Catalyst Semi Reports Fiscal 2008 Fourth Quarter & Full Year Results
Catalyst Semiconductor, Inc. reported financial results for its fourth quarter and fiscal year ended April 27, 2008. Net revenues decreased 5% from $18.4 million in Q4 FY ’07 to $17.5 million in Q4 FY ’08 and decreased by 2% QOQ. Analog/mixed-signal net revenues increased by 44% to $2.7 million in Q4 FY ’08 compared to Q4 FY ’07 and increased 20% QOQ.
Gross margin increased to 39.6% in Q4 FY ’08 from 30.3% in Q4 FY ’07. Net Income increased to $820,000, or $0.05 per diluted share in Q4 FY ’08, compared to a net loss of $457,000 or ($ 0.03) per diluted share in Q4 FY ’07. Net revenues from analog/mixed-signal products were $2.7 million, or 15% of net revenues in the fourth quarter ended April 27, 2008, up 20% from $2.3 million, or 13% of net revenues for the quarter ended January 27, 2008, and up 44% from $1.9 million, or 10% of net revenues for the fourth quarter ended April 29, 2007.
Excluding after-tax FAS 123R stock-based compensation charges of $346,000, net income on a non-GAAP basis in the quarter ended April 27, 2008 was $ 1.2 million, or $0.07 per diluted share, compared with non-GAAP net income of $1.1 million, or $0.06 per diluted share, for the quarter ended January 27, 2008, and a net loss of $182,000, or ($0.01) per diluted share, in the quarter ended April 29, 2007.
The GAAP gross margin percentage for the fourth quarter ended April 27, 2008 was 39.6%, compared with 38.5% in the quarter ended January 27, 2008 and 30.3% in the fourth quarter ended April 29, 2007. The company claims that GAAP gross margin percentage improved due to higher percentage of revenues from analog/mixed-signal products, continued migration of its EEPROM products to 0.35 µ process technology and increased efficiencies in its back-end manufacturing operations.
In February 2008, Catalyst announced that its board of directors approved increasing the number of authorized shares under the stock repurchase program to four million shares. During the quarter ended April 27, 2008, the company repurchased 1.5 million shares under the stock repurchase program. On April 27, 2008 the company reported cash and short-term investments of $29.6 million, 15.3 million shares outstanding and no debt.
Net revenues increased 14% to $75.9 million for fiscal 2008 from $66.4 million for fiscal 2007. Analog/mixed-signal net revenues increased 93% to $11.4 million for fiscal 2008 from $5.9 million for fiscal 2007. Gross margin percentage increased to 37.8 % for fiscal 2008 from 33.3% for fiscal 2007. Net Income increased to $2.9 million, or $0.17 per diluted share for fiscal 2008, from a net loss of $429,000 or ($0.03) per share, for fiscal 2007. Net revenues from analog/mixed-signal products were $11.4 million, or 15% of net revenues in fiscal 2008, up 93% from $5.9 million, or 9% of net revenues for fiscal 2007.
