Science & Technology
Science and Technology
Science and Technology
Fri, February 6, 2009
Thu, February 5, 2009 Catapult Communications Corporation: Catapult Communications Reports First Quarter Fiscal Year 2009 Results
MOUNTAIN VIEW, CA--(Marketwire - February 5, 2009) - Catapult Communications Corporation (
During the first quarter of fiscal 2009, Catapult invested $2.0 million in capitalized software development expenses and repurchased approximately 393,000 shares at a cost of $2.0 million. The Company's total cash, cash equivalent and investment position decreased by $5.3 million to $41.1 million. This total includes $4.6 million in currently illiquid auction rate securities classified as long-term investments. This value is net of a non-cash temporary unrealized holding loss of $309,000 that was recorded against these securities on the Company's December 31, 2008 balance sheet in light of the deterioration in financial markets.
"There is no doubt that LTE is gaining momentum as the next worldwide telecom standard, and Catapult is well positioned to capitalize on it," said Dr. Richard A. Karp, Chairman and CEO. "While the majority of our revenue continues to be derived from the delivery of test systems for current telecom technologies, the upside in the first quarter came from new business driven by LTE design wins. We have received LTE test system orders in each of our major geographic regions, with the majority coming from our Japan and Asia Pacific regions, where early adoption of new technology is the norm. Thanks to a strong cash position, we have been able to invest in product development to be prepared for the LTE cycle. Our results are now beginning to reflect the benefit of that investment."
Catapult Communications will be discussing its first quarter results on a conference call today at 5:15 p.m. Eastern/2:15 p.m. Pacific. Please dial (866) 761-0748 or (617) 614-2706 and provide conference ID# 18906063 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 February 12, 2009. To access the replay, please dial (888) 286-8010 or (617) 801-6888 and enter conference ID# 16776041.
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, 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 STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) For the three months ended December 31, 2008 2007 -------------- ------------- Revenues: Products $ 6,457 $ 6,770 Services 3,355 3,531 -------------- ------------- Total revenues 9,812 10,301 -------------- ------------- Cost of revenues: Products 1,452 1,248 Services 473 798 Amortization of purchased technology 12 12 -------------- ------------- Total cost of revenues 1,937 2,058 -------------- ------------- Gross profit 7,875 8,243 -------------- ------------- Operating expenses: Research and development 1,638 3,553 Sales and marketing 3,971 4,345 General and administrative 2,259 2,172 -------------- ------------- Total operating expenses 7,868 10,070 -------------- ------------- Operating income (loss) 7 (1,827) Interest income 232 744 Other income, net 175 130 -------------- ------------- Income (loss) before income taxes 414 (953) Provision for income taxes 357 218 -------------- ------------- Net income (loss) $ 57 $ (1,171) ============== ============= Net income (loss) per share: Basic $ 0.00 $ (0.09) ============== ============= Diluted $ 0.00 $ (0.09) ============== ============= Shares used in per share calculation: Basic 11,568 13,373 ============== ============= Diluted 11,568 13,373 ============== ============= Catapult Communications Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) December 31, September 30, 2008 2008 -------------- -------------- ASSETS Current Assets: Cash, cash equivalents and short-term investments $ 36,410 $ 41,380 Accounts receivable, net 7,866 6,487 Inventories 2,775 2,313 Other current assets 2,217 2,431 -------------- -------------- Total current assets 49,268 52,611 Long-term investments 4,641 4,950 Property and equipment, net 1,027 1,011 Goodwill and other intangibles 49,446 49,464 Other assets 8,017 5,992 -------------- -------------- Total assets $ 112,399 $ 114,028 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 5,123 $ 6,024 Deferred revenue 7,196 6,446 -------------- -------------- Total current liabilities 12,319 12,470 Deferred revenue, long-term 111 173 Deferred taxes and other liabilities, long-term 5,218 5,057 -------------- -------------- Total liabilities 17,648 17,700 -------------- -------------- Total stockholders' equity 94,751 96,328 -------------- -------------- Total liabilities and stockholders' equity $ 112,399 $ 114,028 ============== ==============
