VTSS - reported record earnings. The stock acted funny today... did not runup like many others... it dipped and stayed until late then it went back to original level... the runup in recent few days was attributed to gen strength in chip/comm stocks. I think we'll start running here...
Vitesse Reports Record Revenue and Profit
BusinessWire, Thursday, April 08, 1999 at 16:34
CAMARILLO, Calif.--(BUSINESS WIRE)--April 8, 1999--Vitesse
Semiconductor Corp. (NASDAQ:VTSS) Thursday reported revenues and net
income for the second quarter of fiscal 1999 ended March 31, 1999.
Revenues in the second quarter of fiscal 1999 were $66.9 million,
an increase of 66% over the $40.2 million in the second quarter of
fiscal 1998 and an increase of 11% over the $60.2 million in the first
quarter of fiscal 1999.
Net income for the second quarter of fiscal 1999 was $17.6
million, or $0.22 per share (taxed at 33%), compared with net income
of $12.1 million, or $0.15 per share (taxed at 20%), in the second
quarter of fiscal 1998 and net income of $15.4 million, or $0.19 per
share (taxed at 33%), in the first quarter of fiscal 1999.
For the six-month period ended March 31, 1999, revenues were
$127.0 million, a 70% increase over the $74.9 million recorded in the
six-month period ended March 31, 1998. Net income for the six-month
period ended March 31, 1999, was $33.1 million, or $0.41 per share
(taxed at 33%), compared with $22.4 million, or $0.29 per share (taxed
at 20%), for the six-month period ended March 31, 1998.
Vitesse President and Chief Executive Officer, Lou Tomasetta,
said: "I am pleased to report another successful quarter. Revenues
increased by 66% over the second quarter of fiscal 1998 due to
continued strength in our focus areas of communications and test
equipment."
"As a result of continued improvements in yields and production
efficiencies, our manufacturing groups, both in Camarillo and Colorado
Springs, were able to generate a record volume of shipments,"
Tomasetta added.
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.
*T
VITESSE SEMICONDUCTOR CORP.
FINANCIAL SUMMARY
Statement of Operations
(in thousands except per share data)
Three months ended Six months ended
(unaudited) (unaudited)
Mar. 31, Mar. 31, Dec. 31, Mar. 31, Mar. 31,
1999 1998 1998 1999 1998
Revenues $ 66,863 $ 40,212 $ 60,179 $ 127,042 $ 74,913
Costs and expenses:
Cost of revenues 24,907 16,012 22,961 47,868 30,206
Engineering
& development 10,669 6,462 9,565 20,234 12,017
Selling, general
& administrative 7,688 4,849 7,019 14,707 9,111
Income from
operations 23,599 12,889 20,634 44,233 23,579
Other income 2,735 2,181 2,409 5,144 4,464
Income before
income taxes 26,334 15,070 23,043 49,377 28,043
Income taxes 8,689 3,014 7,605 16,294 5,608
Net income 17,645 12,056 15,438 33,083 22,435
Weighted average
shares 81,902 78,776 80,905 81,486 78,548
Net income per
share $0.22 $0.15 $0.19 $0.41 $0.29
Selected Balance Sheet Items
Mar. 31, Dec. 31, Sept. 30,
1999 1998 1998
(unaudited) (unaudited)
Cash and investments $ 185,439 $ 165,194 $ 162,294
Accounts receivable $ 48,124 $ 45,080 $ 39,749
Inventories $ 20,493 $ 17,993 $ 16,795
Total current assets $ 286,275 $ 252,995 $ 243,032
Total assets $ 439,603 $ 398,136 $ 368,411
Total current
liabilities $ 26,444 $ 36,032 $ 27,723
Total long-term
liabilities $ 2,725 $ 2,730 $ ---
Total shareholders'
equity $ 410,434 $ 359,374 $ 340,688
*T
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
KEYWORD: CALIFORNIA COLORADO
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
EARNINGS
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