For investor information contact: Leigh Salvo, Investor Relations (650) 314-1000 Investor_relations@catapult.com
CATAPULT COMMUNICATIONS REPORTS FIRST QUARTER FISCAL 2007 RESULTS
Mountain View, CA—February 1, 2007—Catapult Communications Corporation (Nasdaq: CATT) today reported revenues of $10.6 million for the three months ended December 31, 2006. Revenues in the same period in the prior year were $12.1 million.
The Company reported a net loss of $444,000, or $0.03 per diluted share, for the first fiscal quarter of 2007 compared to net income of $143,000, or $0.01 per diluted share, in the same period a year ago. These figures reflect the impact of $728,000 in pre-tax, non-cash stock option expenses recognized under FAS 123R in the first quarter of fiscal 2007 compared to $574,000 in the first quarter of fiscal 2006.
During the first quarter of fiscal 2007, the company generated $1.1 million in positive cash flow from operations. The Company’s combined cash, cash equivalent and short-term investment position decreased by $2.5 million to $67.6 million, primarily due to the repurchase during the quarter of 417,118 common shares at a total cost of approximately $3.6 million. This reduced the remaining number of shares authorized for repurchase to 936,531 at December 31, 2006. The Company’s Board of Directors has since authorized a one million share increase in the number of shares available for repurchase.
“While it is encouraging that Catapult returned to positive cash flow from operations, we will need to continue to monitor the impact of industry consolidation in our customer base,” commented Dr. Richard A. Karp, Chairman and CEO.
Catapult Communications will be discussing its first quarter results on a conference call today, beginning at 5:15 p.m. Eastern/2:15 p.m. Pacific. Please dial (866) 713-8310 to access the conference call. International and local participants can dial (617) 597-5308. Please reference Catapult Communications or reservation number 77495710. 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 February 8, 2007. To access the replay, please dial (888) 286-8010 or (617) 801-6888 and enter reservation number 92816052.
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 Siemens. The Catapult DCT2000® and MGTS® systems deliver superior high-end test solutions for hundreds of protocols and variants — spanning IMS, WiMAX, 4G/3G/2.5G/2G UMTS, 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, Australia and India. 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 OPERATIONS (In thousands, except per share amounts) (Unaudited)
For the three months ended
December 31,
2006
2005
Revenues:
Products
$
6,556
$
8,534
Services
4,011
3,568
Total revenues
10,567
12,102
Cost of revenues:
Products
1,128
1,188
Services
854
1,062
Amortization of purchased technology
12
171
Total cost of revenues
1,994
2,421
Gross profit
8,573
9,681
Operating expenses:
Research and development
3,015
3,083
Sales and marketing
4,291
4,627
General and administrative
2,284
2,427
Total operating expenses
9,590
10,137
Operating loss
(1,017
)
(456
)
Interest income
807
620
Other income (expense), net
(7
)
13
Income (loss) before income taxes
(217
)
177
Provision for income taxes
227
34
Net income (loss)
$
(444
)
$
143
Net income (loss) per share:
Basic
$
(0.03
)
$
0.01
Diluted
$
(0.03
)
$
0.01
Shares used in per share calculation:
Basic
14,103
14,743
Diluted
14,103
15,006
Catapult Communications Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
December 31,
September 30,
2006
2006
ASSETS
Current Assets:
Cash, cash equivalents and short-term investments
$
67,594
$
70,134
Accounts receivable, net
9,559
9,696
Inventories
3,578
3,484
Other current assets
1,136
1,677
Total current assets
81,867
84,991
Property and equipment, net
1,780
1,912
Goodwill and other intangibles
49,592
49,610
Other assets
289
294
Total assets
$
133,528
$
136,807
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued liabilities
$
4,624
$
4,592
Deferred revenue
7,352
7,703
Total current liabilities
11,976
12,295
Deferred revenue, long-term portion
351
256
Deferred taxes and other liabilities, long-term
2,662
2,524
Total liabilities
14,989
15,075
Total stockholders’ equity
118,539
121,732
Total liabilities and stockholders’ equity
$
133,528
$
136,807
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