Vitesse Reports Results for First Quarter of Fiscal 1999
CAMARILLO, Calif.--(BUSINESS WIRE)--Jan. 7, 1999--Vitesse Semiconductor Corp. (NASDAQ: VTSS) Thursday reported revenues and net income for the first quarter of fiscal 1999 ended Dec. 31, 1998.
Revenues in the first quarter of fiscal 1999 were $60.2 million, an increase of 73% over the $34.7 million in the first quarter of fiscal 1998 and an increase of 11% over the $54.1 million in the fourth quarter of fiscal 1998.
Net income for the first quarter of fiscal 1999 was $15.4 million or $0.19 per share (taxed at 33%) compared to net income of $10.4 million or $0.13 per share (taxed at 20%) in the first quarter of fiscal 1998 and net income of $16.5 million or $0.21 per share (taxed at 20%) in the fourth quarter of fiscal 1998.
Vitesse President and CEO, Lou Tomasetta, said "This was another very successfully quarter. Revenues increased by 73% over the first quarter of fiscal 1998 as a result of continued growth in our focus areas of communications and test equipment. Bookings continued to be strong in each of these areas.
"While we set a record for operating income, net income at $0.19 per share was lower than the $0.21 per share in the fourth quarter of 1998 as a result of an increase in the income tax rate from 20% to 33%."
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, datacommunications and ATE equipment manufacturers who demand a combination of high speed, high complexity and low power dissipation.
Vitesse has headquarters in Camarillo, and manufactures volume ICs at its two fabrication facilities in Camarillo and Colorado Springs. Company/product information can be found on the Web at www.vitesse.com.
VITESSE SEMICONDUCTOR CORP.
FINANCIAL SUMMARY
Statement of Operations
(in thousands except per share data)
Three months ended
(unaudited)
Dec. 31, Dec. 31, Sept. 30,
1998 1997 1998
Revenues $60,179 $34,701 $54,061
Costs and expenses:
Cost of revenues 22,961 14,194 20,978
Engineering & development 9,565 5,555 8,523
Selling, general & admin. 7,019 4,262 6,313
Income from operations 20,634 10,690 18,247
Other income 2,409 2,283 2,264
Income before income taxes 23,043 12,973 20,511
Income taxes 7,605 2,594 4,000
Net income $15,438 $10,379 $16,511
Weighted average shares 80,905 78,116 80,116
Net income per share $0.19 $0.13 $0.21
Selected Balance Sheet Items Dec. 31, Dec. 31, Sept. 30,
1998 1997 1998
Cash and investments $165,194 $151,309 $162,294
Accounts receivable $ 45,080 $ 23,669 $ 39,749
Inventories $ 17,993 $ 12,591 $ 16,795
Total current assets $252,995 $204,399 $243,032
Total assets $398,136 $306,852 $368,411
Total current liabilities $ 36,032 $ 30,962 $ 27,723
Total long-term liabilities $ 2,730 $ 109 $ ---
Total shareholders' equity $359,374 $275,781 $340,688
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.
CONTACT: Vitesse Semiconductor Corp., Camarillo
Eugene F. Hovanec, 805/388-3700
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