News

Vitesse Reports Results for First-Quarter Fiscal 2003

January 27, 2003 by Jeff Shepard

Vitesse Semiconductor Corp. (Camarillo, CA) reported results for the first quarter of fiscal 2003 ended December 31, 2002. Revenues in the first quarter of fiscal 2003 were $38.2 million, a decrease of two percent from the $39.1 million in the first quarter of fiscal 2002, and a slight increase from the $38.1 million in the fourth quarter of fiscal 2002.

On a generally accepted accounting principles basis, net loss for the first quarter of fiscal 2003 was $11.0 million, or $0.06 loss per share, compared to a net loss of $106.9 million, or $0.54 loss per share, in the first quarter of fiscal 2002, and net income of $3.7 million, or $0.02 per share, in the fourth quarter of fiscal 2002.

Pro-forma net loss for the first quarter of fiscal 2003, which excludes the amortization of intangible assets and deferred compensation, as well as a gain on the extinguishment of debt, was $12.8 million, or $0.06 loss per share, compared to pro-forma net loss of $24.3 million, or $0.12 loss per share, in the first quarter of fiscal 2002, and pro-forma net loss of $18.7 million, or $0.09 loss per share, in the prior quarter. The gain on extinguishment of debt of $16.6 million was the result of the repurchase of $68.6 million face value of subordinated convertible debt for $51.1 million in cash.