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Tuesday, Mar 5, 2024

Vitesse Makes Executive Salary Cuts

Vitesse Semiconductor Corp. will cut the pay of senior executives and stop contributing to employee retirements accounts as a way to reduce spending following a quarter that ended flat compared to the year before. The Camarillo-based firm reported a net loss of $190 million, or $0.84 per diluted share, on revenues of $49.8 million for the quarter ending Dec. 31. For the same period a year ago, the company had net income of $1.5 million, or $0.02 per diluted share, on revenues of $52.5 million. The net loss included a $191.4 million non-cash charge due to the impairment of goodwill. Without that charge Vitesse would have a net income of $1.5 million for the quarter. The company released five new products during the quarter, an example of how the investment in research and development, said CEO Chris Gardner. Mark R. Madler

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