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Friday, Feb 23, 2024

Vitesse Has Strong Third Quarter

Growth in the Chinese market and stabilizing order patterns contributed to manufacturer Vitesse Semiconductor Corp. having an improved third quarter when compared to the previous year. The Camarillo-based firm reported a net income of $12.5 million, or $0.05 per diluted share, on revenues of $44.6 million for the period ending June 30. For the same period a year ago, the company had net income of $1.1 million, or $0.01 per diluted share, on revenues of $55 million. Third quarter results included a one-time payment of $22.5 million from settling a lawsuit with its former auditor KPMG LLP stemming from allegations the accounting firm was negligent in auditing the company’s stock option grants and financial statements during the years 1994 to 2000 and 2001 to 2004. “We delivered a solid quarter in spite of challenging market conditions,” said Vitesse CEO Chris Gardner. “We experienced stabilization with ordering patterns from our customers and growth in Asia-Pacific, especially in China. We remain cautiously optimistic about the recovery of the industry as we believe that the bottom occurred last quarter.” Mark R. Madler

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