Catapult Communications Reports Record Financial Performance for Second Quarter 1999; Earnings per Share Increased 100 Percent, Revenue Up 95 Percent.MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--April 14, 1999-- 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 telecom industry, reported record quarterly revenues and net income for the second fiscal quarter ended March 31, 1999. A strong market for Catapult's products, particularly in Japan, was the primary factor contributing to Catapult's strong performance during the quarter. Total revenues for the second quarter were $9.8 million, a 95 percent increase over revenues reported for the second quarter of 1998. Revenues during the quarter were significantly impacted by a $3.5 million one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. sale to a Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and customer. Net income during the quarter increased 120 percent to $3.6 million from $1.6 million reported for the second quarter of 1998. 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 second quarter doubled to $.30, based on 12.1 million average shares outstanding. Earnings per share in the same quarter a year ago were $.15, based on 10.9 million average shares outstanding. These results reflect the highest quarterly revenues and net income in the company's thirteen-year history. Dr. Richard A. Karp, 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, "Our second quarter results underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. the continuing and pervasive pervasive, adj indicates that a condition permeates the entire development of the individual. need for telecom test systems throughout our industry. We believe that Catapult is well positioned in this market and supports the broadest range of protocols and variants. We currently support 116 protocols and variants and later this quarter Catapult expects to make an initial release of software for testing protocols used in the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , including H.323 (Voice over IP) and MGCP See MGCP/MEGACO. MGCP - Media Gateway Control Protocol (Media Gateway Control Protocol)." 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 ("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. ") 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 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. -0-
Catapult Communications Corporation
CONSOLIDATED STATEMENTS OF INCOME
(In $000 except per share data)
(Unaudited)
Quarter Ended Six-Months Ended
March 31, March 31,
1999 1998 1999 1998
Revenues:
Product sales $ 9,066 $ 4,440 $ 13,590 $ 7,293
Services 686 573 1,391 1,166
Total revenues 9,752 5,013 14,981 8,459
Cost of revenues:
Product sales 788 379 1,399 689
Services 202 129 391 239
Total cost of revenues 990 508 1,790 928
Gross profit 8,762 4,505 13,191 7,531
Operating expenses:
Research and development 744 471 1,297 885
Sales and marketing 1,302 677 2,494 1,347
General and administrative 734 597 1,313 1,047
Total operating expenses 2,780 1,745 5,104 3,279
Operating income 5,982 2,760 8,087 4,252
Interest Income 251 135 402 249
Other income (expense) 54 (37) (112) (137)
Income before taxes 6,287 2,858 8,377 4,364
Provision for taxes 2,703 1,226 3,602 1,872
Net Income $ 3,584 $ 1,632 $ 4,775 $ 2,492
Earnings per share
Basic $ 0.31 $ 0.16 $ 0.43 $ 0.24
Diluted $ 0.30 $ 0.15 $ 0.41 $ 0.23
Weighted average shares
Basic 11,636 10,398 11,076 10,280
Diluted 12,073 10,925 11,513 10,867
Catapult Communications Corporation
CONSOLIDATED BALANCE SHEET
(In $000)
(Unaudited)
`
March 31, 1999 September 30, 1998
ASSETS
Current Assets:
Cash and cash equivalents $ 36,978 $ 15,229
Accounts receivable, net 6,084 2,007
Inventory, net 628 612
Other current assets 754 501
Total current assets 44,444 18,349
Total long-term assets 1,204 1,146
Total assets $ 45,648 $ 19,495
LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable & accrued
liabilities $ 5,199 $ 3,121
Deferred revenue 1,515 1,222
Total current liabilities 6,714 4,343
Deferred income taxes 2 2
Total liabilities 6,716 4,345
Redeemable common stock - 5,000
Stockholders' equity 38,932 10,150
Total liabilities, redeemable common
stock and stockholders' equity $ 45,648 $ 19,495
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