4/28/2003 - Computer Access Technology Corporation [CATC] (Nasdaq: CATZ), a communication protocols expert company, reported financial results for the first quarter ended March 31, 2003. Revenue for the first quarter of 2003 was $3.3 million, compared to $3.4 million for the first quarter of 2002 and $3.5 million for the fourth quarter of 2002. The Company reported an operating loss of $624,000 for the first quarter of 2003. Combined with net other income of $161,000, the resulting net loss was $463,000, or $(0.02) per share, as compared to net loss of $1.0 million, or $(0.05) per share in the first quarter of 2002. The Company's net loss includes $62,000 for the amortization of stock based compensation during the first quarter of 2003 and $357,000 for the first quarter of 2002.
For the first quarter of 2003, the Company's gross profit margin was 79.4% as compared to gross profit margin of 80.0% in the first quarter of 2002. For the first quarter of 2003, cost of revenue totaled $673,000. The Company's operating expenses totaled $3.2 million.
Dan Wilnai, President and Chief Executive Officer, said: "The CATC team is working hard to return the company to profitability and to grow the business, even in these tough economic times. We continue to strengthen our sales, marketing and customer service organizations, focusing on gaining market share, and to invest in R&D to accelerate new product introductions. We believe that new products and more effective sales channels are key to growth in a stagnant market. In the first quarter of 2003, we released several new products, two of which -- the FCTracer(TM), Fibre Channel analyzer and the PETracer(TM), PCI Express(TM) analyzer -- address new and exciting business opportunities for CATC. We have also begun to see the positive effects of our recent operating cost reduction initiatives. I believe that CATC is ideally positioned to build on our strong balance sheet and our new operational efficiencies to expand and improve our world-renowned products and customer base."
During the first quarter of 2003, we announced the release of the following new products:
Recently, we announced an alliance with Hyper Corporation to create and market the BlueVision Verification Suite for Bluetooth compliance testing. Hyper Corporation is a leading provider of Bluetooth Qualification Services, offering one of the first certified Bluetooth Qualification Test Facilities (BQTF) in North America. The BlueVision test suites are the most cost- effective testing solution for Bluetooth product developers and manufacturers; enabling extensive in-house verification testing to assure first pass success when certifying their products at a BQTF. The BlueVision Verification Suite works in tandem with the BTTracer/Trainer(TM), CATC's powerful Bluetooth V1.1 certified analyzer/exerciser system.
On January 30, 2003, we announced a stock repurchase program, in which our Board of Directors authorized the Company to repurchase up to 1 million shares of the Company's common stock in the open market. We believe that recent market prices do not reflect the true value of our business, and thus are committing the Company's capital as one means of underscoring our confidence in the Company's future as well as our commitment to enhancing shareholder value.
CATC, a communication protocol expert company, provides advanced verification systems and connectivity products for existing and emerging digital communications standards such as Bluetooth wireless technology, Ethernet, Fibre Channel, IEEE 1394, InfiniBand, PCI Express, SCSI, Serial ATA and USB. 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 http://www.catc.com/
Previous Page | News by Category | News Search
If you found this page useful, bookmark and share it on: