SUNNYVALE, Calif.--Catalyst Semiconductor Inc. here today reported a 27% sequential drop in revenues to $17.3 million in the company's fiscal fourth quarter, ended April 30, compared to $23.6 million in the prior three-month period. Catalyst's sales were up 1% from $17.1 million in the fiscal fourth quarter last year.
The programmable IC supplier said its net income for the just-ended quarter was $2.2 million compared to $7.0 million in the prior fiscal third quarter, ended Jan. 31, and $4.9 million in the Q1 fiscal period last year.
"Recently we were able to negotiate more favorable terms for wafer purchases from our foundries," said Radu Vanco, chairman and chief executive officer. "This should have a favorable impact on our ability to compete in this tight market as we go forward. We decided to take advantage of this opportunity and purchased certain quantities of fairly low priced strategic inventory.
"While this has resulted in charges of $1.6 million against the fourth quarter results, we believe that, as we move forward, this will put us in a much better position not only in terms of cost but also in our ability to serve our customers and in securing a larger capacity with our suppliers," he said.
For the 2001 fiscal year, ended April 30, Catalyst posted a net income of $27.8 million on revenues of $98.1 million compared to a net income of $10 million on sales of $49.5 million in the prior year.