Vitesse Reports Fiscal 2008 Year End Results

CAMARILLO, Calif.—(BUSINESS WIRE)—December 30, 2008— Vitesse Semiconductor Corporation (Pink Sheets:VTSS), a leading provider of advanced IC solutions for Carrier and Enterprise networks, achieved profitability for the fiscal year ended September 30, 2008 with net income of $16.6 million, or $0.07 net income per share, and today filed an annual report on Form 10-K with the Securities and Exchange Commission to report the Company’s fiscal year 2008 results of operations and financial condition. Vitesse also filed quarterly reports on Forms 10-Q for the periods ended December 31, 2007, March 31, 2008, and June 30, 2008 and is once again current with respect to its Exchange Act reporting obligations.

“Vitesse has emerged from some very formidable times as a stronger and profitable business. We have taken concrete steps to improve our strategic direction, product execution, operational efficiency, and customer loyalty,” said Chris Gardner, chief executive officer of Vitesse. “The results are a dramatic three-year trend of improved operational and financial performance. During this time, we have strengthened substantially every financial metric including: revenue, margins, operating income, net income, net debt, and cash. While we still have some challenges ahead, we now have a sound base on which to build, and we remain as committed as ever to improving shareholder value.”

Recap of Fiscal Year 2008 Results

As discussed in greater detail in the Company’s fiscal year 2008 Form 10-K, Vitesse announces fiscal year 2008 highlights as follows:

  • Net revenues in fiscal year 2008 were $228.5 million, an increase of 3% compared with the $221.9 million reported for fiscal year 2007;
  • Revenue for the licensing of intellectual property was $10.0 million in fiscal year 2008;
  • Cost of revenues for fiscal year 2008 was $106.3 million, or 47% of revenues, a decrease from $113.8 million, or 51% of revenues for fiscal year ended 2007;
  • Income from operations in fiscal year 2008 was $8.4 million compared to a loss from operations of $1.8 million for fiscal year 2007. Income from operations in fiscal year 2008 includes charges of $10.8 million related to professional fees associated with the completion of its internal accounting investigation, actions to improve internal controls and preparation of its financial statements. The fiscal year 2007 loss from operations included the same professional charges totaling $13.6 million;
  • Net income for fiscal year 2008 was $16.6 million, or $0.07 net income per share, compared to net loss of $21.6 million, or $0.10 loss per share, for fiscal year 2007; and
  • Cash position as of September 30, 2008 was $36.7 million.

Investors should review these financial results in conjunction with the more comprehensive information regarding the Company’s results of operations and financial condition included in its fiscal year 2008 Form 10-K.

Conference Call Information

A conference call is scheduled for Tuesday, January 6, 2009, at 8:00 a.m. Eastern Time. To listen to the conference call via telephone, dial 800-450-5178 (U.S. toll-free) or 706-679-6171 (International) and provide the passcode 79385488. Participants should dial in at least 10 minutes prior to the start of the call. The Company will also broadcast the conference call via a webcast over the internet. To listen to the webcast, please visit the investors section of the Vitesse website at The call will be recorded and available for replay until Tuesday, January 13, 2009. To access the audio replay, dial 800-642-1687 (U.S. toll-free) or 706-645-9291 (International) and provide the passcode 79385488.

Investor Conference Participation

Vitesse will participate in the 11th Annual Needham & Company Growth Stock Conference, January 6 – 8, 2009. Representing Vitesse at this event will be Chris Gardner, CEO, and Rich Yonker, CFO. They will present on Wednesday, January 7, 2009 at 3:30 pm Eastern Time. The presentation will be webcast. To listen to the webcast, view the investor section of the Company’s web site:

About Vitesse

Vitesse designs, develops and markets a diverse portfolio of high-performance, cost-competitive semiconductor solutions for Carrier and Enterprise networks worldwide. Engineering excellence and dedicated customer service distinguish Vitesse as an industry leader in Gigabit Ethernet LAN, Ethernet-over-SONET, Fibre Channel, Optical Transport, and other applications. Vitesse innovation empowers customers to deliver superior products for Enterprise, Access, Metro, and Core applications. Additional company and product information is available at

Vitesse is registered trademark in the United States and/or other jurisdictions of Vitesse Semiconductor Corporation. All other trademarks or registered trademarks mentioned herein are the property of their respective holders.

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