Vitesse Reports Results for First Quarter of Fiscal 2001
Source: Vitesse (abridged version)
CAMARILLO, Calif. Vitesse Semiconductor Corp. (Nasdaq:VTSS - news) today reported results for the first quarter of fiscal 2001, ended Dec. 31, 2000.
Revenues in the first quarter of fiscal 2001 were $165.1 million, an increase of 85 percent over the $89.3 million in the first quarter of fiscal 2000 and an increase of 20 percent over the $138.0 million in the fourth quarter of fiscal 2000.
Pro forma net income for the first quarter of fiscal 2001, which excludes the amortization of goodwill and deferred compensation discussed below, was $47.6 million, or 25 cents per share, compared with pro forma net income of $20.4 million, or 11 cents per share, in the first quarter of fiscal 2000 and pro forma net income of $40.3 million, or 21 cents per share, in the prior quarter.
Vitesse President and Chief Executive Officer Lou Tomasetta said, "Despite the slowdown in some of our larger customers, we were able to provide significant growth through initial production ramps in our upper architectural layer product families and to numerous new customers in the optical transport and enterprise space."
Highlights of the first quarter included: - First-customer shipment of a system with a Vitesse network processor. - Continued strength in design wins in both network processor and switch fabrics, including two very significant tier-one customers. There are more than 100 active design wins. - Captured eight additional ``complete solution design wins at start-up. Total is now more than 20. - Completed initial OC-768 supply agreements with module vendors for shipments in late 2001. - Vitesse was added to the S&P 500 Index.
Vitesse Semiconductor is a leading designer and supplier of innovative, high-performance semiconductors utilizing state-of-the-art processes for the manufacturers of next-generation DWDM and optical networking communications equipment. Vitesse also develops storage- area networking ICs and enclosure management products that monitor and communicate critical reliability and availability information.
The company s products address the needs of Core, Access, Optical and Enterprise network equipment manufacturers that demand a combination of high speed, high complexity and low power dissipation.
Vitesse has headquarters in Camarillo and operates two fabrication facilities, in Camarillo and Colorado Springs, Colo. Company/product information can be found on the Web at www.vitesse.com.
Contact: Vitesse Semiconductor Corp., Camarillo Eugene F. Hovanec, 805/388-3700
Vitesse Semiconductor Corp., Camarillo
Eugene F. Hovanec, 805/388-3700
