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.
