering. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the market for our products will continue to grow, not just in the current quarter, but also in the remainder of the current fiscal year," added Karp. Catapult Communications will be discussing its first quarter results, along with its outlook for the remainder of fiscal year 2001, on a conference call today, beginning at 2:15 p.m. PST PST Paroxysmal supraventricular tachycardia, see there . A Webcast of the conference call will be available to all interested parties on Catapult's Web site at http://www.catapult.com, from the Company's SEC Filings or by contacting the Company directly. The Webcast will also be available in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. for two weeks following the event on the Company's Web site and by telephone at 402/220-0072. Forward Looking Statements Statements in this press release regarding expected ongoing strength of the company's financial results, the growing market for the company's software-based test systems, the build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. of 3G networks by cellular carriers, the company's investment in research and development including developing new protocols for the company's DCT2000 telecom systems, the company's efforts to improve DCT2000 market penetration and the company's efforts to expand staff size are forward looking statements, are based on current information and expectations and involve a number of risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to: historical fluctuations in the company's quarterly operating results; the dependence on a limited number of customers including delays or cancellations by such customers of their orders; the timing of customer orders, shipments and acceptances; inability by the company to meet its production and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. product development schedules; failure by the company to manage its expense levels and unanticipated expenses; risk associated with the company's international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; the company's dependence on customer outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. of test systems; the rate at which cellular carriers continue the build-out of 3G networks; the demand for telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. equipment in general, and, in particular, for software-based telecommunications test systems; new and enhanced product offerings by competitors; and the recent economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. 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. . For other factors which may cause actual results to differ from those projected, please refer to the company's 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. , Forms 10-Q and other filings with the Securities and Exchange Commission. ABOUT CATAPULT Catapult Communications Corporation provides advanced test systems to equipment manufacturers and service providers for 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 delivers test solutions for over 160 protocols and variants in the following network areas: 3G, VoIP, GPRS (General Packet Radio Service) The first high-speed digital data service provided by cellular carriers that used the GSM technology. GPRS added a packet-switched channel to GSM, which uses dedicated, circuit-switched channels for voice conversations. , SS7, Intelligent Network, ATM, V5, Digital Cellular and ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. . Catapult Communications Corporation is headquartered at 160 South Whisman Road, Mountain View, CA, 94041. Tel: 650/960-1025. International offices are located in the UK, Germany, France, Canada and Japan. Information about Catapult Communications can be found on the Web at http://www.catapult.com.
Catapult Communications Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share data; unaudited)
For the three months ended
December 31
2000 1999
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Revenues:
Product sales $ 8,372 $ 3,872
Services 1,363 1,112
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Total revenues 9,735 4,984
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Cost of revenues:
Product sales 679 460
Services 150 312
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Total cost of revenues 829 772
------------ ------------
Gross profit 8,906 4,212
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Operating expenses:
Research and development 979 615
Sales and marketing 2,525 1,990
General and administrative 1,237 697
------------ ------------
Total operating expenses 4,741 3,302
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Operating income 4,165 910
Interest income 775 604
Other expense, net (91) (187)
------------ ------------
Income before income taxes 4,849 1,327
Provision for income taxes 1,697 510
------------ ------------
Net Income $ 3,152 $ 817
============ ============
Earnings per share:
Basic $ 0.24 $ 0.06
============ ============
Diluted $ 0.24 $ 0.06
============ ============
Shares used in per
share calculation:
Basic 12,870,000 12,727,000
============ ============
Diluted 13,178,000 13,103,000
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Catapult Communications Corporation
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
Dec 31, 2000 Sept 30, 2000
------------ -------------
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 1,746 $ 5,200
Short-term investments 52,218 43,437
Accounts receivable, net 3,756 5,630
Inventory 1,514 1,399
Other current assets 2,022 1,954
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Total current assets 61,256 57,620
Total non-current assets 1,960 1,723
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Total assets $63,216 $59,343
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and
accrued liabilities $ 7,161 $ 6,597
Deferred revenue 1,934 1,859
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Total current liabilities 9,095 8,456
Total stockholders' equity 54,121 50,887
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Total liabilities and
stockholders' equity $63,216 $59,343
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