Vitesse Semiconductor Reports 1st-Quarter Loss

Vitesse Semiconductor Corp. of Camarillo reported a $6.5-million loss for the first quarter that ended Dec. 31. For the same period the previous year, the company reported net income of $268,000.

The company, which earlier this month laid off 12% of its work force, also reported a revenue decrease of 34% in its first quarter to $5.3 million, down from $8 million in the same period a year before.

The company blamed weakness in the high-performance computer market and a reduction in orders from its major customer for its reduced revenues and large loss. In addition, the company spent $240,000 on severance pay for employees who were laid off as part of the company’s plan to reduce its work force by 37 positions, to 275.

The company, which makes circuits used in military and commercial computers, says it is developing new products that will help offset the effects of the slow market.