SOURCE: Catapult Communications Corporation
Catapult Communications Reports Third Quarter Fiscal Year 2008 Results
MOUNTAIN VIEW, CA--(Marketwire - July 24, 2008) - Catapult Communications Corporation
(
During the third fiscal quarter, Catapult repurchased approximately 379,000 shares at a total cost of $2.8 million, and the Company's total cash, cash equivalent and investment position decreased by $2.6 million to $54.6 million. The Company generated $1.8 million in cash flow from operations in the third fiscal quarter and invested $1.7 million in capitalized software development expenses.
"Our net loss was significantly less year over year, largely due to the cost cutting measures we took in the second quarter," noted Dr. Richard A. Karp, Catapult's Chairman and CEO. "We are focused on test systems and applications for LTE, which is clearly emerging as the next major cycle of investment in mobile telephony."
Catapult Communications will be discussing its third quarter results on a conference call today, beginning at 5:15 p.m. Eastern/2:15 p.m. Pacific. Please dial (866) 700-7441 or (617) 213-8839 and provide conference ID# 53015368 to access the call. The conference call will also be broadcast from www.catapult.com.
A replay of this teleconference will be available on the Company's website for one year following the conference call. A digital recording will be provided by telephone two hours after the completion of the conference call through midnight on July 31, 2008. To access the replay, please dial (888) 286-8010 or (617) 801-6888 and enter conference ID# 45124863.
About Catapult Communications
Catapult Communications is a leading supplier of advanced digital telecom test systems to global equipment manufacturers and service providers, including Alcatel-Lucent, Ericsson, Motorola, NEC, NTT DoCoMo, Nortel and Nokia Siemens Networks. The Catapult DCT2000® and MGTS® systems deliver superior high-end test solutions for hundreds of protocols and variants -- spanning LTE, IMS, WiMAX, mobile telephony, VoIP, GPRS, SS7, Intelligent Network, ATM and ISDN. The Company is committed to providing testing tools that are at the forefront of the telecom technology curve.
Catapult is headquartered at 160 South Whisman Road, Mountain View, CA 94041. Tel: 650-960-1025. International offices are located in the United Kingdom, Ireland, Germany, France, Finland, Sweden, Canada, Japan, China, India and the Philippines. Information about Catapult Communications can be found on the Web at www.catapult.com.
Catapult Communications Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, September 30,
2008 2007
-------------- --------------
ASSETS
Current Assets:
Cash, cash equivalents and short-term
investments $ 48,478 $ 62,242
Accounts receivable, net 7,350 7,015
Inventories 2,276 2,485
Other current assets 2,237 1,863
-------------- --------------
Total current assets 60,341 73,605
Long-term investments 6,125 -
Property and equipment, net 1,198 1,585
Goodwill and other intangibles 49,483 49,537
Other assets 3,902 2,243
-------------- --------------
Total assets $ 121,049 $ 126,970
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities $ 5,288 $ 5,573
Deferred revenue 7,874 6,206
-------------- --------------
Total current liabilities 13,162 11,779
Deferred revenue, long-term 146 406
Deferred taxes and other liabilities,
long-term 4,863 3,009
-------------- --------------
Total liabilities 18,171 15,194
-------------- --------------
Total stockholders' equity 102,878 111,776
-------------- --------------
Total liabilities and stockholders'
equity $ 121,049 $ 126,970
============== ==============
Catapult Communications Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
For the three months For the nine months
ended June 30, ended June 30,
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenues:
Products $ 5,468 $ 4,839 $ 19,163 $ 17,464
Services 3,046 3,636 9,587 11,171
---------- ---------- ---------- ----------
Total revenues 8,514 8,475 28,750 28,635
---------- ---------- ---------- ----------
Cost of revenues:
Products 999 1,400 3,472 3,818
Services 484 765 2,034 2,367
Amortization of
purchased technology 12 13 36 37
---------- ---------- ---------- ----------
Total cost of revenues 1,495 2,178 5,542 6,222
---------- ---------- ---------- ----------
Gross profit 7,019 6,297 23,208 22,413
---------- ---------- ---------- ----------
Operating expenses:
Research and development 2,060 3,463 9,079 9,748
Sales and marketing 4,012 4,177 12,598 12,409
General and
administrative 1,812 2,281 6,090 6,759
Restructuring costs - - 2,197 -
---------- ---------- ---------- ----------
Total operating expenses 7,884 9,921 29,964 28,916
---------- ---------- ---------- ----------
Operating loss (865) (3,624) (6,756) (6,503)
Interest income 358 825 1,694 2,472
Other income (expense), net (163) (81) 202 1,747
---------- ---------- ---------- ----------
Loss before income taxes (670) (2,880) (4,860) (2,284)
Provision for (benefit
from) income taxes 345 (541) 676 435
---------- ---------- ---------- ----------
Net loss $ (1,015) $ (2,339) $ (5,536) $ (2,719)
========== ========== ========== ==========
Net loss
Basic $ (0.08) $ (0.17) $ (0.42) $ (0.19)
========== ========== ========== ==========
Diluted $ (0.08) $ (0.17) $ (0.42) $ (0.19)
========== ========== ========== ==========
Shares used in per share
calculation:
Basic 12,867 13,739 13,120 13,938
========== ========== ========== ==========
Diluted 12,867 13,739 13,120 13,938
========== ========== ========== ==========