“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:
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 www.vitesse.com. 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: www.vitesse.com.
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 www.vitesse.com.
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