Transition succeeding at Vitesse, says CEO
For Vitesse the transition is succeeding, says Vitesse CEO Chris Gardner.
“Our revenues had been declining for three years,” says Gardner, “but in the last quarter we were back in growth.”
“New products are growing at 100% a year,” adds Gardner, “we will continue to see top line growth. We are losing money as anticipated but are heading into positive territory in 2014.”
Back in 2006, Vitesse had $160 million of debt. Now the debt stands at $64 million and the company’s cash pile is $71 million.
In June it had an offering of shares and raised $37.6 million for the company.
“We cleared the debt,” says Gardner, “Wall Street is understanding the transition policy we’ve been going through these last three to four years.”
Last month former CEO Louis Tomasetta and EVP Eugene Hovanec settled a long-running dispute with the SEC over the back-dating of stock options..