Lower Net Loss in Q2 for Vitesse

Vitesse Semiconductor Corp. narrowed its net loss in the second quarter when compared to a year ago. A weak market in Asia contributed to the company posting lower revenues. For the quarter ending March 31, Vitesse reported a net loss of $9 million, or $0.37 per diluted share. For the same period in 2010, the company had a net loss of $34.1 million, or $1.69 per diluted share. Revenues dropped in the second quarter to $36.9 million from the $43.9 million in the second quarter of 2010. Earnings results were in line with expectations, said Vitesse CEO Christopher Gardner. New products introduced in 2010 are expected to contribute sales dollars by the fourth quarter, Gardner said. “We continue to expect that these new products will comprise 25 percent of our total product revenues by the end of 2012,” Gardner added.