Vitesse widens loss
Vitesse Semiconductor Corp., a Camarillo-based company that makes chips for carrier and enterprise networks, reported a second-quarter net loss of $6.2 million, or 25 cents per share on May 8.
The generally accepted accounting principles, or GAAP, numbers were lower than the 7 cent per share loss predicted by analysts. On a non-GAAP basis, the company beat Wall Street expectations. Non-GAAP net income for the semiconductor company was $313,000, or 1 cent per share.
GAAP numbers were down from the first quarter of 2012, when the company reported a net loss of $844,000. Total net revenues inched down to $29.7 million from $30 million in the first quarter of the fiscal year and $37 million a year ago.
“During the second fiscal quarter of 2012, we delivered revenue in the mid-point of our guidance and lower than expected operating expenses resulting in positive operating income and non-GAAP net income,” Chris Gardner, the company’s CEO, said in tan earnings release. “We achieved these solid results in a challenging market environment, further validating our fiscal discipline and the leverage in our operating model.”
The company’s share price was up 44 cents to $3.35 in after-hours trading on May 8.