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Vitesse Marks 'Disappointing Quarter'

CAMARILLO, Calif. -- Vitesse Semiconductor Corporation (NASDAQ:VTSS) ("Vitesse" or the "Company") today reported results for the second quarter of fiscal 2001 ended March 31, 2001. Revenues in the second quarter of fiscal 2001 were $121.8 million, an increase of 21% over the $100.3 million in the second quarter of fiscal 2000 and a decrease of 26% from the $165.1 million in the first quarter of fiscal 2001. For the six month period ended March 31, 2001, revenues were $286.8 million, a 51% increase over the $189.6 million for the six month period ended March 31, 2000.

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."

http://www.vitesse.com
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