At least you can avoid the execution of cat; awk can directly read the file.
It is a bit strange that your file seems to be a log file - what happens if it has more than one line?
The following efficient shell builtin reads one line into three variables
And that post processing that Don used is an example of what you can do with Parameter Substitution. There are many other ways you can carve a piece of information out of a string, without the need of invoking an external program, which it will always be slower that using the built-in shell functionalities.
Finally: you won't need the subshell execution any more utilizing the advice you already got, but for future reference, in the cases where you do need it: the backticks should not be used any more! They are a leftover from the original Bourne shell, which is outdated by some 25 years now. Use the modern POSIX way of process substitution:
variable=`command1 | command2` # old, do not use!
variable=$(command1 | command2) # the modern way to do the same