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VTSS Investor Forum

VTSS 1Q earnings and conference call

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http://finance.yahoo.com/news/vitesse-reports-first-quarter-fiscal-210000582.html

Posted by dlog - 11 years ago

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I really don't need to listen to the conference call to be able to say that VTSS is all but certain to have its 6th year of consecutive down revenue when September rolls around and VTSS all but confirms it in this announcement.

"new product revenue will exceed 30% of total revenue for fiscal 2013."

and further down in the announcement

"we continue to project new product revenue to double to $30.0 million for the fiscal year 2013."

even I can do the math on that one. VTSS prediction of revenue for 2013. . . . something very near $100 million with a distinct possibility that total revenue will be less than $100 million.

Posted by dlog - 11 years ago | Updated 11 years ago

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Did I just hear Gardner state that Q2 was the bottom?

Posted by christ3opher - 11 years ago

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Gardner is telling us once again that participants in the industry are reporting mixed results blah, blah, blah...

Here are the mixed results. This is percentage growth of revenue.

90 days ago /one year ago

LSI -3.8% /+15%
AMCC +11% /-8%
MSPD +5.9%/+13.4%

VTSS -17.4%/ -14.8%


VTSS is the only one of these that shows negative results from both 12 months ago and 90 days ago. And double digit declines at that. MSPD is showing growth in both periods.

In the past 90 days VTSS got killed. I can't remember a time when VTSS lead in revenue growth But gardner is going to "drive growth." And lets remember VTSS is "gaining market share." That must one tiny market.

Posted by dlog - 11 years ago | Updated 11 years ago

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i thought I heard the comment that VTSS wanted to have the debt situation taken care of "before the end of this fiscal year."

and if I heard correctly all of the options they cited involved negotiating with the current bond holders, ie. they can't find any new money.

i still don't have a handle on Ragin's strategy. If there is negotiation with the bondholders you most probably can look for more dilution.

This is the kind of situation that typically goes private, restructure the debt, wait for the revenue stream to come on and bring it back public at 5-10X the buyout. (and the current shareholders would get messed over of course.)

Posted by dlog - 11 years ago | Updated 11 years ago

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In my opinion, the call was a joke and offered nothing but the platitudes we have heard every conference call for the past 5 years.

Posted by dlog - 11 years ago | Updated 11 years ago

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VTSS is sitting at 9 cents right now ( 20:1 split). How did a $100 a share tech darling fall to 9 F'ing cents?

You might as well take your money and bury it in the backyard because the stock market is not regulated. Gardner and Tomasetta are living proof. I don't know which one belongs in prison more.

Is Gardner still getting B-jobs from the Vitesse accountant?

I read where Tomasetta is up for trial #2 with Yatin and the old accountant (Nicole something) testifying against him for lighter sentences) Too complicated for the average Joe six pack juror to get their head around, the defense attny's love to confuse them...child's play.

Posted by OKSPSNOW - 11 years ago

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Pathetic- the revs are getting to a point they would be better off opening a lemonade stand. What is really pathetic is giving a raise and a new multi-year contract (posted earlier) to our Captain of the Hindenburg. Isn't the idea to reward performance? In that case CRG owes us money.

$ 1.84/share in after-hours.

Posted by Techinvestor - 11 years ago

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?

Posted by phobos - 11 years ago | Updated 11 years ago

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This may have been about the worst conference call I've ever heard. Only 2 questions shows the interest in this pitiful operation. Yet Gardner continues to negotiate these great deals for himself, approved by the board who also get these sweetheart deals themselves for being casual observers to the ineptness. The longer they can keep this farce going, the better for them. Only the poor shareholders suffer, but who cares about them when you're still on the gravy train??

The most outrageous statement is when they actually have the gonads to brag about new product revenue increasing as a PERCENTAGE of total revenue. The dollar amount could actually falling quarter to quarter (and maybe is), and the % can still go up if your total top line revenue number is falling faster, because nobody wants their old bullshit products. That's why they've been having to play this "End of Life" sale card. "We're not going to be making this old junk anymore, so if you need any for any of your old junk products you still make for whatever reason, you better get it now". I think that one is right out of Lou's playbook. The apple doesn't fall far from the tree.

They raised $17M but already managed to burn through $3M of it by turning in such a shitty quarter. Unbelievable that any Board of Directors with any kind of sense of shareholder duty whatsoever (which this one apparently doesn't have) could let this thing go on for as long as it has, just run into the ground. After A&M did their forensic accounting and figured out their revenue after the scandal six years ago, they were doing in the $60M/quarter range. This is just an outrageously incompetent managment team, with more bullshit and excuses than we can even try and comprehend. Yet the board continues whistling through the graveyard. Billy, do whatever you can to get rid of this inept bunch of losers. PLEASE!

Posted by sharpinvestments - 11 years ago

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sharp:

You can bet the only reason there were 2 firms on the conference call is because those firms are looking to do some investment banking business with the refinance. Without that prospect there would have been no one on the call. We are talking sub $50 million in market cap, looking at 6 years of decreasing revenue. Just unbelievable. Have you noticed Gardner has started characterizing VTSS as a "start-up?" He can brag that he took a $250 million per year company and turned it into a start-up.

Posted by dlog - 11 years ago

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Isn't it amazing that we still even care to invest a minute of our time following/discussing VTSS after tolerating the years of observing this train wreck of a company. I'm kicking myself for not being short VTSS stock for the last 6 years.

Maybe it's the fascination with the macabre and watching this scam continue.

Posted by Techinvestor - 11 years ago

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At the present and consistent rate of decline, which has been consistent over time, I can only say that this thing needs to be sold before the people in charge destroy any more value. They can blame the economy "China is still soft", but the economy has not been down for over a decade. They have some interesting intellectual property, but they are too small to make a go of it as an independent firm. This thing will probably drop to $1.50 today. This is by far THEE worst investment I have ever made. The hubris of that jerk to give himself any raise what-so-ever (he should take a cut! -- but of course when, not if, Martin gets rid of him, his golden parachute will be based upon his current pay, so this is about maximizing his lump sum at termination) after a performance like this tells you that this CEO differs not one bit from the previous CEO. This is business as usual at Vitesse.

MR. MARTIN ... FIRE THIS BOARD!!! SELL THIS THING!!!

Posted by phobos - 11 years ago

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Anyone seen DaWiley1?

Posted by phobos - 11 years ago

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i was not happy with the ops revs numbers. crg got easy calls and we sure all don't know how to get in to ask any ?s.

other than that i will note the stock for now is above the after hrs lows. volume is fine - -not too much - no blow out million shares - - you can get out now near $ 2 which was same as yesterday.

the point made by crg is they are taking market share, winning 80% of bake offs and finding more customers who need 1588 timing. so all i can say is --this board posted that vtss was dead money til at least may - - it is a Long Term Evolution.

we are still tracking to 100% rev increases for new (2010) products. that bodes well at some point in the future.

they are working on a re-fi and expect to do it before Oct. 30, 2013.

we all knew the 1st qtr was short of revs - -he told us that back in Nov. (they don't stuff the channel to get numbers like AMCC which posted a $70MM GAAP loss in the qtr btw - with the stock up 10% to keep folks happy) they did stuff the channel with inventory on "our" books. they know the orders from china thru china telecom thru huawei to vtss are in the paper mill and shipments will be immediate on order.

to me - we are in the first inning of the re-build of the global information superhighway.

i can post platitudes but all here are pissed and rightly so.

sell and move on or hold til 2015.

this IP alone is worth more than the total $90MM mkt value but don't get excited - cause that value will only be extracted in a sale or revenue increases - - neither are forthcoming til at least late 2013.

Posted by daWiley1 - 11 years ago

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I'm sure there was no discussion of the 2 lawsuits hanging over the company re. 2013 Incentive Plan, issuing additional 6.7 mil shares (dilutive). It's unfortunate we don't have the votes to stop it.

Posted by Techinvestor - 11 years ago

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The two things Gardner has done very consistently since 2008.

First, he has never altered from saying next year will be the year VTSS starts to grow.

And the second, he has been perfect in having VTSS report lower revenue in every year since then. He has yet to have one year when VTSS reported increased revenue.

Posted by dlog - 11 years ago

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