Vitesse Reports Fourth Quarter and Fiscal Year 2014 Results

Fiscal Year 2014 Financial Results Summary

  • Total net revenues for fiscal year 2014 were $108.5 million compared with $103.8 million for fiscal year 2013.
    • Product revenues were $102.8 million, compared with $101.3 million in fiscal year 2013.
    • Product revenues by market, excluding non-core revenues of $1.6 million, contributed the following as a percentage of fiscal year 2014 product revenue as compared to the fiscal year 2013:
      • Carrier networking products: 46.8% versus 55.5%
      • Enterprise networking products: 42.3% versus 39.1%
      • Industrial-IoT networking products: 10.9% versus 5.4%
    • Intellectual property revenues were $5.7 million, compared with $2.4 million in fiscal year 2013.
  • Product margins were 56.7% in fiscal year 2014, compared to 53.9% in the prior year. Total gross margins were 59.0%, compared to 54.9% in the prior year.
  • Operating expenses were $73.8 million, compared to $72.5 million in fiscal year 2013.
  • Loss from operations was $9.8 million, compared with loss from operations of $15.5 million in fiscal year 2013.
  • Non-GAAP loss from operations was $3.3 million, compared with non-GAAP loss from operations of $10.7 million in fiscal year 2013.
  • Net loss was $18.1 million, or $0.30 per basic and fully diluted share, in fiscal year 2014, compared with a net loss of $22.1 million, or $0.55 per basic and fully diluted share, in fiscal year 2013.
  • Non-GAAP net loss was $10.0 million, or $0.16 per basic and fully diluted share, in fiscal year 2014 compared with a non-GAAP net loss of $18.1 million, or $0.45 per basic and fully diluted share, in fiscal year 2013.

Balance Sheet Data at September 30, 2014 as Compared to September 30, 2013

  • Cash and restricted cash were $72.7 million, compared to $69.0 million.
  • Accounts receivable was $10.9 million, compared to $9.8 million.
  • Inventories were $12.8 million, compared to $10.7 million.

Repayment of 2014 Convertible Debentures

On October 30, 2014, the Company repaid in full the remaining $32.8 million in principal amount of its 8.0% convertible second lien debentures due October 2014. The repayment eliminates annual cash interest payments and annual interest expense of approximately $2.6 million and $4.0 million, respectively. Following this repayment of its second lien debentures, the Company’s only outstanding debt is $17.2 million in principal amount of senior term loan debt due August 2016.

Financial Outlook

For the first quarter of fiscal year 2015, ending December 31, 2014, Vitesse expects revenues to be in the range of $24.0 million to $26.5 million and product margins to be between 57% and 60%. GAAP operating expenses are expected to be between $18.5 million and $19.5 million.

December 4, 2014 Conference Call Information

A conference call is scheduled for today, December 4, 2014, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to review financial results for the fourth quarter and fiscal year 2014. To listen to the conference call via telephone, dial 888-428-9490 (U.S. toll-free) or 719-325-2420 (International) and provide the passcode 2016536. Participants should dial in at least 10 minutes prior to the start of the call. To listen via the Internet, the webcast can be accessed through the investor section of the Vitesse corporate web site at www.vitesse.com.

The playback of the conference call will be available approximately two hours after the call concludes and will be accessible on the Vitesse corporate web site or by calling 877-870-5176 (U.S. toll-free) or 858-384-5517 (International) and entering the passcode 2016536. The audio replay will be available for seven days.

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