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May 14, 2009

Vitesse revenue down 37.8% in Q2

Posted a net loss of $7.08m compared to net income of $3.78 for Q2 2008

By CBR Staff Writer

Vitesse Semiconductor Corporation, a provider of advanced IC solutions for carrier and enterprise networks, has posted a net loss of $7.08m, or $0.03 per share, for the fiscal second quarter ended March 31, 2009, compared to a net income of $3.78m, or $0.02 per share, for the same period in fiscal 2008.

Net revenues for the second quarter of fiscal 2009 were $34.57m, a decline of 37.8% compared to $55.59m reported in the second quarter of fiscal 2008.

For the first six months of fiscal 2009, the company posted a net loss of $197.04m, or $0.86 per share, compared to a net income of $5.24m, or $0.02 per share, for the same period in 2008. Net revenues were $84.38m for the first six months of fiscal 2009, compared to $108.13m for the same period in 2008.

Chris Gardner, CEO of Vitesse, said: Our second fiscal quarter was certainly a difficult one, as it was for most in the industry. While our results were disappointing compared to last quarter, the actions we have taken to respond to the economic climate have already begun to make an impact to our bottom line and improve our operating leverage. We continue to take prudent steps to reduce operating expenses and better manage working capital while the industry works through the impact of the economic downturn.

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