Vitesse Narrows Loss in Q1

Vitesse Semiconductor Corp. narrowed its net loss in the first quarter when compared to the same period from a year ago. The Camarillo-based technology company reported a net loss of $7.7 million, or $0.32 per diluted share, on revenues of $37.7 million for the quarter ending Dec. 31. For the same period in 2009, the company had a net loss of $34 million, or $1.95 per diluted share, on revenues of $41.7 million. The drop in revenue for the first quarter was attributed to ongoing weakness in the Asian market. For the remainder of the year, Vitesse will continue to focus on building market traction for the 30 new products introduced in 2010, said CEO Chris Gardner. “We anticipate a successful new product cycle beginning towards the end of this year and having these products account for 25 percent of product revenues by the end of 2012,” Gardner said. Mark R. Madler