Vitesse Semiconductor Corp. (Camarillo, CA) reported results for the third quarter of fiscal 2003 ended June 30, 2003. Revenues on a generally accepted accounting principles (GAAP) basis in the third quarter of fiscal 2003 were $39.7 million, excluding $3.4 million from discontinued operations, compared to $38.9 million in the third quarter of fiscal 2002, excluding $4.1 million from discontinued operations, and $38.1 million in the second quarter of fiscal 2003, excluding $2 million from discontinued operations.
GAAP revenues for the nine months ended June 30, 2003, were $113.6 million, excluding $8 million from discontinued operations, compared to $116.1 million in the nine months ended June 30, 2002, excluding $8.1 million from discontinued operations. Pro-forma revenues, including revenues from discontinued operations, in the third quarter of fiscal 2003 were $43.2 million, relatively unchanged from the $43 million in the third quarter of fiscal 2002 and an increase of 7% from the $40.2 million in the second quarter of fiscal 2003. Pro-forma revenues for the nine months ended June 30, 2003, were $121.6 million, a decrease of 2% from the $124.3 million in the nine months ended June 30, 2002.
On a GAAP basis, net loss for the third quarter of fiscal 2003 was $95 million, or $0.47 loss per share, compared to a net loss of $735.9 million, or $3.71 loss per share, in the third quarter of fiscal 2002, and a net loss of $25.1 million, or $0.12 per share, in the second quarter of fiscal 2003. Net loss for the nine months ended June 30, 2003, was $131.2 million, or $0.65 loss per share, compared to net loss of $887.2 million, or $4.48 loss per share, for the nine months ended June 30, 2002.
