Catalyst Semiconductor Announces First-Quarter Financial Results

Catalyst Semiconductor Inc. (Sunnyvale, CA) announced financial results for its first fiscal quarter ended July 31, 2001.

In the first quarter, Catalyst earned $371,000, or $0.02 per diluted share, on revenues of $10.5 million. This compares with earnings of $8.2 million, or $0.40 per diluted share, on revenues of $25.4 million in the first quarter a year ago. In the fourth quarter of fiscal 2001, Catalyst reported net income of $1.7 million, or $0.09 per diluted share, on revenues of $17.2 million.

As of July 31, Catalyst had cash and cash equivalents of $28.5 million, a decrease of $2.0 million versus the previous quarter, which primarily reflects the payoff of the remaining $2.0 million balance of a bank loan. Catalyst is now free of any bank debt. Stockholders' equity increased by $452,000 during the quarter, to a total of $39.6 million as of July 31, 2001.

"Continuing pressure on first-quarter bookings and prices indicates that we continue to see the same business slowdown that virtually all technology companies have been facing," said Radu Vanco, chairman and CEO.