Catalyst Semiconductor Inc. Announces Third Quarter Results
Thursday March 11, 6:41 pm Eastern Time
Company Press Release
Catalyst Semiconductor Inc. Announces Third
Quarter Results
SUNNYVALE, Calif.--(BUSINESS WIRE)--March 11, 1999--Catalyst Semiconductor Inc. (OTC BB:CATS - news) today announced its financial results for the third fiscal quarter ended January 31, 1999.
Revenues for the third quarter were $8.4 million, an increase of 4% from revenues of $8.1 million in the preceding quarter and down 16% compared with revenues of $10.0 million in the same quarter of the previous fiscal year. The quarter ended with a net profit of $0.4 million or $0.03 per share, compared with a net loss of $0.4 million, or $0.03 per share in the previous quarter and a net loss of $6.0 million or $0.72 per share in the third quarter a year ago.
The book to bill ratio for the quarter was 1.04. As of the end of January the company had $2.7 million of cash.
Except for those statements that report the company's historical results, the statements being made are forward looking statements. Actual results could differ materially rom 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 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.
Catalyst Semiconductor Inc., headquartered in Sunnyvale, California, designs and markets a broad range of nonvolatile semiconductor memory 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.
CATALYST SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Jan. 31, 1999 April 30, 1998
ASSETS
Current assets:
Cash $ 2,746 $ 534
Restricted cash 0 5,750
Accounts receivable, net 4,570 4,726
Inventories 2,676 4,194
Other assets 1,067 815
------ ------
Total current assets 11,059 16,019
Property and equipment, net 2,109 2,834
------ ------
$13,168 $18,853
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,410 $13,400
Line of credit 3,117 3,225
Accrued expenses 2,338 3,650
Deferred gross profit on
shipments to distributors 976 475
Current portion of long-term
debt and capital leases 1,122 1,471
------ ------
Total current liabilities 14,963 22,221
Long-term debt and capital
lease obligations 316 501
------ ------
Total liabilities 15,279 22,722
Total stockholders'
equity (deficit) (2,111) (3,869)
------ ------
$13,168 $18,853
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Nine Months Ended
Jan. 31, Jan. 31, Jan. 31, Jan. 31,
1999 1998 1999 1998
Net revenue $ 8,441 $ 10,034 $ 23,871 $ 29,757
Cost of revenues 5,806 11,989 16,647 28,183
Gross profit 2,635 (1,955) 7,224 1,574
Research & development 591 1,299 1,741 3,527
Selling, general
and administration 1,520 2,625 5,536 6,268
Operating income 524 (5,879) (53) (8,221)
Net interest income
(expense), net (133) (161) (622) (549)
Income before
income taxes 391 (6,040) (675) (8,770)
Income tax provision --- --- --- ---
Net income $ 391 ($6,040) ($675) ($8,770)
Net income per share $ 0.03 ($0.72) ($0.06) ($1.07)
Shares used in per
share calculation 13,948 8,417 11,741 8,188
Contact:
Catalyst Semiconductor Inc., Sunnyvale
Dianne Johnson, 408/542-1051
dianne.johnson@catsemi.com
.03/share in a quarter. Maybe things are picking up on the trailing edge? The stock price is looking up, breaking 0.50 this week. |
