Vitesse Reports Record 2nd-Quarter Revenue

Vitesse Semiconductor Corp. has reported record revenue and net income for the second quarter that ended March 31.

Revenues in the second quarter of fiscal 1996 were $15.6 million, an increase of 56% over the $10 million in the second quarter of fiscal 1995, and an increase of 11% over the $14 million in the first quarter of fiscal 1996.

Net income for the second quarter was $2.6 million, or 14 cents per share, compared with a net loss of $1 million, or 7 cents per share, in the second quarter of fiscal 1995. The second quarter’s net income also was better than that of the first quarter’s $1.8 million, or 10 cents per share.

Vitesse President and Chief Executive Officer Lou Tomasetta said the second-quarter report came on the heels of a successfully completed secondary offering of 2.4 million shares of common stock at $18 per share.

“The offering has enabled us to strengthen our balance sheet through increased cash and reduction in debt,” Tomasetta said.

Vitesse Semiconductor of Camarillo designs and manufactures digital integrated circuits for telecommunications, data communications and automated test equipment systems providers.