Catalyst Semiconductor Reports 1st Quarter Results Unchanged From Preceding Quarter But Up Substantially From Year Ago Quarter
BUSINESS WIRE - August 28, 2002 16:00
SUNNYVALE, Calif., Aug 28, 2002 (BUSINESS WIRE) -- Catalyst Semiconductor, Inc. (Nasdaq:CATS), a developer and marketer of programmable products used in telecommunications, networking systems, computation, automotive, industrial and consumer markets, announced today the results for its first fiscal quarter.
For the quarter ended July 31, 2002, Catalyst had net income of $1.2 million, or $0.06 per diluted share, on revenues of $12.5 million, virtually the same as the prior quarter but up from net income of $0.4 million, or $0.02 per diluted share, on revenues of $10.5 million in the first fiscal quarter last year.
As of July 31, 2002, Catalyst had cash and cash equivalents of $26.8 million, an increase of $0.5 million versus the previous quarter. During the quarter, the Company repurchased 332,200 shares of its common stock for $901,000 as part of its open market repurchase program. Stockholders' equity increased during the quarter by $0.3 million to $35.7 million, or $2.13 per basic share at the end of the quarter, as a combined result of the net income less the costs of stock repurchases.
During the first quarter the company continued to depend upon substantial turns business (bookings scheduled to ship within the same quarter), and continued to operate with a relatively reduced backlog.
Although revenues were unchanged for the quarter, cost of goods sold were reduced by 4% from optimizing manufacturing sources and a slightly more profitable product mix. New product development costs were higher as reflected in the 8% increase in R&D expense. Other operating expenses decreased by 2% due to a general reduction in virtually all other expense categories.
Product pricing, while not rebounding as anticipated a few months ago, appears to be no longer deteriorating and customer inventories appear to be stabilizing. However, there have not been sufficient signs to indicate that the revenue and profitability improvement trend recorded over the previous two quarters will necessarily be sustained.
Investor Conference Call
The Company will conduct a conference call on the first fiscal 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.companyboardroom.com, or by dialing 800/779-0636 (domestic only). A replay of the call will be aired from approximately 4:00 p.m. today until 5:00 p.m. (Pacific) on September 26th at the company's Web site or by dialing 800/633-8284, entering reservation number 20841661 and following operator instructions |
