Vitesse Reports Revenue and Profit for Fourth Quarter and Fiscal
Year-End 1998
CAMARILLO, Calif.--(BUSINESS WIRE)--Oct. 15, 1998--Vitesse
Semiconductor Corp. (NASDAQ:VTSS) Thursday reported revenues and net
income for the fourth quarter and the fiscal year ended Sept. 30,
1998.
Revenues in the fourth quarter of fiscal 1998 were $54.1 million,
an increase of 75 percent over the $30.8 million in the fourth quarter
of fiscal 1997 and an increase of 17 percent over the $46.1 million in
the third quarter of fiscal 1998.
Net income for the fourth quarter of fiscal 1998 was $16.5
million, or 21 cents per share, compared with net income of $10.1
million, or 13 cents per share, in the fourth quarter of fiscal 1997
and net income of $13.9 million, or 18 cents per share, in the third
quarter of fiscal 1998.
Revenues for fiscal 1998 were $175.1 million, an increase of 67
percent over the $104.8 million for fiscal 1997. Net income for fiscal
1998 was $52.9 million, or 67 cents per share, compared with net
income of $32.9 million, or 44 cents per share, for fiscal 1997.
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 75 percent over
the fourth quarter of 1997, and bookings continued to be strong in all
of our focus areas.
"Our manufacturing groups, both in Camarillo and Colorado, put in
an extraordinary effort to ramp up capacity in order to meet our
growing demand."
Vitesse Semiconductor is a world leader in the design,
development, manufacturing and marketing of high-bandwidth
communications and Automatic Test Equipment (ATE) integrated circuits
(ICs). The company's products address the needs of telecommunications,
data-communications and ATE equipment manufacturers that demand a
combination of high speed, high complexity and low power dissipation.
Vitesse corporate headquarters is in Camarillo, with its second
fabrication facility, in Colorado Springs, Colo., currently ramping
volume supplies of ICs. Company/product information can be found on
the Web at www.vitesse.com.
*T
VITESSE SEMICONDUCTOR CORP.
Financial Summary
Statement of Operations
(In thousands, except per-share data)
Three months ended Year ended
(Unaudited)
Sept. 30, June 30, Sept. 30,
1998 1997 1998 1998 1997
Revenues $54,061 $30,849 $46,108 $175,082 $104,850
Cost and expenses:
Cost of revenues 20,978 12,934 18,168 69,352 45,500
Engineering and
development 8,523 4,983 7,375 27,915 16,804
Selling, general and
administrative 6,313 3,995 5,635 21,059 13,884
Income from operations 18,247 8,937 14,930 56,756 28,662
Other income 2,264 2,338 2,467 9,195 7,878
Income before income
taxes 20,511 11,275 17,397 65,951 36,540
Income taxes 4,000 1,127 3,470 13,078 3,652
Net income $16,511 $10,148 $13,927 $52,873 $32,888
Weighted average shares
including equivalents 80,116 78,234 79,348 79,219 75,424
Net income per share --
diluted $ 0.21 $ 0.13 $ 0.18 $ 0.67 $ 0.44
Selected Balance Sheet Data
Sept. 30, June 30, Sept. 30,
1998 1998 1997
(Unaudited)
Cash and short-term
investments $162,294 $150,220 $155,845
Accounts receivable $ 39,749 $ 34,725 $ 20,903
Inventories $ 16,795 $ 14,983 $ 11,809
Total current assets $243,032 $220,410 $204,646
Total assets $368,411 $341,593 $292,280
Total current liabilities $ 27,723 $ 27,448 $ 27,031
Total long-term
liabilities $ -- $ 33 $ 147
Total shareholders'
equity $340,688 $314,112 $265,102
NOTE: All references to the number of common shares, weighted average
number of common shares and per-share data for all periods presented
have been adjusted to reflect a 2-for-1 stock split of the common
stock that was effected on May 26, 1998.
*T
CONTACT: Vitesse Semiconductor Corp., Camarillo
Eugene F. Hovanec, 805/388-3700
KEYWORD: CALIFORNIA COLORADO
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
EARNINGS
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