- Cash balance was $48.2 million, compared to $68.9 million.
- Accounts receivable was $9.9 million, compared to $9.8 million.
- Inventory was $11.3 million, compared to $10.7 million.
- Total debt was $48.3 million, compared to $60.8 million.
Financial Outlook
For the third quarter of fiscal year 2014, ending June 30, 2014, Vitesse expects revenue to be in the range of $26.5 million to $28.5 million and product margins to be between 54% and 56%. GAAP operating expenses are expected to be between $17.0 million and $18.0 million.
May 6, 2014 Conference Call Information
A conference call is scheduled for today, May 6, 2014, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to review the financial results for the second quarter of fiscal year 2014.
To listen to the conference call via telephone, dial 888.438.5453 (U.S. toll-free) or 719.325.2469 (International) and provide the passcode 7602530. Participants should dial in at least 10 minutes prior to the start of the call. To listen via the Internet, the webcast can be accessed through the investor section of the Vitesse corporate web site at www.vitesse.com.
The playback of the conference call will be available approximately two hours after the call concludes and will be accessible on the Vitesse corporate web site or by calling 877.870.5176 (U.S. toll-free) or 858.384.5517 (International) and entering the passcode 7602530. The audio replay will be available for seven days.
About Vitesse
Vitesse (NASDAQ: VTSS) designs a diverse portfolio of high-performance semiconductor solutions for Carrier and Enterprise networks worldwide. Vitesse products enable the fastest-growing network infrastructure markets including Mobile Access/IP Edge, Cloud Computing, SMB/SME Enterprise and IoT Networking. Visit www.vitesse.com or follow us on Twitter @VitesseSemi.
Vitesse is a trademark of Vitesse Semiconductor Corporation in the United States and other jurisdictions. All other trademarks or registered trademarks mentioned herein are the property of their respective holders.
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Cautions Regarding Forward Looking Statements
All statements included or incorporated by reference in this release and the related conference call for analysts and investors, other than statements or characterizations of historical fact, are forward-looking statements that are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” and similar terms, and variations or negatives of these words. Examples of forward-looking statements in this release include the Company’s financial outlook for its third quarter and full year of fiscal 2014, projected revenues from new products and anticipated revenue growth. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors and uncertainties that could affect the Company’s forward-looking statements include, among other things: identification of feasible new product initiatives, management of R&D efforts and the resulting successful development of new products and product platforms; acceptance by customers of the Company’s products; reliance on key suppliers; rapid technological change in the industries in which the Company operates; and competitive factors, including pricing pressures and the introduction by others of new products with similar or better functionality than the Company’s products. These and other risks are more fully described in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
We provide non-GAAP measures of non-GAAP operating expenses, non-GAAP
income (loss) from operations and non-GAAP net income (loss) as a
supplement to financial results based on GAAP operating expenses, GAAP
income (loss) from operations and GAAP net income (loss). The Company
believes that the additional non-GAAP measures are useful to investors
for the purpose of financial analysis. We believe the presentation of
non-GAAP measures provides investors with additional insight into
underlying operating results and prospects for the future by excluding
gains, losses and other charges that are considered by management to be
outside of the Company’s core operating results. Management uses these
measures internally to evaluate the Company’s in-period operating
performance before taking into account these non-operating gains, losses
and charges. In addition, the measures are used for planning and
forecasting of the Company’s performance in future periods.
