Vitesse reports record revenues and profits
CAMARILLO, Calif.--(BUSINESS WIRE)--July 10, 1996-- Vitesse Semiconductor Corp Wednesday reported record
revenues and net income for the third quarter ended June 30, 1996.
Revenues in the third quarter of fiscal 1996 were $17.3 million, a 57% increase over the $11.0 million in the third quarter
of fiscal 1995 and a 11% increase over the $15.6 million in the second quarter of fiscal 1996.
Net income for the third quarter of fiscal 1996 was $3.8 million or 18 cents per share compared with net income of
$762,000 or 5 cents per share in the third quarter of fiscal 1995 and net income of $2.6 million or 14 cents per share in the
second quarter of fiscal 1996.
For the nine month period ended June 30, 1996, revenues were $46.9 million, a 52% increase over the $30.8 million
recorded in the nine month period ended June 30, 1995. Net income for the nine month period ended June 30, 1996 was
$8.1 million or 42 cents per share compared with $276,000 or 2 cents per share for the nine month period ended June 30,
1995.
Vitesse President and CEO, Lou Tomasetta, said "This was another very successful quarter. We again set records for all
our financial benchmarks; revenue, operating profit, and net income. Moreover, we introduced the first of our next
generation telecom products based upon our most advanced process technology.
"During the quarter, we began sampling our fist chip set to address the 10 Gb/s SONET transmission systems market.
This 16:1 multiplexer/demultiplexer chip set is the first fully integrated solution for this next generation of SONET
systems. Since this chip set is manufactured with our standard 0.4 um H-GaAs IV process, it can be incorporated as a
megacell into large ASIC or cell based product to provide significant system savings.
"By manufacturing these 10 Gb/s products on a standard process, we will be able to eliminate the need to explore the more
expensive and exotic research technologies and supply these next generation products at prices comparable to our current
generation of 2.5 Gb/s products."
Vitesse Semiconductor Corp. is a leader in the design, development, manufacturing and marketing of digital gallium
arsenide integrated circuits (GaAs ICs). The company's products incorporate its proprietary H-GaAs (high integration
gallium arsenide) technology to produce high-performance ICs primarily for telecommunications, data communications
and automated test equipment systems providers.
THIS SHOULD GIVE THE STOCK A BOOST TOMORROW AND NEXT WEEK. |
