Vitesse Releases Q3 Earnings

Net income went up in the third quarter for Vitesse Semiconductor Corp. when compared to a year ago. The Camarillo-based company reported income of $33 million, or $0.99 per diluted share, on revenues of $37.5 million for the quarter ending June 30. For the same period in 2009, the company had net income of $12.5 million, or $1.08 per diluted share, on revenues of $36.4 million. The third quarter, however, did include $32.8 million in non-cash interest income and excluding that amount net income for the quarter would have been $229,000. Revenues were below expectations for the quarter but sales remained strong, said Vitesse CEO Chris Gardner. “We launched 12 new products in the third quarter, bringing our total for the year to 23,” Gardner said. “We expect this product cycle to drive our future growth.” Mark R. Madler