Interesting Taro...keep us posted.
VTSS just warns...and TXCC warned right after the close.
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Vitesse Revises Q2 Fiscal 2001 Financial Guidance
CAMARILLO, Calif.--(BUSINESS WIRE)--March 26, 2001--Vitesse Semiconductor Corporation (Nasdaq:VTSS - news) today announced that due to continued weakness in demand and order cancellations in the quarter, it is reducing its second quarter fiscal 2001 (March 2001) revenue forecast from $150-160 million to $120-125 million and its net income (pro forma) from $0.21-0.22 per share to $0.10-0.11 per share.
Lou Tomasetta, Vitesse President and CEO, commented, ``Near-term visibility at a majority of our customers has worsened over the last few weeks and we expect this phenomenon to continue into the next quarter. However, we continue to achieve design wins for our upper layer products and we do not see any indications of our customers slowing down development or deployment of next generation systems.''
Tomasetta continued, ``In response to this current slowdown, we will be taking a hard look at managing our cost structure without compromising our ability to roll out new products in a timely manner.''
Vitesse Semiconductor Corporation is a leading designer and supplier of innovative, high performance semiconductors utilizing state-of-the-art processes for the manufacturers of next generation DWDM and optical networking communications equipment. Vitesse also develops storage area networking ICs and enclosure management products that monitor and communicate critical reliability and availability information. The company's products address the needs of Core, Access, Optical and Enterprise network equipment manufacturers who demand a combination of high speed, high complexity and low power dissipation. Vitesse has headquarters in Camarillo, and operates two fabrication facilities in Camarillo and Colorado Springs. Company/product information can be found on the Web at www.vitesse.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expected financial results for the three months ending March 31, 2001 and market acceptance of its products. The company's actual results could differ materially from its forward-looking statements for a variety of reasons, including, among other things, delays or cancellations of orders by its customers, competition in its markets and difficulties in bringing new products to market. For a more complete discussion of the risks and uncertainties that may cause the company's actual results to differ materially from its forward-looking statements, read the reports filed from time to time with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Sept. 30, 2000 and its Quarterly Report on Form 10-Q for the three months ended Dec. 31, 2000.
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