7/28/2003 - Computer Access Technology Corporation (CATC) (Nasdaq: CATZ), a communication protocols expert company, reported financial results for the second quarter ended June 30, 2003. Revenue for the second quarter of 2003 was $3.9 million, compared to $3.5 million for the second quarter of 2002 and $3.3 million for the first quarter of 2003. The Company reported an operating loss of $78,000 for the second quarter of 2003 compared with an operating loss of $2.1 million in the second quarter of 2002. Combined with net other income of $198,000, the resulting net profit for the second quarter of 2003 was $120,000, or $0.01 per share, compared to a net loss of $809,000, or $(0.04) per share in the second quarter of 2002. The Company's net income includes the amortization of stock based compensation. The Company generated $881,000 in cash flow from operations during the second quarter of 2003.
For the second quarter of 2003, the Company's gross profit margin was 79.3%, compared to 80.8% in the second quarter of 2002. For the second quarter of 2003, cost of revenue totaled $800,000. The Company's operating expenses totaled $3.1 million.
Dan Wilnai, President and Chief Executive Officer, said: "We are pleased that the hard work and effort of the CATC team have allowed us to return the company to profitability. We believe our commitment to aggressively introduce new products in both existing and new markets, along with our sustained efforts to control operating costs, are beginning to produce positive results. Although macro economic factors still create uncertainty in the markets CATC serves, we believe our second quarter results validate our long-term business model to increase revenue and return the company to sustainable profitability."
Recently CATC announced new releases of several products:
CATC, a communication protocol expert company, provides test and measurement solutions for Computer I/O, Storage and Networking protocols, enhancing customer productivity and time to market. CATC develops, manufactures and markets advanced protocol analysis expert systems for established and emerging digital communications standards including Bluetooth, Fibre Channel, IEEE 1394, InfiniBand, PCI Express, SCSI, Serial ATA and USB. Semiconductor, device, system and software companies use CATC's products during each phase of their products' lifecycles from development through production and market deployment. CATC's expert protocol analysis systems allow customers to monitor communications traffic, diagnose design and operational problems and confirm interoperability and standards compliance. Technicians also use CATC's test and analysis products on production lines and for maintenance of deployed systems and networks. CATC was founded in 1992 and is headquartered in Santa Clara, California. CATC can be found on the web at http://www.catc.com
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