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The Company has scheduled a conference call to discuss the second quarter results on Thursday, November 21, 1996 at 11:30 a.m. EST. Interested persons may join the conference call by calling 1-800-273-1783.
Catalyst Semiconductor announces second quarter results Catalyst Semiconductor announces second quarter results November 20, 1996, 5:08 PM EST
SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 20, 1996--Catalyst Semiconductor, Inc. (NASDAQ: CATS) today announced its financial results for the quarter and six months ended October 31, 1996.
Revenues for the three months ended October 31, 1996 were $12.1 million, down 18 percent from revenues of $14.7 million in the second quarter a year ago. Net loss for the quarter was $2.5 million, or $0.31 per share, compared with net income of $813,000 or $0.10 per share in the second quarter a year ago. Revenues for the six months ended October 31, 1996 were $27.9 million, down 3 percent from revenues of $28.6 million for the six month period a year ago. Net loss for the six month period ended October 31, 1996 was $1.3 million or $0.17 per share, compared to net income of $1.5 million or $0.20 per share for the six month period a year ago.
In February of 1996, the Company changed its fiscal year end from March 31 to April 30 of each year. Accordingly, the comparative periods reported above are for the three and six month periods ended September 30, 1995.
Due to adverse industry-wide conditions, the Company experienced price erosions across all product families. Average selling prices (ASPs) decreased 14% compared to the prior quarter. In addition to reduced margins caused by ASP erosion, the October quarter operating results were affected by absorption of overhead on lower sales, investment in new products and process technology, new building expenses and the marketing and sales costs associated with the world-wide introduction of the Company's BIOS Flash product line.
Michael Powell, the Company's Chairman and CEO, said, "It has been a difficult period for the Company with second quarter results worse than expected due to significant price decreases. However, general market conditions appear to have stabilized and the Company is taking steps to reduce its expenses by $1 million per quarter, largely through a reduction in headcount. In addition, the Company's first new BIOS Flash products are expected to begin shipping to customers in January. Lower cost versions of our existing Flash products are expected to be completed in the April quarter and substantial reductions in product cost are expected in the July quarter, when those products begin shipping to our customers."
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 market prices, timing and market acceptance of new products and increased expenses associated with new product introductions or process changes. 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, 1996.
Catalyst Semiconductor, Inc. designs and markets a broad range of nonvolatile semiconductor memory products, including Flash Memories, Parallel EEPROMs, and Serial EEPROMs. Its headquarters are in Sunnyvale, California.
CATALYST SEMICONDUCTOR, INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data) |
