For investor information contact: Leigh Salvo, Investor Relations (650) 314-1000 ir@catapult.com
CATAPULT COMMUNICATIONS REPORTS THIRD QUARTER FISCAL YEAR 2007 RESULTS
Mountain View, CA—July 26, 2007—Catapult Communications Corporation (Nasdaq: CATT) today reported that revenues for its third fiscal quarter ended June 30, 2007 were $8.5 million, compared to $10.8 million in the comparable quarter in fiscal 2006.
After non-cash, pre-tax stock option costs of approximately $873,000, the Company reported a net loss of $2.3 million or $0.17 cents per diluted share. In the same period a year ago, the Company reported net income of approximately $1.1 million, or 7 cents per diluted share, after approximately $748,000 in non-cash, pre-tax stock option expenses.
“I believe our results are indicative of an overall weakness in the market resulting from customer consolidation and a slow down in the rate of technology change in the telecom industry,” said Dr. Richard A. Karp, Catapult’s Chairman and CEO. “There do appear to be opportunities ahead, and we are positioning our products, sales and engineering support teams to capture that new business as it emerges.”
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) 706-7749 or (617) 614-3474 and provide conference ID# 35111497 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 August 3, 2007. To access the replay, please dial (888) 286-8010 or (617) 801-6888 and enter conference ID# 31072358.
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 Nokia Siemens Networks. 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 Ireland, the U.K., Germany, France, Finland, Sweden, Canada, Japan, China, Australia, the Philippines 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)
Three months ended
Nine months ended
June 30,
June 30,
2007
2006
2007
2006
Revenues:
Products
$
4,839
$
6,996
$
17,464
$
22,444
Services
3,636
3,793
11,171
11,110
Total revenues
8,475
10,789
28,635
33,554
Cost of revenues:
Products
1,400
1,142
3,818
3,575
Services
765
908
2,367
2,926
Amortization of purchased technology
13
171
37
514
Total cost of revenues
2,178
2,221
6,222
7,015
Gross profit
6,297
8,568
22,413
26,539
Operating expenses:
Research and development
3,463
3,543
9,748
10,058
Sales and marketing
4,177
4,423
12,409
13,205
General and administrative
2,281
2,391
6,759
7,139
Total operating expenses
9,921
10,357
28,916
30,402
Operating loss
(3,624
)
(1,789
)
(6,503
)
(3,863
)
Interest income
825
751
2,472
1,991
Other income (expense), net
(81
)
3
1,747
56
Loss before income taxes
(2,880
)
(1,035
)
(2,284
)
(1,816
)
Provision for (benefit from) income taxes
(541
)
(2,091
)
435
(2,226
)
Net income (loss)
$
(2,339
)
$
1,056
$
(2,719
)
$
410
Net income (loss) per share:
Basic
$
(0.17
)
$
0.07
$
(0.19
)
$
0.03
Diluted
$
(0.17
)
$
0.07
$
(0.19
)
$
0.03
Shares used in per share calculation:
Basic
13,739
14,801
��
13,938
14,776
Diluted
13,739
14,887
13,938
14,935
Catapult Communications Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
June 30,
September 30,
2007
2006
ASSETS
Current Assets:
Cash, cash equivalents and short-term investments
$
63,023
$
70,134
Accounts receivable, net
6,963
9,696
Inventories
3,156
3,484
Other current assets
1,980
1,677
Total current assets
75,122
84,991
Property and equipment, net
1,670
1,912
Goodwill and other intangibles
49,555
49,610
Other assets
3,068
294
Total assets
$
129,415
$
136,807
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued liabilities
$
4,140
$
4,592
Deferred revenue
6,933
7,703
Total current liabilities
11,073
12,295
Deferred revenue, long-term portion
490
256
Deferred taxes and other liabilities, long-term
3,908
2,524
Total liabilities
15,471
15,075
Total stockholders’ equity
113,944
121,732
Total liabilities and stockholders’ equity
$
129,415
$
136,807
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