Vitesse Marks 'Disappointing Quarter'
Pro forma net income for the second quarter of fiscal 2001, which excludes the amortization of goodwill and deferred compensation discussed below, was $18.8 million or $0.10 per share, compared to pro forma net income of $24.4 million or $0.13 per share in the second quarter of fiscal 2000 and pro forma net income of $47.6 million or $0.25 per share in the prior quarter. Pro forma net income for the six month period ended March 31, 2001 was $66.5 million or $0.35 per share, compared to pro forma net income of $44.6 million or $0.24 per share for the six month period ended March 31, 2000.
Vitesse President and CEO, Lou Tomasetta, said "This was a very disappointing quarter. For the first time in over eight years we experienced a sequential decline in revenues due to a dramatic reduction in demand from our communications and data storage customers. Visibility in the near-term at a majority of our customers continues to be weak and we do not expect a reversal in this trend in the current quarter."