Vitesse Reports Record Revenue and Profit
CAMARILLO, Calif.--(BUSINESS WIRE)--April 13, 1998--Vitesse Semiconductor Corp. (Nasdaq:VTSS) Monday reported record revenues and net income for the second quarter of fiscal 1998, ended March 31, 1998.
Revenues in the second quarter of fiscal 1998 were $40.2 million, an increase of 64 percent over the $24.6 million in the second quarter of fiscal 1997 and an increase of 16 percent over the $34.7 million in the first quarter of fiscal 1998.
Net income for the second quarter of fiscal 1998 was $12.1 million, or 31 cents per share, compared with net income of $7.8 million, or 20 cents per share, in the second quarter of fiscal 1997 and net income of $10.4 million, or 27 cents per share, in the first quarter of fiscal 1998.
Vitesse President and Chief Executive Officer Lou Tomasetta said: ''This was another successful quarter in which we set records in all our financial benchmarks: revenues, operating income and net income. Our three focus businesses -- telecom, datacom and ATE -- grew in both revenues and bookings.
''I am also pleased to report that in the second quarter, we were able to generate approximately $1.0 million in revenue from the first shipments out of our Colorado Springs facility.'' Vitesse Semiconductor 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. -0- *T
VITESSE SEMICONDUCTOR CORP.
Financial Summary
Statement of Operations
(Unaudited) (In thousands, except per-share data)
Three months ended Six months ended
March 31, March 31, Dec. 31, March 31, March 31, 1998 1997 1997 1998 1997
Revenues $40,212 $24,562 $34,701 $74,913 $46,394
Costs and expenses:
Cost of revenues 16,012 10,833 14,194 30,206 20,691
Engineering and
development 6,462 3,914 5,555 12,017 7,394
Selling, general
and administrative 4,849 3,273 4,262 9,111 6,205
Income from operations 12,889 6,542 10,690 23,579 12,104
Other income 2,181 2,103 2,283 4,464 3,211
Income before income taxes 15,070 8,645 12,973 28,043 15,315
Income taxes 3,014 863 2,594 5,608 1,530
Net income 12,056 7,782 10,379 22,435 13,785
Weighted average shares 39,388 38,473 39,058 39,274 36,924
Net income per share $ 0.31 $ 0.20 $ 0.27 $ 0.57 $ 0.37
Selected Balance Sheet Data
(Unaudited)
March 31, March 31, Dec. 31, 1998 1997 1997
Cash and short-term investments $144,296 $177,603 $151,309
Accounts receivable $ 28,779 $ 18,639 $ 23,669
Inventories $ 13,490 $ 10,234 $ 12,591
Total current assets $203,639 $211,686 $204,399
Total assets $318,296 $242,190 $306,852
Total current liabilities $ 28,023 $ 15,213 $ 30,962
Total long-term liabilities $ 71 $ 226 $ 109
Total shareholders' equity $290,202 $226,751 $275,781
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CONTACT:
Vitesse Semiconductor Corp., Camarillo
Eugene F. Hovanec, 805/388-3700
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