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| Catapult Communications Corporation |
| 160 South Whisman Road, Mountain View, CA 94041 * (650) 960-1025 |
| Business Description | Catapult's Digital Communications Tester ("DCT") is a comprehensive test solution designed to enable equipment manufacturers and network operators to deliver complex digital telecommunications equipment and services more quickly and cost-effectively, while helping to ensure interoperability and reliability. |
| Offering Information Company has | |||
| Trading As | CATT (NASNTL) | Industry | High-Tech (SIC 3679) |
| Type of Stock Offered | Common Shares | Filing Date | 06/11/1998 |
| Domestic Shares Offered | 3,350,000 | Offer Date | 02/10/1999 |
| Foreign Shares Offered | 0 | Filing Range | $9.00 - $11.00 |
| Company Shares | 2,100,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 1,250,000 | Gross Spread | $0.700 |
| Gross Proceeds | $33,500,000 | Selling | $0.380 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | 56 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Hambrecht & Quist Incorporated | Lead Manager | (415) 439-3626 |
| C.E. Unterberg, Towbin | Co-manager | (212) 572-8060 |
| CIBC Oppenheimer & Company | Co-manager | (212) 667-7400 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 09/30/1993 | 09/30/1994 | 09/30/1995 | 09/30/1996 | 09/30/1997 | 03/31/1997 | 03/31/1998 |
| Revenues | 2.307 | 3.816 | 6.869 | 9.252 | 13.352 | 7.644 | 8.459 |
| Income from Oper. | - | - | - | - | 5.400 | 3.678 | 4.252 |
| Net Income | 0.485 | 0.975 | 2.172 | 2.288 | 3.338 | 2.137 | 2.492 |
| E.P.S | 0.050 | 0.100 | 0.220 | 0.220 | 0.310 | 0.200 | 0.230 |
| Revenue Growth (%) | 65.41 | 80.01 | 34.69 | 44.315 | 10.66 | ||
| Net Income Growth (%) | 101.03 | 122.77 | 5.34 | 45.89 | 16.61 | ||
| Oper. Profit Margin (%) | - | - | - | - | 40.44 | 50.27 | 48.12 |
| Net Profit Margin (%) | 21.02 | 25.55 | 31.62 | 24.73 | 25.00 | 29.46 | 27.96 |
| Cash Flow - Oper. | 3.35 | 2.71 | 1.94 | ||||
| Cash Flow - Inv. | 0.17 | 0.23 | -0.19 | ||||
| Cash Flow - Fin. | 3.50 | 2.95 | 1.91 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1998 | Financial Ratios | ||||
| Total Assets | 18.07 | Current Assets | 17.47 | Current Ratio | 3.38 |
| Total Liab. | 5.18 | Current Liab. | 5.16 | Debt Ratio | 28.68% |
| Total Equity | 12.89 | Working Cap. | 12.30 | Debt to Equity Ratio | 0.40 |
| Cash | 12.58 | Return on Assets | 13.79% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | Cooley Godward Castro Huddleson & Tatum |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | Price Waterhouse |
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| Industry Competition |
The market for telecommunications test systems is characterized by intense competition. The Company believes that its ability to compete successfully depends on several factors, both within and outside its control, including availability of a broad range of protocols and protocol variants, system performance, length of operating history and industry experience, product reliability, ease of use, quality of service and support, status as an independent vendor and price. In addition, the Company believes that potential customers consider other factors, such as the number of protocols required and whether the test system vendor sells competing telecommunications products. The Company believes its principal competitors are Able, HP, IFR, INET, Schlumberger, Tekelec, Tektronix and Wavetek. Many of the Company's existing and potential competitors are large domestic and international companies that have substantially greater financial, manufacturing, technological, marketing, sales, distribution and other resources, larger installed customer bases, greater name recognition and longer-standing customer relationships than the Company. |
| Business Plan |
The Company's objective is to become the leading supplier of advanced software-based test systems for the global telecommunications industry. Catapult's strategy to achieve this objective includes the following key elements: (i) Expand Direct Sales and Technical Support Presence, (ii) Continue to Support New and Complex Protocols and Variants, (iii) Broaden Market By Enhancing Ease of Use, (iv) Leverage Installed Base of Customers, (v) Pursue Strategic Acquisitions and Alliances and (vi) Specialize in Providing Test Solutions for the Telecommunications Industry. |