Computer Access Technology Losses $(0.13) Per Share on Revenue of $3.5 Million for Q4 2002

1/31/2003 - Computer Access Technology Corporation [CATC] (Nasdaq: CATZ), a communication protocols expert company, reported financial results for the fourth quarter ended December 31, 2002. Revenue for the fourth quarter of 2002 was $3.5 million, compared to $3.4 million for the fourth quarter of 2001 and $4.0 million for the third quarter of 2002. The Company reported an operating loss of $1.9 million for the fourth quarter of 2002. Combined with net other income of $200,000 and a tax provision of $759,000, the resulting net loss was $2.5 million, or $(0.13) per share, as compared to net loss of $1.2 million, or $(0.06) per share in the fourth quarter of 2001.

For the fourth quarter of 2002, the Company's gross profit margin was 76.6% as compared to gross profit margin of 69.3% in the fourth quarter of 2001. For the fourth quarter of 2002, cost of revenue totaled $822,000, including $142,000 for the amortization of existing technology. The Company's operating expenses totaled $4.6 million, including a restructuring charge of $365,000 associated with a reduction in force of approximately 21% of personnel and additional operating expense reduction programs.

Dan Wilnai, President and Chief Executive Officer, said: "We have recently taken decisive action to reduce our operating cost structure and strengthen our already solid financial foundation. We have aligned our cost structure with the current economic realities and I believe that CATC is now in a position to leverage its solid financial foundation, dedicated employees and world class products to meet CATC's profitability goals."

During the fourth quarter of 2002 and in recent weeks, we announced the release of the following new products:

About CATC
CATC, a communication protocol expert company, provides advanced verification systems and connectivity products for existing and emerging digital communications standards such as USB, IEEE 1394, Bluetooth wireless technology, InfiniBand, Serial ATA, SCSI, Fibre Channel and Ethernet. CATC products are used by semiconductor, device, system and software companies at each phase of their products' lifecycles from development through production and market deployment. CATC verification systems consist of development and production products that accurately monitor communications traffic and diagnose operational problems to ensure standards compliance and interoperability as well as assist system manufacturers to download software onto new computers. CATC connectivity products enable reliable, uninterrupted service for broadband Internet access. CATC was founded in 1992 and is headquartered in Santa Clara, California. CATC can be found on the web at

Previous Page | News by Category | News Search

If you found this page useful, bookmark and share it on: