Vitesse semiconductor company (pink sheet: VTSS – news) ,The porter and a main provider of advanced IC solution of enterprise’s network, it is the financial results of fourth quarter and its audit of financial annual report on the 30th of the end of September of 2009 today.
Operation recently and financial important news
Finish reorganizing the debt of the trade, finish in October of 2009, cause a prominent improved balance sheet and operate the flexibility in 2010 fiscal years.
Compare with 228,500,000 dollars in 2008 fiscal years, in the net income of 168,200,000 dollars of 2009 financial annual reports, reflect the weak global economic situation and periodic industry’s downward trend.
Produce the positive cash revenue and expenditure from the action of 19,200,000 dollars in 2009 fiscal years, compare with cash revenue and expenditure from defeat of the action of 22,600,000 dollars in 2008 fiscal years.
The net loss in 194 million dollars for 2009 financial annual reports, compare with the net income of 16,600,000 dollars in 2008 fiscal years. Change and include the cost of 191,400,000 dollars that is not the cash in deserved value of 12,200,000 dollars of once of losing in a friendly way by 2009 results and spin-off responsibility to us.
Introduce 16 kinds of new products, 2009 goals of over 12.
CEO comments on
Hile for Vitesse in 2009 imbued with on the year in challenge,suit it industry on the whole,we in at most we goals key in not paying, talk about Chris and Gardiner, CEO of Vitesse. Mportantly, we are used in the debt problem of solving us of completion of our debt that is reorganized in October, and advance a stronger balance sheet. Though badly paid than the ones that expected, we produce the positive cash revenue and expenditure from taking action in 2009. We take too to have action of improving us of provocative measure and reduce the operating costs, and continue our investment level in studying with development.
Arket condition begins to improve, Vitesse is has improved financial stability and a very strong new products circulation to confirm the position well for 2010. In the coming year, we will concentrate on optimizing the value of our action in investment research and development through continuing, and pass Camarillo which change us, test the apparatus about our subcontractor in Asia in California. We make the investment and confirm that will be suitable for improvement and operate efficiency and return after 2011 years in the position of Vitesse, the gentleman Gardiner is over.
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