Catapult Communications Corporation (NASDAQ: CATT) today reported
that revenues for its second fiscal quarter ended March 31, 2009
were $12.1 million, an increase of 22% over revenues of $9.9
million for the second quarter of fiscal 2008. After non-cash,
pre-tax stock option expenses of $417,000, the Company reported net
income for the quarter of $1.1 million or $0.10 per diluted share,
compared to a net loss of $3.35 million or $0.26 per diluted share
for the second quarter of fiscal 2008. The results for the fiscal
2008 second quarter included the impact of a pre-tax restructuring
charge of $2.2 million related to a reduction in the Company's
workforce and the closure of its Australian office.
During the second fiscal quarter of 2009, Catapult generated
approximately $3.9 million in cash flow from operations, invested
$1.8 million in capitalized software development expenses, and
repurchased approximately 85,000 shares at a cost of $565,000. As a
result, the Company's combined cash, cash equivalent and investment
position increased by $1.3 million to $42.3 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 balance sheet in
the first fiscal quarter.
In the second fiscal quarter of 2009, the Company recorded a
$930,000 non-cash temporary unrealized holding loss against the
value of its 2.64% ownership position in the shares of a Finnish
competitor, NetHawk Oyj. The Company originally received these
shares two years ago in settlement of a legal action. The amount of
the loss is based on an updated valuation at March 31, 2009 that
reflects NetHawk's recently released operating results for fiscal
2008 and the currently depressed level of market comparables.
"Overall, Catapult is now extremely well-positioned as a result
of our focus on the LTE test system market," said Dr. Richard A.
Karp, Catapult's Chairman and CEO.
Catapult Communications will be discussing its second quarter
results on a conference call today, beginning at 5:15 p.m.
Eastern/2:15 p.m. Pacific. Please dial (866) 730-5771 or (857)
350-1595 and provide conference ID# 23723383 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 April 30,
2009. To access the replay, please dial (888) 286-8010 or (617)
801-6888 and enter conference ID# 39658510.
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 U.K., 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.
Forward-Looking Statements
The statement in this press release regarding the Company's
position as a result of its focus on the LTE test system market is
a forward-looking statement. This statement is subject to various
risks and uncertainties that could cause actual results to differ
from those forecasted. Such risks include delays in the rate of
adoption of new technologies, the Company's inability to develop
products to address those technologies, competitive product
offerings, including those developed by the Company's customers,
and the Company's dependence on a limited number of customers. For
other factors that may cause actual results to differ from those
projected, please refer to the Company's Form 10-K, Forms 10-Q and
other filings with the Securities and Exchange Commission.
Catapult Communications Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
For the three For the six
months ended months ended
March 31, March 31,
2009 2008 2009 2008
-------- -------- -------- --------
Revenues:
Products $ 8,931 $ 6,925 $ 15,388 $ 13,695
Services 3,161 3,010 6,516 6,541
-------- -------- -------- --------
Total revenues 12,092 9,935 21,904 20,236
-------- -------- -------- --------
Cost of revenues:
Products 1,656 1,225 3,108 2,473
Services 512 752 985 1,550
Amortization of purchased
technology 12 12 24 24
-------- -------- -------- --------
Total cost of revenues 2,180 1,989 4,117 4,047
-------- -------- -------- --------
Gross profit 9,912 7,946 17,787 16,189
-------- -------- -------- --------
Operating expenses:
Research and development 1,713 3,466 3,351 7,019
Sales and marketing 3,908 4,241 7,879 8,586
General and administrative 2,092 2,106 4,351 4,278
Restructuring costs 2,197 2,197
-------- -------- -------- --------
Total operating expenses 7,713 12,010 15,581 22,080
-------- -------- -------- --------
Operating income (loss) 2,199 (4,064) 2,206 (5,891)
Interest income 121 592 353 1,336
Other income (expense), net (369) 235 (194) 365
-------- -------- -------- --------
Income (loss) before income taxes 1,951 (3,237) 2,365 (4,190)
Provision for income taxes 844 113 1,201 331
-------- -------- -------- --------
Net income (loss) $ 1,107 $ (3,350) $ 1,164 $ (4,521)
======== ======== ======== ========
Net income (loss) per share:
Basic $ 0.10 $ (0.26) $ 0.10 $ (0.34)
======== ======== ======== ========
Diluted $ 0.10 $ (0.26) $ 0.10 $ (0.34)
======== ======== ======== ========
Shares used in per share
calculation:
Basic 11,333 13,119 11,452 13,247
======== ======== ======== ========
Diluted 11,350 13,119 11,455 13,247
======== ======== ======== ========
Catapult Communications Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, September 30,
2009 2008
----------- -----------
ASSETS
Current Assets:
Cash, cash equivalents and short-term
investments $ 37,703 $ 41,380
Accounts receivable, net 8,472 6,487
Inventories 3,078 2,313
Other current assets 2,000 2,431
----------- -----------
Total current assets 51,253 52,611
Long-term investments 4,641 4,950
Property and equipment, net 879 1,011
Goodwill and other intangibles 49,428 49,464
Other assets 8,913 5,992
----------- -----------
Total assets $ 115,114 $ 114,028
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities $ 5,334 $ 6,024
Deferred revenue 9,727 6,446
----------- -----------
Total current liabilities 15,061 12,470
Deferred revenue, long-term 74 173
Deferred taxes and other liabilities, long-term 5,321 5,057
----------- -----------
Total liabilities 20,456 17,700
----------- -----------
Total stockholders' equity 94,658 96,328
----------- -----------
Total liabilities and stockholders'
equity $ 115,114 $ 114,028
=========== ===========
For investor information contact: Leigh Salvo Investor Relations
(650) 314-1000 ir@catapult.com
Catapult Communicatons (NASDAQ:CATT)
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