More earnings report
CAMARILLO, Calif.--(BUSINESS WIRE)--Oct. 18, 1999--Vitesse
Semiconductor Corp. (Nasdaq:VTSS.O) Monday reported revenues and net
income for the fourth quarter and the fiscal year ended Sept. 30,1999.
Revenues in the fourth quarter of fiscal 1999 were $80.6 million,
an increase of 48% over the $54.6 million (restated to account for
acquisitions completed in fiscal 1999) in the fourth quarter of fiscal1998.
Net income for the fourth quarter of fiscal 1999 was $21.6
million, or $0.26 per share (taxed at 33%), compared with net income
of $15.8 million, or $0.19 per share (taxed at 18% and restated to
account for acquisitions completed in 1999), in the fourth quarter of
fiscal 1998.
Revenues for fiscal 1999 were $281.5 million, an increase of 59%
over the $176.9 million for fiscal 1998 (restated to account for
acquisitions completed in 1999).
Net income for fiscal 1999 was $69.9 million, or $0.84 per share
(taxed at 33%), compared with net income of $50.5 million, or $0.63
per share (taxed at 15% and restated to account for acquisitions
completed in 1999), for fiscal 1998.
Vitesse President and Chief Executive Officer Lou Tomasetta said:
"I am pleased to report that we once again set records for revenues,
operating profit and net income. Revenues increased by 48% over the
fourth quarter of 1998, driven by continued strength across all of our
communications product areas.
"Fibre Channel and Gigabit Ethernet products remained especially
strong. Our manufacturing groups once again stepped up production
levels in order to meet our growing demand." |
