Catalyst Semiconductor Announces 2nd Fiscal Quarter Financial Results
SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 29, 2001--Catalyst Semiconductor, Inc. (Nasdaq:CATS - news) today announced financial results for its second fiscal quarter ended October 31, 2001.
In the fiscal second quarter, Catalyst had a loss of $1.0 million, or $.05 per diluted share, on revenues of $9.2 million. This compares with earnings of $10.4 million, or $.50 per diluted share, on revenues of $31.8 million in the second quarter a year ago. In the first quarter of fiscal 2002, Catalyst reported net income of $0.4 million, or $.02 per diluted share, on revenues of $10.5 million.
As of October 31, Catalyst had cash and cash equivalents of $28.3 million, a decrease of $0.2 million versus the previous quarter. During the quarter, the Company repurchased 130,000 shares of its common stock for $262,000. Stockholders' equity decreased by $1.2 million during the quarter, to a total of $38.3 million or $2.15 per share as of October 31, 2001, as a combined result of the loss and of the stock buy back program.
``We have completed a very difficult quarter,'' said Radu Vanco, Chairman and Chief Executive Officer. ``Like most other companies in our space and throughout the technology sector, we have seen a significant falloff in demand coupled with extreme pricing pressure. Although we obviously are not pleased about the loss, as the result of steps we took earlier in the year to reduce both product and operating costs, we were able to keep the loss at a somewhat reasonable level despite a 71 percent decline in revenues.
``On the positive side, we have seen bookings, albeit at lower levels, become much more regular, with fewer cancellations and push-outs. This may indicate that the inventory reduction measures taken by our customers are completed and we are now moving into a lower but more normal level of business activity. Also on the positive side, we have now practically depleted our higher priced inventory and are starting to receive the full benefit of the lower costs previously negotiated with our suppliers,'' he said.
Outlook
``Obviously, it is difficult to provide a meaningful outlook under the present economic circumstances. Short term, we foresee continued pressure on both prices and revenues. However, with bookings more consistent and reliable - even if at lower levels than in recent quarters - we believe we are reconnecting with our customers' rate of output. At the same time, we believe that our strong cash position and zero debt should provide us with the runway to weather the last of the storm without cutting into our R&D or other important activities,'' Vanco said.
Six Month Results
For the first six months of fiscal 2002, Catalyst reported a net loss of $606,000, or a loss of $0.03 per diluted share, on revenues of $19.7 million. In the same period last year, the Company reported a net income of $18.6 million, or a profit of $0.90 per diluted share, on revenues of $57.3 million.
Investor Conference Call
The Company will conduct a conference call on fiscal second quarter results beginning at 2:00 p.m. (Pacific Time) today. The call will be available to all investors and media via the company's Web site www.catalyst-semiconductor.com, at www.streetfusion.com, or by dialing 800/777-4086 (domestic only). A replay of the call will be aired from approximately 4:00 p.m. today until 4:00 p.m. on December 13th at the company's Web site or by dialing 800/633-8284, entering reservation number 20021618 and following operator instructions. |
