Monday, December 14, 2009
Vitesse Reports Steep Loss, Decline In Revenues For Year
Camarillo-based Vitesse Semiconductor, a developer of communications ICs for the networking industry, reported its yearly results today, saying that it had a net loss of $194.0M in fiscal year 2009, and revenues of $168.2M for the year. The firm's revenues dropped from $228.5M in its fiscal 2008 year. The big loss was primarily due to non-cash expenses of $191.4M for goodwill impairment. According to Vitesse, 2009 was "a challenging year" for the firm. However, the firm pointed out that it had positive cash flow from operations of $19.2M for the fiscal year, compared with negative cash flow from operations last year of $22.6M. Among other comments in its results, the firm said it is planning to transition its Camarillo, California test facility to subcontractors in Asia; the firm did not say how that move will impact jobs at the firm.