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December 2, 2010

Vitesse Q4 revenue increases to $43m

Posts net loss of $20.1m for fiscal 2010

By CBR Staff Writer

Vitesse Semiconductor, a provider of IC offerings for carrier and enterprise networks, has posted net revenues of $43m for the fourth quarter of 2010, a marginal increase of 10% as compared to $39.2m reported in the same quarter of FY09.

For the fourth quarter ended 30 September 2010, the company posted $2m as income from operations, compared to a loss of $2m for the same period last year.

Vitesse Semiconductor reported a net income of $15m, or $0.42 per share, for the fourth quarter ended of FY10, compared to a net loss of $9.5m, or $0.83 per share, for the same quarter in fiscal 2009.

The company posted revenue of $166m for the full year ended 30 September 2010, a marginal decrease of 1.3%, compared to $168.2m in 2009.

Operating income for the year was $4m, compared to an operating loss of $179m in 2009.

Net loss for the year decreased to $20.1m from $194.2m in 2009, while net loss per share declined to $0.96 from $16.92.

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Vitesse CEO Chris Gardner said during 2010, their revenue remained about flat with 2009 levels in spite of the economic climate, industry wide component shortages and a declining contribution from their legacy storage business.

"Our product revenue grew nearly 7% to $165.6m and revenue from our core products in Carrier and Enterprise Networking increased approximately 15% to $148.4m," Gardner said.

"By moving our manufacturing to an outsourced model, we reduced fixed costs, increased margins and shortened our cycle times and now have a strong foundation and robust product pipeline for profitable growth in the years ahead."

Vitesse Semiconductor expects revenues to be in the range of $37.5 to $41m and operating expenses to be between $22.5 and $23.5m for the first quarter of fiscal year 2011 ending 31 December 2010.

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