Vitesse Reports Slower Sales in Latest Quarter

Vitesse Semiconductor reported revenue of $30.3 million for its fourth quarter of fiscal year 2011, a decline of 29.3% compared with $42.9 million reported for the fourth quarter of fiscal year 2010, and a decline of 15.7% compared with $36.0 million in the third quarter of fiscal year 2011.


Product revenues were $28.9 million, a 32.6% decrease from $42.8 million the same quarter in fiscal year 2010, and a 9.3% decrease from $31.9 million reported for the third quarter of fiscal year 2011. Revenues from licensing intellectual property were $1.5 million compared with $0.07 million in the same period a year ago, and $4.1 million in the third quarter of fiscal year 2011.


Carrier networking product revenues were $13.2 million, or 45.8% of net revenues, compared with $21.0 million, or 49.1%, from the prior year, and $14.8 million, or 46.4%, in the third quarter of fiscal year 2011. Enterprise networking product revenues were $14.8 million, or 51.1% of net revenues, compared with $19.3 million, or 45.1%, a year ago, and $16.1 million, or 50.5%, in the third quarter of fiscal year 2011. Non-core product revenues were $0.9 million, or 3.1% of net revenues, compared with $2.5 million, or 5.8% a year ago and $1.0 million, or 3.1%, in the third quarter of fiscal year 2011.


"The industry wide slowdown and weak global demand, especially in the Asia Pacific region, impacted our business in the second half of the year. As a result, our fiscal year 2011 results were not as strong as we had anticipated,�? said Chris Gardner, CEO of Vitesse. “However, despite the lackluster demand environment, we made substantial progress in preparing for our new product cycle and positioning Vitesse for growth in 2012 and beyond."http://www.vitesse.com