CATAPULT COMMUNICATIONS REPORTS THIRD QUARTER FISCAL 2005 RESULTS
Mountain View, CA—July 28, 2005—Catapult Communications Corporation (Nasdaq: CATT) today reported that revenues for its third fiscal quarter ended June 30, 2005 were $14.3 million and net income was $2.4 million or $0.16 per diluted share.
Positive cash flow from operations continued during the quarter, increasing the Company’s cash, cash equivalents and short-term investment position by $2.5 million to $67 million at quarter end.
“Demand for our testing solutions remained strong,” said Dr. Richard A. Karp, Catapult’s Chairman and CEO. “Our Rest of World region has continued to grow faster than expected; once again it exceeded its quarterly orders target, driven by sales to customers in China and India. Europe also exceeded its orders target in the June quarter, marking the seventh consecutive quarter that this region has met or exceeded its goals.”
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 (800) 901-5259 to access the conference call. International and local participants can dial (617) 786-4514. Please reference Catapult Communications or reservation number 15955463. The conference call will also be available on the Internet from the Investor section of the Company’s website.
A replay of this teleconference will be available on the Company’s website for one year following the conference call. A digital recording will also be available by telephone one hour after the completion of the conference call through midnight on August 4, 2005. To access the replay, please dial (888) 286-8010 or (617) 801-6888 and enter reservation number 10473260.
ABOUT CATAPULT Catapult Communications is a leading supplier of advanced digital telecom test systems to global equipment manufacturers and service providers. The Catapult DCT2000® and MGTS® systems deliver superior high-end test solutions for hundreds of protocols and variants, spanning 3G, VoIP, GPRS, SS7, Intelligent Network, ATM, ISDN and other network environments. Catapult is headquartered at 160 South Whisman Road, Mountain View, CA. 94041, tel. 650-960-1025. International offices are located in the U.K., Germany, France, Finland, Canada, Japan, China and Australia.
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Catapult Communications Corporation CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)
For the three months ended
For the nine months ended
June 30,
June 30,
2005
2004
2005
2004
Revenues:
Products
$
10,873
$
11,267
$
38,341
$
33,619
Services
3,403
3,053
10,856
8,992
Total revenues
14,276
14,320
49,197
42,611
Cost of revenues:
Products
1,236
1,196
3,907
3,762
Services
923
787
2,596
2,418
Amortization of purchased technology
171
171
514
514
Total cost of revenues
2,330
2,154
7,017
6,694
Gross profit
11,946
12,166
42,180
35,917
Operating expenses:
Research and development
3,224
2,973
9,406
8,693
Sales and marketing
4,431
4,234
13,936
12,845
General and administrative
1,946
1,676
5,878
5,131
Total operating expenses
9,601
8,883
29,220
26,669
Operating income
2,345
3,283
12,960
9,248
Interest income
409
204
922
583
Interest expense
—
(87
)
—
(262
)
Other income (expense), net
16
(1
)
(121
)
161
Income before income taxes
2,770
3,399
13,761
9,730
Provision for income taxes
387
476
2,135
1,362
Net income
$
2,383
$
2,923
$
11,626
$
8,368
Net income per share:
Basic
$
0.16
$
0.22
$
0.79
$
0.64
Diluted
0.16
0.20
0.77
0.58
Shares used in per share calculation:
Basic
14,712
13,139
14,662
13,014
Diluted
14,971
14,582
15,087
14,463
Catapult Communications Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
June 30,
September 30,
2005
2004
ASSETS
Current Assets:
Cash, cash equivalents and short-term investments
$
67,211
$
52,670
Accounts receivable, net
13,905
10,110
Inventories
2,578
2,380
Other current assets
2,498
2,623
Total current assets
86,192
67,783
Property and equipment, net
1,967
2,640
Goodwill and other intangibles
53,700
54,466
Other assets
3,301
3,382
Total assets
$
145,160
$
128,271
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued liabilities
$
7,252
$
7,048
Deferred revenue
7,979
5,388
Total current liabilities
15,231
12,436
Deferred revenue long term portion
389
70
Total liabilities
15,620
12,506
Total stockholders’ equity
129,540
115,765
Total liabilities and
stockholders’ equity
$
145,160
$
128,271
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