Comms chips

Vitesse Catches Up

6:20 PM -- More holiday catchup, and this time I'm not the only one: Vitesse Semiconductor Corp. (Nasdaq: VTSS) rose a whopping 29 percent today on word that the company turned a profit in fiscal 2008. The final catchup 10-K and 10-Q forms were filed with the Securities and Exchange Commission (SEC) on New Year's Eve, so the market began reacting just today.

Granted, that's just up 10 cents to 47 cents per share, but it's big, big news for the long-suffering chip company. (See Vitesse Execs Get the Axe and, more recently, Vitesse Update.)

Results in a nutshell: Fiscal 2008 ended on Sept. 30 with revenues of $228.5 million and net income of $16.6 million, or 7 cents per diluted share. Of that profit, 4 cents per share came from discontinued items.

— Craig Matsumoto, West Coast Editor, Light Reading

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