Vitesse Reports First-Quarter 2002 Results
Vitesse Semiconductor Corp. (Camarillo, CA) reported results for the first quarter of fiscal 2002 ended December 31, 2001. Revenues in the first quarter of fiscal 2002 were $39.1 million, a decrease of 76 percent from the $165.1 million in the first quarter of fiscal 2001, and an increase of five percent from the $37.2 million in the fourth quarter of fiscal 2001.
Pro-forma net loss for the first quarter of fiscal 2002, which excludes the amortization of identifiable intangible assets, deferred compensation and various non-recurring charges was $24.3 million, or $0.12 loss per share, compared to pro-forma net income of $47.6 million, or $0.25 per share, in the first quarter of fiscal 2001, and a pro-forma net loss of $28.1 million, or $0.14 loss per share, in the prior quarter.
Vitesse President and CEO Lou Tomasetta commented, "While the last few quarters have been very difficult, we are now seeing signs of stability in our markets. We are therefore cautiously optimistic about a slow but steady improvement in demand in calendar 2002. We believe that this growth will be driven by the ramp-up of new systems where we have secured several design wins, primarily for upper-layer products, over the past two years. During the next few quarters we will continue to look at cost-reduction measures in an effort to restore the company to profitability."