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Vitesse Semiconductor Corp

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BUSINESS
January 25, 1994
Vitesse Semiconductor Corp., a Camarillo maker of gallium arsenide computer chips, reported that its net loss narrowed to $2.7 million in its fiscal first quarter that ended Dec. 31 from a $6.5-million net loss a year before. The company's revenue rose 53% in the quarter, to $8.1 million from $5.3 million. Vitesse said its losses shrank in part because of increased product shipments and cost controls.
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BUSINESS
November 7, 2006 | E. Scott Reckard, Times Staff Writer
Struggling Vitesse Semiconductor Corp., which fired three executives last spring over alleged manipulation of stock options, told investors Monday that it had reined in its losses but wouldn't have reliable financial statements until after a committee of directors finished investigating the scandal in December.
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BUSINESS
April 27, 1993
Vitesse Semiconductor Corp., a Camarillo maker of gallium arsenide computer chips, reported a loss in its fiscal second quarter. In the three months that ended March 31, Vitesse lost $5.14 million, in contrast with a year-earlier profit of $851,000. Its revenue declined to $6.07 million, down 37% from $9.63 million. Vitesse's six-month loss was $11.6 million, while its revenue fell 36%, to $11.4 million. A year before, the company earned $1.12 million on $17.7 million in revenue.
BUSINESS
July 8, 2006 | From Bloomberg News
Vitesse Semiconductor Corp.'s largest shareholder is demanding the maker of chips for computer networks be sold and accused the directors of "gross negligence." Chapman Capital, which has a 7.3% stake in Vitesse, said the Camarillo company should be sold for at least $4.50 a share, according to a filing Friday with the Securities and Exchange Commission. Chapman's figure is about three times the current stock price.
BUSINESS
April 21, 1998
Vitesse Semiconductor Corp.'s second-quarter net income jumped 55% on a 64% increase in revenues. For the quarter that ended March 31, Vitesse posted record net income of $12.1 million on record sales of $40.2 million, compared to net income of $7.8 million and sales of $24.6 million in the same period a year earlier. In its six-month period, Vitesse's net income jumped 23% to $22.4 million, up from $13.8 million a year ago, while revenues in the latest six-month period rose 61% to $74.
BUSINESS
January 24, 1995
Vitesse Semiconductor Corp., a Camarillo-based supplier of gallium arsenide circuits for computers and other electronic equipment, reversed a year-earlier loss in the company's fiscal first quarter that ended Dec. 31. Vitesse reported a $562,000 profit in the quarter, compared to a $2.69-million loss in the same period a year earlier. Sales rose to $9.76 million, up 21% from $8.05 million a year earlier.
BUSINESS
November 27, 1997 | Bloomberg News
Atmel Corp. said it is suing Vitesse Semiconductor Corp., alleging that Vitesse improperly hired away Atmel employees who it claims have disclosed confidential information to help Vitesse build a new chip plant in Colorado Springs, Colo. Atmel, a San Jose-based maker of specialty computer chips, said three former management-level employees who have since gone to work for Camarillo-based Vitesse are also encouraging current Atmel employees to join Vitesse.
BUSINESS
April 27, 2006 | From Bloomberg News
Vitesse Semiconductor Corp. said its financial statements from September 2002 through the end of 2005 "should not be relied upon." The Camarillo-based designer of semiconductors for communications networks also said portions of its annual report for the year ending Sept. 30, 2005, including the report of its independent auditor, KPMG, were unreliable. The disclosure was the third in eight days related to an internal investigation into stock-option grants. Vitesse put Chief Executive Louis R.
BUSINESS
June 10, 2003 | From Bloomberg News
Vitesse Semiconductor Corp., which makes chips used in telecommunications gear, agreed to acquire Multilink Technology Corp. in a transaction Vitesse valued at about $22.9 million. Each Multilink share will be exchanged for 0.5493 of a Vitesse common share, Vitesse said. The agreement values each Multilink share at $2.98, a 23% premium to Multilink's $2.42 closing share price Friday. Vitesse said it would pay about 4.2 million shares of its stock. Somerset, N.J.
BUSINESS
January 28, 2003 | From Bloomberg News
Vitesse Semiconductor Corp., which makes chips for telecommunications gear, said Monday that its fiscal first-quarter loss narrowed to $11 million as expenses fell. The loss was 6 cents a share, from $106.9 million, or 54 cents, a year earlier, the company said. Sales fell 2.4% to $38.2 million, from $39.1 million. Excluding expenses, the company said, its loss was 6 cents a share. On that basis, the loss matched the average estimate of analysts surveyed by Thomson First Call.
BUSINESS
October 22, 2002 | Glenda McCarthy
Vitesse Semiconductor Corp. reported fiscal fourth-quarter results in line with expectations, but said it hopes to boost profitability by the end of the new fiscal year. The Camarillo-based chip maker had net income of $3.7 million, or 2 cents a share, including a $30-million gain related to a repurchase of debt as well as $8 million in charges for restructuring costs and the write down of investments. The company lost $59.2 million, or 30 cents a share, during the same period last year.
BUSINESS
September 11, 2001 | Bloomberg News
Vitesse Semiconductor Corp., which makes chips for fiber-optic networking equipment, said its fiscal fourth-quarter loss will be wider than forecast because customers are buying fewer products. The Camarillo-based company said it now expects a loss, excluding certain items, of 12 cents to 15 cents a share for the quarter ending this month. Analysts polled by Thomson Financial/ First Call had forecast a 9-cent loss.
BUSINESS
May 3, 2001 | From Reuters
Communications chip maker Vitesse Semiconductor Corp. said Wednesday that it plans to reduce its work force by about 12% in the current quarter and slash executive salaries by as much as 25%. The company also will record a charge. The Camarillo-based company, which employs 1,280 people worldwide, said the job cuts are due to the industrywide slowdown in semiconductor demand. It said upper management would take a 10% to 25% pay cut to reduce expenses.
BUSINESS
April 17, 2001 | Reuters
Vitesse Semiconductor Inc. said earnings fell 62% to $18.8 million, or 10 cents a share, in its fiscal second quarter, citing a "dramatic" slowdown in sales of chips for communications and data storage. Revenue rose 21% to $121.8 million, hitting the low end of the company's reduced forecast. The earnings met analysts' lowered expectations.
BUSINESS
April 2, 2001 | Bloomberg News
Vitesse Semiconductor Corp., which makes chips for fiber-optic equipment, agreed Sunday to buy Danish communications semiconductor maker Exbit Technology for about $104.8 million in stock to add products. Camarillo-based Vitesse plans to issue about 4.4 million shares to closely held Exbit, the company said in a statement. As many as 2.5 million more Vitesse shares will be reserved for Exbit shareholders if performance goals are met, Vitesse said.
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