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Catalyst Semiconductor Reports Fiscal 2009 Q1 Results(Wireless News Via Acquire Media NewsEdge) Catalyst Semiconductor, a supplier of analog mixed-signal and non-volatile memory semiconductors used in telecommunications, networking systems, computers, automotive, industrial and consumer markets, reported financial results for its first quarter of fiscal year 2009, ended July 27, (Q1 FY '09). In a release, the company noted that total net revenues increased 6.3 percent in Q1 FY '09 to $18.6 million from $17.5 million in Q4 FY '08, with the majority of the increase coming from the sale of memory products. Total net revenues decreased by 6.2 percent compared to Q1 FY '08 revenues of $19.9 million. Net revenues from analog/mixed-signal products were $2.7 million, representing 14.7 percent of net revenues in Q1 FY '09. This was flat compared to net revenues from analog/mixed-signal products in Q4 FY '08 and Q1 FY '08, representing 15.5 percent and 13.4 percent, respectively, of total net revenues. The gross margin percentage for Q1 FY '09 was 38.4 percent, compared with 39.6 percent in Q4 FY '08 and 36.2 percent in Q1 FY '08. The decline in gross margin percentage compared to the fourth quarter was primarily due to a higher percentage of revenues from memory products. Net income for Q1 FY '09 was $489,000, or $0.03 per diluted share, down from $820,000, or $0.05 per diluted share in Q4 FY '08 and $720,000, or $0.04 per diluted share in Q1 FY '08. Excluding after-tax FAS 123R stock-based compensation charges of $599,000, and after-tax M&A related expenses of $115,000, net income on a non-GAAP basis for Q1 FY '09 was $1.2 million, or $0.07 per diluted share, compared with non-GAAP net income of $1.2 million, or $0.07 per diluted share for Q4 FY '08, and non-GAAP net income of $1.1 million, or $0.06 per diluted share for Q1 FY '08. A reconciliation of GAAP to non-GAAP results is provided in the supplemental financial information attached to this release. "Given the current economic climate, we were satisfied with our overall performance during the first quarter," said Gelu Voicu, Catalyst's president and chief executive officer. "We capped off the quarter on July 16 with the signing of a definitive agreement to merge with On Semiconductor," Voicu continued. "On Semiconductor's global sales channels and customer base will give us automotive, consumer and industrial markets. We are very excited about this new partnership and believe the combined company will become a strong leader in the non-volatile memory and analog/mixed-signal arenas, enabling us to grow and support a deeper customer base and increase shareholder value." Other highlights of Q1 FY '09 include the introduction of three new products: a voltage supervisor incorporating our patented Quantum Charge Programmable Technology, an ultra-low standby power I/O expander for battery-powered and "green" systems applications, and a 16-channel LED driver/blinker for the rapidly growing LED-based signage and industrial equipment markets. On July 17, we announced that we had signed a definitive agreement to merge with On Semiconductor in an all-stock transaction in which Catalyst stockholders will receive 0.706 shares of On Semiconductor common stock for each share of Catalyst common stock they own. At the time of the announcement, the proposed transaction represented an equity value of approximately $115 million and an enterprise value of approximately $85 million. The transaction is subject to the approval of stockholders of Catalyst Semiconductor, as well as other customary conditions. The proposed transaction is expected to close during the fourth calendar quarter of 2008. ((Comments on this story may be sent to [email protected])) ((Distributed on behalf of 10Meters via M2 Communications Ltd - http://www.m2.com)) ((10Meters - http://www.10meters.com)) Copyright ? 2008 Wireless News |