VTSS ($19) P/E 86 Post a loss inline with lowered forecast..
"Revenues dropped sharply in the current quarter as a result of continued weakness in carrier spending," said Vitesse Chief Executive Lou Tomasetta said in a statement. "Inventories in our customers' channels remain at high levels and the process of reducing excess inventories is taking much longer than anticipated."
Thursday July 19, 4:28 pm Eastern Time
Vitesse posts 3rd-quarter loss vs a profit a year ago
CAMARILLO, Calif., July 19 (Reuters) - Communications microchip maker Vitesse Semiconductor Corp. (NasdaqNM:VTSS - news) on Thursday posted a third-quarter net loss of $69.6 million versus a profit a year ago, as order cancellations and weaker demand for electronics pushed sales lower.
Excluding the amortization of goodwill and other items, Vitesse posted a pro forma loss of $11.9 million, or a loss of 6 cents per share, compared with pro forma net income of $32.1 million, or 17 cents per share, a year ago.
The results were in line with lowered forecasts. In June, Vitesse cut expectations for the quarter from a profit of between 3 cents and 7 cents per share to a loss of 6 cents.
Shares of Vitesse rose $1.69, or nearly 10 percent, to $18.67 on Thursday on the Nasdaq, but have tumbled since highs of more than $95 in September. |
