Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Company Contact:

 

Agency Contact:

 

 

Marty McDermut

 

Cathy Mattison

 

 

Vitesse Semiconductor

 

LHA

 

 

+1.805.388.3700

 

+1.415.433.3777

 

 

invest@vitesse.com

 

VTSS@lhai.com

 

Vitesse Reports Third Quarter Fiscal Year 2013 Results

 

·                  Net revenue totaled $26.4 million, growing 7% sequentially

·                  New product revenue represented 29% of total revenue

·                  Strengthened balance sheet with net proceeds of $37.6 million from follow-on offering

·                  Increased cash balance to $71.3 million at June 30, 2013

 

CAMARILLO, Calif. — August 6, 2013 — Vitesse Semiconductor Corporation (NASDAQ:  VTSS), a leading provider of advanced IC solutions for Carrier and Enterprise networks, reported its financial results for the third quarter fiscal year 2013, ended June 30, 2013.

 

“In the third quarter, our net revenue increased 7% sequentially with both Carrier and Enterprise products recording growth,” said Chris Gardner, CEO of Vitesse. “We continue to execute on our strategy to drive growth in new products, with new product revenue contributing 29% of our total revenue. Our innovative solutions for next-generation networks are gaining traction in the mobile access, wired and wireless backhaul, and cloud access markets. We are on track for new product revenue to double to $30.0 million in fiscal year 2013 from fiscal year 2012 and double again in 2014.”

 

“After completing a successful public offering of $37.6 million in net proceeds, we closed the quarter with a significantly strengthened balance sheet and are well-positioned to repay our debt, which matures in 2014. The success of this offering represents an important endorsement by many existing and new investors, and is a recognition of Vitesse’s improving strategic position.”

 

Third Quarter Fiscal Year 2013 Financial Results Summary

 

·                  Total net revenues were $26.4 million, compared to $24.8 million in the second quarter of fiscal year 2013 and $30.3 million in the third quarter of fiscal year 2012.

·                  Product revenues were $26.3 million, compared to $24.7 million in the second quarter of fiscal year 2013 and $25.7 million in the third quarter of fiscal year 2012.

·                  The product lines contributed the following as a percentage of product revenue as compared to the second quarter of fiscal year 2013:

·                  Carrier networking products: 54.7% versus 53.3%

 

GRAPHIC

 


The following information was filed by Vitesse Semiconductor Corp (VTSS) on Tuesday, August 6, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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