Vitesse Semiconductor, a provider of IC offerings for carrier and enterprise networks, posted net revenues of $37.7m for the first quarter of 2011, a decline of 10% as compared to $41.7m reported in the same quarter of FY10.
For the first quarter ended 31 December 2010, the company posted $1.7m as loss from operations, compared to a loss of $0.3m for the same period last year.
Vitesse Semiconductor reported a net loss of $7.7m, or $0.32 per share, for the first quarter of FY11, compared to a net loss of $33.9m, or $1.95 per share, for the same quarter in fiscal 2010.
Vitesse CEO Chris Gardner said during Q1 2011, their revenues declined primarily due to ongoing weakness in Asia and for the first time, product margins were above the target range and they strengthened the balance sheet by paying off all short-term debt.
"We will continue to focus on building market traction for the 30 new products introduced in 2010 and we anticipate a successful new product cycle beginning towards the end of this year and having these products account for 25% of product revenues by the end of 2012," Gardner said.
For the second quarter of 2011, the company expects revenues to be in the range of $36m to $38.5m, product margins to be in the range of 62 and 65% and operating expenses to be in the range of $24.7m to $25.7m.
