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VENTURA COUNTY BUSINESS | VENTURA COUNTY EARNINGS

Vitesse Semiconductor Revenues Increase 50%

May 02, 2000

Vitesse Semiconductor Corp. said its second-quarter revenue in fiscal 2000 was up nearly 50% to $100.2 million from $66.9 million in the previous year.

Net income, excluding a write-off for purchased research and development, was $27 million, equal to 16 cents per share, compared with profit of $15.5 million, or 9 cents per share, in the second quarter of fiscal 1999.

In the fiscal 2000 first quarter, Vitesse earned $23.6 million, or 14 cents per share, on $89.2 million in revenue.

The Camarillo company designs integrated circuits for the telecommunications, data communications and test equipment manufacturing industries.

During the second quarter that ended March 31, Vitesse acquired Orologic Inc., a semiconductor company, for $450 million in common stock. The acquisition was completed on the final day of the quarter, and the acquired assets and liabilities were included in the company's financial statement.

As a result, Vitesse incurred a one-time charge of $45.6 million, equal to a net loss of 29 cents per share. With the write-off, the company incurred a net loss of $18.6 million, or 12 cents a share, compared with net income of $15.5 million, or 9 cents per share, in 1999's second quarter. First quarter net income was $23.6 million, or 14 cents per share.

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