Vitesse Posts Profit on Gain From Debt

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. Excluding one-time items, Vitesse had a loss of $18.7 million, or 9 cents, matching analysts’ consensus forecast, down from a loss of $28.1 million, or 14 cents, a year ago. Revenue increased 2% to $38.1 million.

Vitesse shares rose to as high as 92 cents in extended trading after closing off 5 cents at 78 cents on Nasdaq before results were announced.

Glenda McCarthy