For investor information contact: Leigh Salvo, Investor Relations (650) 314-1000 ir@catapult.com
For company information contact: Robin Rickert, Marketing Communications (650) 960-1025 robin@catapult.com
CATAPULT COMMUNICATIONS REPORTS RECORD REVENUES AND NET INCOME FOR FISCAL YEAR 2005
Mountain View, CA—November 3, 2005—Catapult Communications Corporation (Nasdaq: CATT) today reported record revenues of $64.9 million for the fiscal year ended September 30, 2005, an increase of 12% over fiscal year 2004. Net income for fiscal year 2005 was also a record at $14.1 million compared to $13.9 million for fiscal year 2004.
For the fourth quarter ended September 30, 2005, revenues were $15.8 million compared to $15.4 million in the same quarter a year ago. Net income in the fourth quarter of fiscal year 2005 was $2.5 million or $0.17 per diluted share compared to $5.5 million or $0.38 per diluted share in the prior period. The reduction in fourth quarter net income and earnings per share in fiscal year 2005 resulted primarily from the absence in that year of a one-time tax benefit recorded in the fourth quarter of fiscal year 2004 and from an increase in expenses due to Sarbanes-Oxley compliance costs.
Catapult Communications will be discussing its fourth quarter results on a conference call today, beginning at 5:15 p.m. Eastern/2:15 p.m. Pacific. Please dial (800) 295-3991 to access the conference call. International and local participants can dial (617) 614-3924. Please reference Catapult Communications or reservation number 88687865. 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 November 10, 2005. To access the replay, please dial (888) 286-8010 or (617) 801-6888 and enter reservation number 64628876.
About Catapult Communications Catapult Communications is a leading supplier of advanced digital telecom test systems to global equipment manufacturers and service providers, including Ericsson, Lucent, Motorola, NEC, NTT DoCoMo, Nortel and Siemens. 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. 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., Germany, France, Finland, Sweden, Canada, Japan, China and Australia. Information about Catapult Communications can be found on the Web at www.catapult.com.
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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 twelve months ended
September 30,
September 30,
2005
2004
2005
2004
Revenues:
Products
$
12,100
$
12,084
$
50,441
$
45,703
Services
3,651
3,323
14,507
12,315
Total revenues
15,751
15,407
64,948
58,018
Cost of revenues:
Products
1,859
1,430
5,766
5,192
Services
838
1,152
3,434
3,570
Amortization of purchased technology
171
172
686
686
Total cost of revenues
2,868
2,754
9,886
9,448
Gross profit
12,883
12,653
55,062
48,570
Operating expenses:
Research and development
3,039
3,047
12,445
11,740
Sales and marketing
4,465
4,230
18,401
17,075
General and administrative
3,130
1,754
9,008
6,885
Total operating expenses
10,634
9,031
39,854
35,700
Operating income
2,249
3,622
15,208
12,870
Interest income
442
159
1,364
480
Other income (expense), net
(28
)
(13
)
(148
)
148
Income before income taxes
2,663
3,768
16,424
13,498
Provision (benefit) for income taxes
141
(1,775
)
2,276
(413
)
Net income
$
2,522
$
5,543
$
14,148
$
13,911
Net income per share:
Basic
$
0.17
$
0.42
$
0.96
$
1.06
Diluted
$
0.17
$
0.38
$
0.94
$
0.95
Shares used in per share calculation:
Basic
14,772
13,357
14,677
13,100
Diluted
14,977
14,744
15,019
14,556
Catapult Communications Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
September 30,
September 30,
2005
2004
ASSETS
Current Assets:
Cash, cash equivalents and short-term investments
$
68,807
$
52,670
Accounts receivable, net
14,724
10,110
Inventories
3,104
2,380
Other current assets
2,004
2,623
Total current assets
88,639
67,783
Property and equipment, net
1,693
2,640
Goodwill and other intangibles
53,445
54,466
Other assets
3,983
3,382
Total assets
$
147,760
$
128,271
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued liabilities
$
7,055
$
7,048
Deferred revenue
7,697
5,388
Total current liabilities
14,752
12,436
Deferred revenue long-term portion
485
70
Total liabilities
15,237
12,506
Total stockholders’ equity
132,523
115,765
Total liabilities and
stockholders’ equity
$
147,760
$
128,271
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