Vitesse Vows to Become Profitable

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Vesse Semiconductor Corp. reassured investors that the company was headed in the right direction during a conference call Monday, even though it has not made quarterly earnings reports since the beginning of the year, the Ventura Country Star reports.


“We remain absolutely committed to returning the company to profitability,” Vitesse CEO Christopher Gardner said.


The Camarillo company’s call took the place of what would have been Vitesse’s fourth-quarter earnings update. Instead of revenue and net income, the discussion focused on the company wrapping up an internal stock options investigation that is expected to alter past financial statements.


Vitesse designs, develops and sells semiconductors for communications and storage networks. The company had $190.8 million in sales last year.


Vitesse is one of many companies under investigation by the U.S. Securities and Exchange Commission for allegedly backdating executive stock options, a practice that artificially inflates their value.


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