Loss Narrows for Vitesse in Q1

Vitesse Semiconductor Corp. narrowed its net loss for the first quarter when compared to a year ago, a result of cost cutting measures, company officials said. The Camarillo-based developer of high performance semiconductors reported a net loss of $33.9 million, or $0.10 per diluted share, on revenues of $41.7 million for the quarter ending Dec. 31. For the same period the previous year, Vitesse had a net loss of $190 million, or $0.84 per diluted share, on revenues of $49.8 million. The first quarter results included a $21.6 million cost related to debt restructuring completed in October. Cost cutting measure started last year are working and the company continues to invest in R&D as it enters an ambitious new product cycle, Vitesse CEO Chris Gardner said. “As revenues continue to grow, we expect to see additional operating leverage and improved financial results,” Gardner said. Mark R. Madler