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Vitesse Reports Q2

CAMARILLO, Calif. — Vitesse Semiconductor Corporation (NASDAQ:VTSS), a leading provider of advanced IC solutions for Carrier and Enterprise networks, today reported its financial results for the second quarter of fiscal year 2011, which ended on March 31, 2011.

Q2 FY2011 Financial and Operational Highlights

  • Net revenues of $36.9 million, compared with $43.9 million a year ago
  • Core product revenue was 93.1% of total product revenue, compared with 84.7% for the same period in 2010
  • Product margins increased 6.5% to 62.2% from 55.7% compared to a year ago
  • Senior Term Loan reduced by $8.0 million; restructured terms of note lowering interest by $1.3 million per year, as previously reported
  • Introduced five new products for a total of 13 for the year
  • Vitesse stock was listed on NASDAQ on March 2, 2011 CEO Commentary
    “Our second quarter results are in line with our expectations and reflect continued weakness in the Asia Pacific region,” said Chris Gardner, CEO of Vitesse. “Despite this weakness in our end markets, we continued to improve our operating leverage and reported an essentially operating breakeven quarter on a non-GAAP basis.”

    “As a Company, we are focused on building market traction for our new products with our major customers. I’m very pleased with our progress so far. We had a record quarter for design wins and our sales pipeline is solid and growing. Our 30 new products from 2010 are expected to start contributing to revenue growth in the fourth quarter of 2011, and we continue to expect that these new products will comprise 25% of our total product revenues by the end of 2012.”

    Read the full press release.

    {complink 5981|Vitesse Semiconductor Corp.}

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