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CATALYST SEMICONDUCTOR INC files 0731 qtr 10-Q. Reports $9.1 mil tot rev
Excerpted from 10-Q filed on 09/15 by CATALYST SEMICONDUCTOR INC:
CATALYST SEMICONDUCTOR INC files 0731 qtr 10-Q. Reports $9.1 mil tot rev
RESULTS OF OPERATIONS
Revenues. Total revenues consist primarily of net product sales. A
substantial portion of net product sales has been made through independent
distributors. Revenue from product sales to original equipment manufacturers and
from sales to distributors who have no, or limited, product return rights and no
price protection rights, is recognized upon shipment net of allowances for
estimated returns. When distributors have rights to return products or price
protection rights, the Company defers revenue recognition until the distributor
sells the product to the end customer. Total revenues increased 26% to $9.2
million for the quarter ended July 31, 1999 from $7.3 million for the quarter
ended July 31, 1998. The increase was primarily attributable to an increase in
sales of the Company's EEPROM products. Total revenues of $9.2 million for the
quarter ended July 31, 1999 increased by 14% from $8.1 million for the quarter
ended April 30, 1999. The increase is primarily attributable to an increase in
units shipped that exceeded the effects of average sales price erosion
experienced during the quarter. The Company is reliant upon receiving and
fulfilling a significant quantity of orders within the same quarter to meet or
exceed its current revenue levels. A continuation of weak demand, capital
deficiencies and price erosion for the Company's products could lead to
continued poor operating results. For the three months ended July 31, 1999,
approximately 56% of the Company's revenues were derived from shipments to
international customers compared with 41% of net product sales in fiscal 1999.
The increase in international revenues is attributable to an improvement in the
Company's ability to compete effectively at the low prices prevalent in certain
markets in the Far East and increased shipments
to the Company's distributors in Japan. All sales of the Company's products are
in US dollars, minimizing the effects of currency fluctuations.
Gross Profit. Gross profit for the quarter ended July 31, 1999 was $3.8
million, or 41% of revenues, compared to a gross profit of $2.2 million, or 30%
of revenues, for the quarter ended July 31, 1998. The increase in gross profit
percentage is primarily due to decreased per unit wafer, assembly and testing
costs and the Company reducing the level of sales of products with lower gross
margins. In the quarter ended July 31, 1999, the Company received the benefit of
approximately $0.5 million credit from the sale of inventory which was
previously reserved. In the first quarter of fiscal 1999, renegotiation of
amounts due under a licensing agreement resulted in a $0.5 million reduction in
cost of sales. It is the policy of the Company to fully reserve all inventory
that is not expected to be sold within a reasonable period of time following the
balance sheet date, generally within the ensuing six months. The Company pays
certain foreign manufacturing expenses in local currency, primarily Baht in
Thailand and Yen in Japan. Such expenses are not material to the Company and the
majority are paid within 45 days, minimizing the effects of currency
fluctuations.
Research and Development. Research and development (R&D) expenses consist
principally of salaries for engineering, technical and support personnel,
depreciation of equipment, and the cost of wafers used to evaluate new products
and new versions of current products. R&D expenses remained at $0.6 million,
which represented 7% of revenues for the quarter ended July 31, 1999 in
comparison to 8% of revenues for the quarter ended July 31, 1998.
Selling, General and Administrative. Selling, general and administrative
(SG&A) expenses consist principally of salaries for sales, marketing and
administrative personnel, commissions and promotional activities. SG&A expenses
increased by 5% to $2.2 million, or 24% of revenues, for the quarter ended July
31, 1999, from $2.1 million, or 29% of revenues, for the quarter ended July 31,
1998. The increase is primarily attributable to increased expenses for sales and
administrative personnel.
(End of Item Excerpt)
----------FINANCIAL DATA SCHEDULE--------
MULTIPLIER 1,000
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END APR-30-2000
PERIOD-START MAY-03-1999
PERIOD-END AUG-01-1999
CASH 1,408
SECURITIES 0
RECEIVABLES 5,902
ALLOWANCES (286)
INVENTORY 1,959
CURRENT-ASSETS 9,653
DEPRECIATION (10,285)
TOTAL-ASSETS 11,593
CURRENT-LIABILITIES 11,729
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 45,227
OTHER-SE (45,353)
TOTAL-LIABILITY-AND-EQUITY 11,593
SALES 9,196
TOTAL-REVENUES 9,196
CGS 5,376
TOTAL-COSTS 5,376
OTHER-EXPENSES 2,819
LOSS-PROVISION 0
INTEREST-EXPENSE 148
INCOME-PRETAX 853
INCOME-TAX 0
INCOME-CONTINUING 853
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 853
EPS-BASIC .06
EPS-DILUTED .05
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