March 27, 2001 – Camarillo, California – Vitesse Semiconductor Corp. has reduced its 2Q01 revenue forecast to $120 to $125 million, down from the previously-forecasted $150 to $160 million. The company sites order cancellations and weakness in demand as the primary reasons for the lower projections. Additionally, Vitesse forecasts net income (pro forma) to drop to $0.10 to $0.11 per share.
Lou Tomasetta, Vitesse president and CEO said, “In response to this current slowdown, we will be taking a hard look at managing our cost structure without compromising our ability to roll out new products in a timely matter. Near-term visibility at a majority of our customers has worsened over the last few weeks and we expect this phenomeonon to continue into the next quarter.”
Vitesse designs and supplies semiconductors for the manufacturers of next generation DWDM and optical networking communications equipment. The company also develops storage area networking ICs and enclosure management products.