Revenues Up 73% for Vitesse Semiconductor

Vitesse Semiconductor Corp. in Camarillo reported revenues in the first quarter ended Dec. 31 of $60.2 million, up 73% over $34.7 million in the first quarter of fiscal 1998 and an increase of 11% over the $54.1 million reported the previous quarter.

Net income for the first quarter of fiscal 1999 was $15.4 million or 19 cents per share, compared with $10.4 million or 13 cents per share in the first quarter of fiscal 1998, and $16.5 million or 21 cents per share in the fourth quarter of fiscal 1998.

Vitesse President and Chief Executive Officer Lou Tomasetta attributed the increase to continued growth in the company’s focus areas of communications and test equipment.

“While we set a record for operating income, net income at 19 cents per share was lower than the 21 cents per share in the fourth quarter of 1998 as a result of an increase in the income tax rate from 20% to 33%,” he said.

Vitesse designs and manufactures communications and automatic test equipment integrated circuits. The company is based in Camarillo, with manufacturing facilities there and in Colorado Springs.