SOURCE: Catapult Communications Corporation

January 04, 2008 18:43 ET

Catapult Communications Changes Accounting Firms to Reduce Expenses

MOUNTAIN VIEW, CA--(Marketwire - January 4, 2008) - Catapult Communications Corporation (NASDAQ: CATT) today announced that, in order to significantly reduce its accounting expenses, it has dismissed its previous independent registered public accounting firm, Deloitte & Touche LLP, and has engaged the firm of Stonefield Josephson, Inc. The Company has had no disagreements with Deloitte & Touche LLP during their tenure.

The expenses that the Company incurred in connection with the audit and internal control review work performed by Deloitte & Touche LLP in fiscal year 2007 totaled approximately $1,076,000, and the Company estimates that these expenses would approximate $985,000 for the current fiscal year without a change in accounting firms. The Company and its Audit Committee believe that, by engaging Stonefield Josephson, Inc. as the Company's independent registered public accounting firm for the current fiscal year, the Company will realize significant savings on these expenses without negatively affecting the quality of the audit and related services. Based on estimates from the two firms, the Company currently believes that the potential savings for fiscal 2008 from the change in firms will be in the range of 43% - 49%.

About Catapult Communications

Catapult Communications is a leading supplier of advanced digital telecom test systems to global equipment manufacturers and service providers, including Alcatel-Lucent, Ericsson, Motorola, NEC, NTT DoCoMo, Nortel and Nokia Siemens Networks. The Catapult DCT2000® and MGTS® systems deliver superior high-end test solutions for hundreds of protocols and variants -- spanning IMS, WiMAX, 4G/3G/2.5G/2G UMTS, VoIP, GPRS, SS7, Intelligent Network, ATM, ISDN and other network environments. The Company is committed to providing testing tools that are at the forefront of the telecom technology curve.

Catapult is headquartered at 160 South Whisman Road, Mountain View, CA 94041. Tel: 650-960-1025. International offices are located in the U.K., Ireland, Germany, France, Finland, Sweden, Canada, Japan, China, Australia, India and the Philippines. Information about Catapult Communications can be found on the Web at www.catapult.com.

Forward-Looking Statements

The statements in this press release regarding the Company's estimated accounting expenses for fiscal 2008 are forward-looking statements. These statements are subject to various risks and uncertainties that could cause actual results to differ from those forecasted. Such risks include changes in the scope of work required by the Company's independent registered public accounting firm. For other factors that may cause actual results to differ from those projected, please refer to the Company's Form 10-K, Forms 10-Q and other filings with the Securities and Exchange Commission.

Contact Information

  • For investor information contact:
    Leigh Salvo
    Investor Relations
    (650) 314-1000
    Email Contact