Vitesse Semiconductor Corporation (OTC:VTSS) has released the financial results for the second quarter period ended March 31, 2010. The financial report showed the company’s net revenues of $43.9 million, in comparison to $34.6 million reported for the second quarter of 2009. Vitesse’s operating income reached $3.0 million, compared to an operating loss of $6.4 million for the year ago period. The company also reported a net loss of $34.1 million, in comparison to a net loss of $7.1 million for the comparable period of 2009. The net loss includes a $30.4 million non-cash embedded derivative expense. Without a non-cash expense, the company’s net loss for the second quarter was $3.7 million.
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Vitesse Semiconductor Corporation (Vitesse) is a provider of advanced integrated circuits (ICs) that are utilized primarily by manufacturers of networking systems for Carrier, Enterprise and Storage communications applications. Vitesse designs, develops and markets a portfolio of high-performance semiconductor products. The Company’s customers include communications and enterprise original equipment manufacturers (OEMs), such as Alcatel-Lucent, Ciena Corporation, Cisco Systems, Inc., IBM, Telefonaktiebolaget LM Ericsson, Fujitsu Limited, Hewlett-Packard Co., Hitachi, Ltd., Huawei Technologies Co., Ltd., H3C Technologies Co., Limited, Nortel Networks Corp., Nokia Siemens Networks B.V., Tellabs, Inc. and ZTE Corporation. As of September 30, 2009, the Company operated four domestic design centers in the United States, in California, Oregon, Massachusetts and Texas, and four international design centers in Taiwan, Denmark, Germany and India.
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