Catalyst Semiconductor Inc. (Sunnyvale, CA), a developer and marketer of programmable products used in telecommunications, networking systems, computation, automotive, industrial and consumer markets, reported financial results for its fourth quarter and fiscal year ended April 30, 2003.
For the quarter ended April 30, 2003, Catalyst had net income of $4 million, or $0.22 per diluted share, on revenues of $12.5 million. This compares with net income of $314,000, or $0.02 per diluted share, on revenues of $11.2 million in the third fiscal quarter of fiscal 2003, and net income of $1.2 million, or $0.06 per diluted share, on revenues of $12.5 million in the fourth quarter of fiscal 2002.
During the fourth quarter of fiscal 2003, the company recorded a tax benefit of $2.7 million as compared to a tax provision of $445,000 in the fourth quarter of fiscal 2002, and $167,000 in the third quarter of fiscal 2003. As of April 30, 2003, Catalyst had cash, cash equivalents and short-term investments of $27.9 million, a decrease of $2 million versus the previous quarter. During the quarter, the company repurchased 631,500 shares of its common stock on the open market at an average cost of $2.50 per share, or $1,576,000. Stockholders' equity increased during the quarter by $2.9 million to $42.4 million, or $2.60 per share, outstanding at the end of the quarter.
For fiscal 2003, Catalyst reported net income of $6.3 million, or $0.34 per diluted share, on revenues of $48.2 million. This compares with net income of $770,000, or $0.04 per diluted share, on revenues of $42.8 million in fiscal 2002.
