Vitesse Posts Revenue of $30 Million

Vitesse Semiconductor reported total net revenues of $30.0 million for its first quarter of fiscal year 2012, ended December 31, 2011, compared to $30.3 million in the fourth quarter of fiscal year 2011, down 20.3% compared to $37.7 million in the first quarter of fiscal year 2011. Net loss including $3.3 million of non-cash income related to the embedded derivative, $1.1 million of non-cash stock compensation and $0.1 million of non-cash amortization of intangibles, was $0.8 million, or $0.03 per share, compared with a net loss of $4.6 million, or $0.19 per share, in the fourth quarter of fiscal year 2011.


Product revenues were $28.9 million, the same as reported in the fourth quarter of fiscal year 2011, down 23.0% compared to $37.6 million in the first quarter in fiscal year 2011.


“During our first fiscal quarter of 2012, we delivered revenues within our guidance, solid product margins, and lower operating expenses,�? said Chris Gardner, CEO of Vitesse. “These improvements enabled us to maintain our cash position and to reach our target revenue breakeven of $32.0 million a quarter ahead of schedule within a challenging market environment. Our new product lines continued to gain traction with Tier-1 and Tier-2 customers. As such, we are on schedule to achieve our 2012 objective of 300 design wins. "

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