CAMARILLO, Calif. — March 31, 2009 — Vitesse Semiconductor Corporation (Pink Sheets: VTSS.PK) today announced a reduction of approximately 12% in its worldwide workforce. Severance and related charges will be incurred in the second fiscal quarter of 2009.
“We have taken steps to further reduce our operating expenses while fully preserving our investment in R&D and worldwide customer support,” said Chris Gardner, chief executive officer of Vitesse. “While we do see a few positive indicators in the market, we remain cautious about the rest of 2009. It was important to take these actions now in order to achieve our goal to remain cash neutral or better for the fiscal year. We remain committed to introducing at least three new products per quarter and to implementing our strategy to enable Ethernet in Carrier and Enterprise networks.”