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Financials from Vitesse, Celeritek and Sirenza

Vitesse reports narrowing losses, cuts from major customers continue to bite at Celeritek and Sirenza reports its first results since acquiring Vari-L.
Vitesse reports narrower losses, exits optical module business

Vitesse Semiconductor s third-quarter loss narrowed year-on-year to $95 million, including about $75 million in charges, significantly better than the $728.6 million posted a year ago. Vitesse s revenue for the quarter ended June 30 was $39.7 million, compared with $38.9 million a year ago.

The company says that visibility is beginning to improve and companies are ordering goods again. “Our customers are now beginning to put their future needs in the form of orders rather than forecasts," said CEO Lou Tomasetta.

Vitesse is continuing to cut costs and move towards a fabless business model. The company has decided to exit its optical module business, the assets of which may be sold off, and is on course to close its Colorado Springs GaAs fab by the end of September. It is still retaining some InP activity at its Camarillo site. If a buyer for the module business is not found by the end of September, then it will be closed down and the remaining employees laid off.

In the fourth-quarter, Vitesse expects that its revenue from continuing operations will increase by about $3 million, which would result in revenue of about $42.7 million.

Celeritek’s losses widen

For its first fiscal quarter ending June 30, GaAs IC manufacturer Celeritek reported revenues of $6.6 million, compared with $8.1 million in the previous quarter and $15.3 million in the first quarter of fiscal 2003.

The net loss for the first quarter was $6.9 million ($0.56 per share), compared with a net loss of $1.3 million or $0.10 per share for the same period a year ago. Included in the net loss was approximately $1.4 million in expenses related to the special meeting of shareholders and $1.1 million in investment banking fees.

Semiconductor revenues were $1.6 million in the first quarter of fiscal 2004, compared to $3.0 million in the fourth quarter of fiscal 2003 and $9.4 million in the first quarter of fiscal 2003. The decrease in semiconductor sales is due to the previously announced decision of one of Celeritek s customers to discontinue its strategy of dual sourcing PA modules for cell phones.

Subsystem revenues were $5.0 million in quarter, compared to $5.1 million in previous quarter and $5.9 million in the first quarter of fiscal 2003.

The company says that its book-to-bill ratio is improving and that its order backlog increased 28% during the quarter to $13.1 million.

Sirenza reports results for restructured company

Sirenza Microdevices, has reported its financial results for its second fiscal quarter ended June 29. These were the first results reported for the combined company following Sirenza s acquisition of Vari-L Company.

Revenues for the quarter were $9.1 million, compared with $5.8 million for the previous quarter and $4.9 million for the second quarter of 2002. The company s net loss for the June quarter was $2.2 million, or $0.07 per share. This included a charge for the amortization of acquisition-related intangible assets, restructuring costs, expenses associated with the Vari-L acquisition and consolidation of the combined company s headquarters and manufacturing operations in Broomfield, Colorado.

Sirenza s second-quarter net loss of $2.2 million compared sequentially with a net loss of $1.3 million, and with a net loss of $0.97 million for the year ago quarter.

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