Wednesday November 15, 9:31 am Eastern Time
Press Release
Catalyst Semiconductor Announces Second Quarter Results -- $0.50 EPS
SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 15, 2000--Catalyst Semiconductor, Inc. (Nasdaq:CATS - news) today announced its financial results for the second fiscal quarter ended October 31st, 2000.
Revenues for the second quarter were $31.8 million, up 197% from revenues of $10.7 million in the second quarter a year ago. Net profit for the quarter was $10.4 million or $0.50 per diluted share, up 420% from a net profit of $2.0 million, or $0.10 per diluted share in the second quarter a year ago. On a sequential quarterly basis, revenue was up 25% and net profit was up 27%.
The Company's balance sheet shows cash and cash equivalents of $23.4 million, an increase of $7.7 million versus the previous quarter. Stockholders' equity increased $10.5 million during the quarter, for a total of $29.6 million as of October 31, 2000.
Radu Vanco, President and Chief Executive Officer said, ``Over the past six months we made substantial progress in working with our partners Oki Electric and Xfab to expand our foundry capacity. Additional capacity will be available starting with this quarter as a result of the new foundry agreement with Oki and measures taken to better utilize the existing capacity.''
``While our total revenue increased in the second quarter by 197% over the same quarter a year ago, the revenue contributed by new products, which are products introduced in the past three years, increased at a much faster rate,'' said Vanco. ``As a result of increased productivity, we were able to achieve this growth while maintaining control of operating expenses and inventories.''
The Company announced that it formally applied for Nasdaq National Market listing on October 16, 2000.
Founded in 1985, Catalyst Semiconductor, Inc. is headquartered in Sunnyvale, California. The Company designs and markets a broad range of programmable products, including Flash Memories, Serial and Parallel EEPROMs, NVRAM, Digital Potentiometers, Micro-controller Supervisory circuits and other programmable Mixed Signal products. Catalyst products are used in telecommunications, networking systems, computation, industrial and consumer markets, driven by the Internet revolution. Typical applications include modems, network cards, PC BIOS, DIMM modules, cellular telephones, digital satellite box receivers, set-top boxes and Internet routers. Catalyst's Quality Management System is ISO 9001 certified. Additional information may be obtained by visiting the Company's website at www.catsemi.com.
Except for those statements that report the Company's historical results, the statements being made are forward-looking statements. 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, price and availability of silicon foundry, assembly and test subcontract capacity required to meet financial targets and/or meet backlog requirements, risks and delays associated with bringing up new production capabilities or with deliveries from subcontractors, 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, which can result in delays or failure to contribute to revenues and profits, ability of the Company to maintain its 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, 2000 and Form 10-Q for the quarter ended July 31, 2000. |
