Vitesse Semiconductor Reports Record Earnings

Vitesse Semiconductor Corp. in Camarillo reported fourth-quarter revenues of $54.1 million, an increase of 75% over the $30.8 million in the fourth quarter of fiscal 1997 and up 17% over the $46.1 million in the third quarter of fiscal 1998.

Net income for the fourth quarter, which ended Sept. 30, was $16.5 million, or 21 cents per share, compared with $10.1 million or 13 cents per share in the fourth quarter of fiscal 1997 and $13.9 million or 18 cents per share in the third quarter of fiscal 1998.

Revenues for fiscal 1998 were $175.1 million, an increase of 67% over $104.8 million for fiscal 1997. Net income for fiscal 1998 was $52.9 million or 67 cents per share, compared with $32.9 million or 44 cents per share for fiscal 1997.

“I am pleased to report that we once again set records for revenues, operating profit and net income,” said Lou Tomasetta, president and chief executive officer. “Our manufacturing groups, both in Camarillo and Colorado, put in an extraordinary effort to ramp up capacity in order to meet our growing demand.”

Vitesse designs and manufactures integrated circuit boards for telecommunications, data communications and automatic test equipment manufacturers.