Vitesse's Q4 Net revenue up 9.5% on 2009
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Vitesse Semiconductor has reported Q4 Net revenues as $42.9m – up 9.5% compared with the same period a year earlier - and a sequential increase of 14.3%. However, the IC provider's Net revenues of $166.million for fiscal year 2010, saw a year on year decrease of 1.3%.
According to the report, the company showed significant growth in product margins and a positive cash flow was generated from operations.
The company met its target to deliver 30 new products in 2010, which it says is driving an increasing flow of new design wins. The company says its investment in new product development will translate into sustained revenue growth towards the end of 2011 and well into 2012.
"We closed fiscal year 2010 on a strong note, achieving the top end of our guidance for both quarterly revenue and gross margins," said Chris Gardner, ceo of Vitesse. "During the year, our revenue remained about flat with 2009 levels in spite of the economic climate, industry wide component shortages and a declining contribution from our legacy storage business. Our product revenue grew nearly 7% to $165.6m and revenue from our core products in Carrier and Enterprise Networking increased approximately 15% to $148.4m."
The company says it has remediated outstanding material weaknesses and received a clean audit opinion for its fiscal year 2010 audit. It will continue to invest in its financial and operating systems and expects to begin the implementation of a new ERP system in 2011.
