Catalyst posts another profitable quarter.
Catalyst Semiconductor, Inc. Announces Fourth Fiscal Quarter and Fiscal 1999
Year-End Results
Monday, June 28, 1999 08:53 PM
SUNNYVALE, Calif.--(BUSINESS WIRE)--June 28, 1999--Catalyst Semiconductor, Inc. (OTC:CATS) today announced its
financial results for the quarter and year ended April 30, 1999.
Revenues for the fourth quarter were $8.1 million, compared with revenues of $8.4 million in the preceding quarter and $4.8
million in the fourth quarter of the previous fiscal year. The quarter ended with a net profit of $0.9 million or $0.05 per diluted
share, compared with a net profit of $0.4 million, or $0.02 per diluted share in the previous quarter and a net loss of $10.1
million or $1.20 per diluted share in the fourth quarter a year ago.
Fourth quarter results include a credit of approximately $0.6 million as a result of a previously disclosed settlement of certain
obligations under a product licensing agreement. Excluding this non-recurring credit, net profit for the fourth quarter would
have been $0.3 million or $0.02 per diluted share.
Revenues for the fiscal year were $32.0 million, compared with revenues of $34.6 million in fiscal year 1998. The year ended with
a profit of $0.2 million, or $0.02 per diluted share, compared with a net loss of $18.9 million in the previous fiscal year. Excluding
non-recurring credits, the Company would have reported a net loss of $1.5 million for the fiscal year, or $.11 per diluted share.
This is the second successive quarter of profitable operation reported by the Company, which in the previous two years had
registered substantial losses. The Company is operating under new management since March 1998.
Radu Vanco, the Company's President and CEO said, "I am of course pleased to be able to report these results. Over the course
of the past year we have been successful in reducing our costs and improving our cash flow. Progress was made refocusing the
business on sales of higher profit margin products. As a result, although revenues were lower for the fiscal year compared to last
year, we operated with an improved gross profit margin and were able to report a profit in the last two quarters."
"We are committed to continue the process of transforming Catalyst from a standard memory company into a value added,
micro-controller applications oriented company by leveraging our technology base to develop and introduce new, potentially
more profitable products supporting these applications. Over the past six months we have announced the introduction and are
currently in the process of expanding three new product families, a programmable micro-controller supervisory circuits product
family, a programmable 8-bit D/A digital potentiometer family and a SPI serial bus product family. Some key features of these
products combine digital and analog functions with our EEPROM technology, which adds programmability and additional
flexibility in many micro-controller applications. User programmability is the key word in all our products," concluded Vanco.
Except for those statements that report the Company's historical results, the statements being made are forward looking
statements. Such forward looking statements include statements regarding the sales of higher margin products, the development
and introduction of new products, the ability of new products to generate revenue and the potential profitability of such
products. Actual results could differ materially from those projected in the forward looking statements. Factors which could cause
actual results to differ from expectations include the following: volatility in supply and demand affecting revenues and market
prices, timing and market acceptance of new products, increased expenses associated with new product introductions or process
changes, delays in developing or achieving volume production of new products, ability of the Company to obtain foundry
capacity, ability of the Company to maintain its bank credit line, customer and vendor base and delays in and/or inability in raising
additional capital. Additional information concerning factors that could cause actual results to differ materially from those in the
forward looking statements is contained under the heading "Certain Factors That May Affect the Company's Future Results of
Operations" listed from time to time in Catalyst's SEC reports, including but not limited to the report on Form 10-K for the year
ended April 30, 1998 and on the forms 10-Q for the quarters ended July 31, 1998, October 31, 1998 and January 31, 1999.
Catalyst Semiconductor, Inc., headquartered in Sunnyvale, designs and markets a broad range of programmable products,
including Serial EEPROMs, Parallel EEPROMs, Flash Memories, Mixed Signal and Micro-controller Supervisory circuits.
Catalyst's Quality Management System has been certified to the ISO 9001 Standard by SGS Yarsley International Certification
Services, Inc.
CONTACT: Catalyst Semiconductor, Inc.
Dianne Johnson, 408/542-1051
dianne.johnson@catsemi.com |
