Catalyst Semiconductor, Inc. Announces Third Quarter Results, Restructuring, andNew Leadership
Sunnyvale, Calif.--March 19, 1998--Catalyst Semiconductor, Inc. announcedits financial results for the quarter ended Jan. 31, 1998. It also announcedthe appointment of Radu Vanco as president and chief executive officerand Hide Tanigami as chairman of the board, to replace C. Michael Powell who resignedfrom those positions.
Revenues for the third quarter were $10 million, down onepercent from revenues of $10.2 million in the preceding quarter anddown one percent from revenues of $10.2 million in the third quarter ayear ago.
Net loss for the third quarter was $6.0 million--$1.7 millionfrom operations and $4.3 million in charges to revalue itsinventories, write down the value of impaired assets, accrual ofseverance charges related to its restructuring and to increase baddebt allowances for certain international customer receivables, or$0.72 per share, compared with a net loss of $1.9 million, or $0.24 pershare, in the preceding quarter and a net loss of $1.6 million, or $0.20per share, in the third quarter a year ago.
Radu Vanco has been with the company since November 1992, mostrecently as its executive vice president of engineering and has alsoserved the company as a director since November 1995. Hide Tanigamihas served as a director of the company since February 1996. Mr.Tanigami is also president and chief executive officer of Marubun USACorp., an electronics distribution company.
Marc Cremer joined the company in February 1997 and has servedmost recently as its director of worldwide sales. Bassam Khoury joinedthe company in March 1993 and has served most recently as its directorof marketing.
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