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Catapult Communications Reports Fourth Quarter Fiscal Year 2008 Results MOUNTAIN VIEW, CA--(MARKET WIRE)--Nov 6, 2008 -- Catapult Communications Corporation
(NasdaqGS:CATT - News) today reported that revenues for its fourth
fiscal quarter
ended September 30, 2008 were $9.2 million. After non-cash,
pre-tax stock
option expenses of $735,000, the Company reported a net
loss for the
quarter of $509,000 or $0.04 per share compared to a net
loss of $1.7
million or $0.13 cents per share for the fourth quarter
of fiscal 2007.
During the fourth fiscal quarter, Catapult generated approximately $400,000 in cash flow from operations, invested $1.9 million in capitalized software development expenses and repurchased approximately 916,000 shares at a cost of $6.7 million. As a result, the Company's total cash, cash equivalent and investment position decreased by $8.3 million to $46.3 million. This total includes $5.0 million in currently illiquid auction rate securities classified as long-term investments, a decline of $1.2 million from the prior quarter as a result of sales and redemptions at par without a loss. "Catapult's operating results improved dramatically, largely as a result of the significant cost reductions we put in place earlier in fiscal 2008," noted Dr. Richard A. Karp, the Company's Chairman and CEO. "LTE, the next generation of mobile technology, is finally entering its active development phase. We believe that this significantly increases the need for our test products, and we are beginning to see the positive impact of this trend in our pipeline." Catapult Communications will be discussing its fourth quarter results on a conference call today at 5:15 p.m. Eastern/2:15 p.m. Pacific. Please dial (866) 543-6408 or (617) 213-8899 and provide conference ID# 30433739 to access the call. The conference call will also be broadcast from Investor Relations section of 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 November 13, 2008. To access the replay, please dial (888) 286-8010 or (617) 801-6888 and enter conference ID# 33101722. 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 STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
For the three For the twelve
months ended months ended
September 30, September 30,
2008 2007 2008 2007
-------- -------- -------- --------
Revenues:
Products $ 6,033 $ 7,626 $ 25,196 $ 25,090
Services 3,128 3,080 12,715 14,251
-------- -------- -------- --------
Total revenues 9,161 10,706 37,911 39,341
-------- -------- -------- --------
Cost of revenues:
Products 1,028 1,493 4,500 5,311
Services 474 734 2,508 3,101
Amortization of purchased
technology 13 12 49 49
-------- -------- -------- --------
Total cost of revenues 1,515 2,239 7,057 8,461
-------- -------- -------- --------
Gross profit 7,646 8,467 30,854 30,880
-------- -------- -------- --------
Operating expenses:
Research and development 2,013 3,601 11,092 13,349
Sales and marketing 3,755 4,292 16,353 16,701
General and administrative 2,564 2,343 8,654 9,102
Restructuring costs - - 2,197 -
-------- -------- -------- --------
Total operating expenses 8,332 10,236 38,296 39,152
-------- -------- -------- --------
Operating loss (686) (1,769) (7,442) (8,272)
Interest income 297 796 1,991 3,268
Other income, net 191 48 393 1,795
-------- -------- -------- --------
Loss before income taxes (198) (925) (5,058) (3,209)
Provision for income taxes 311 777 987 1,212
-------- -------- -------- --------
Net loss $ (509) $ (1,702) $ (6,045) $ (4,421)
======== ======== ======== ========
Net loss per share:
Basic $ (0.04) $ (0.13) $ (0.47) $ (0.32)
======== ======== ======== ========
Diluted $ (0.04) $ (0.13) $ (0.47) $ (0.32)
======== ======== ======== ========
Shares used in per share
calculation:
Basic 11,994 13,587 12,837 13,849
======== ======== ======== ========
Diluted 11,994 13,587 12,837 13,849
======== ======== ======== ========
Catapult Communications Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September September
30, 30,
2008 2007
--------- ---------
ASSETS
Current Assets:
Cash, cash equivalents and short-term investments $ 41,380 $ 62,242
Accounts receivable, net 6,487 7,015
Inventories 2,313 2,485
Other current assets 2,387 1,863
--------- ---------
Total current assets 52,567 73,605
Long-term investments 4,950 -
Property and equipment, net 1,011 1,585
Goodwill and other intangibles 49,464 49,537
Other assets 5,992 2,243
--------- ---------
Total assets $ 113,984 $ 126,970
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities $ 5,980 $ 5,573
Deferred revenue 6,446 6,206
--------- ---------
Total current liabilities 12,426 11,779
Deferred revenue, long-term 173 406
Deferred taxes and other liabilities, long-term 5,057 3,009
--------- ---------
Total liabilities 17,656 15,194
--------- ---------
Total stockholders' equity 96,328 111,776
--------- ---------
Total liabilities and stockholders' equity $ 113,984 $ 126,970
========= =========Contact: For investor information contact:
Leigh Salvo
Investor Relations
(650) 314-1000
ir@catapult.com
Source: Catapult Communications Corporation
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