SAN JOSE, Calif. -- Vitesse Semiconductor Corp. has implemented a reduction of approximately 12 percent of its worldwide workforce.
Severance and related charges will be incurred in the second fiscal quarter of 2009.
Last month, Vitesse took some actions to continue to reduce its spending for the remainder of 2009. Measures include salary reductions for executive management and other employees, forgoing of annual merit increases, and suspension of 401 employer match contributions.
At the time, the chip maker said revenues for the first quarter of fiscal year 2009 were $49.8 million. Product revenues were $44.8 million representing a sequential decline of 19.1 percent from $55.4 million in the fourth quarter of fiscal year 2008, and a decline of 14.7 percent compared to $52.5 million reported in the first quarter of fiscal year 2008.
The equivalent GAAP measure of net loss of $190.0 million, or minus $0.84 per share, includes a non-cash charge of $191.4 million due to the impairment of goodwill.