Catalyst Semiconductor reports Q4 loss
Shares of Catalyst Semiconductor Inc. (Nasdaq: CATS) slipped into negative territory following news the Santa Clara, Calif.-based maker of analog/mixed-signal and memory products lost money in the fourth quarter of fiscal 2007.
The net loss for the quarter ended April 29 was $0.46 million, or $0.03 per share, compared with a net income of $0.27 million, or $0.02 per share, in the same quarter of fiscal 2006, the company said after Thursday’s close. Wall Street had projected earnings of $0.01 per share.
On the other hand, quarterly net revenue came to $18.4 million, an increase of 29.6%, compared with $14.2 million a year earlier. That beat analysts’ expectations of $16.2 million in revenue.
“We achieved our highest quarterly and annual revenue since the technology industry bubble burst at the end of calendar year 2000,” CEO and President Gelu Voicu.
Total revenue for fiscal 2007 was $66.4 million, besting Wall Street’s forecast of $64.17 million. However, that was not enough to keep Catalyst in the black. The company had a net loss of $0.43 million, or $0.03 per share, compared with a net income of $2.6 million, or $0.14 per share, in fiscal 2006.
“The earnings shortfall was due to one-time transition issue,” commented John Vinh, an analyst with investment bank C.E. Unterberg, Towbin. “I think that revenue growth was extremely encouraging.”
Vinh said he is maintaining his “market perform” rating and expects Catalyst to turn a profit in fiscal 2008.
The company also reported that quarterly revenue from its analog/mixed signal products was $1.9 million, compared with $1.2 million a year ago. The segment contributed 10.3% of total revenues, compared with 8.2% in 2006.
At 12:58 p.m. ET shares were down $0.01, or 0.25%, to $4.02. The 52-week high is $4.20, established on June 11. The 52-week low of $3.00 was set on Feb. 7.
