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Strategies & Market Trends : Trade/Invest with Options Jerry a Point & Figure Chartist -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (2209)	5/3/2001 5:55:22 AM
From: 2MAR$	Respond to of 5893

Vitesse Semiconductor to cut workforce by 12 pct CAMARILLO, Calif., May 2 (Reuters) - Communications chip maker Vitesse Semiconductor Corp. (NasdaqNM:VTSS - news) announced on Wednesday plans to reduce its work force by around 12 percent in the quarter ending June 30, 2001. The company, which said it now employs 1,280 people worldwide, cited ``current market conditions that are adversely affecting the company and the industry at large'' for the cuts. Vitesse also said its upper management will take a 10-25 percent pay cut to further reduce operating expenses. As a result of the work-force reduction, Vitesse said it expects to record a one-time charge of between $1.5 million and $2.0 million in the third quarter of fiscal 2001.