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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Catapult Communications (MM) | NASDAQ:CATT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.23 | 0 | 01:00:00 |
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
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