Vitesse Semiconductor Earnings Conference Call to Discuss its Financials for Fiscal Years Ended September 30, 2006 & September 30, 2007 - Final.

Original Source: FD (FAIR DISCLOSURE) WIRE

OPERATOR: Good morning, my name is Kerry, and I will be your conference operator today. At this time I'd like to welcome everyone to the Vitesse 2006 and 2007 earnings conference call. Call lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. (OPERATOR INSTRUCTIONS). Thank you.

I would now like to turn the call over to Mr. Chris Gardner, CEO. Please go ahead, sir.

CHRISTOPHER GARDNER, PRESIDENT, CEO, VITESSE SEMICONDUCTOR: Thank you, Kerry. Good morning. I'm pleased to welcome you all to our earnings call. The purpose of this morning's call is to provide you with a review of our recently released financials for fiscal years 2006 and 2007. Today we hope to cover many of the details that we anticipate are important to shareholders and the financial community. Note that many details such as full financial information for the fiscal years ended September 30, 2006 and 2007 are expanded supplementary financial information for each of the four quarters of fiscal 2006 and 2007 and restated stock based compensation expense for all prior periods will be available in our Form 10-K Annual Report for both years, which will be filed by the end of September.

Before we begin today I'd like to review our Safe Harbor Statement. Certain matters discussed in the conference call constitute forward-looking statements that are based on management's current expectation and involve risks and uncertainties that could cause actual results to differ materially from those projected. The risks include, among others risks related to the previously disclosed restatement of Vitesse's financial statements and Vitesse's failure to file its required reports under the Securities Exchange Act of 1934. Furthermore, information provided during this call which is not historical in nature are forward-looking statements pursuant to the Safe Harbor Provisions of the Private Security Litigation Reform Act of 1995. Vitesse undertakes no duty to update any forward-looking statements or to confirm those statements to actual results or change in the company's expectations.

The press release issued on Friday and today's disclosure focuses on the reconstruction of our financials for the last two years. The task as I've mentioned before, was a massive one and its completion is the first step on the path to regaining full reporting compliance. I'd like to thank everyone who has participated in this effort and made this success a reality. As a next step in September, we will complete and file our 2006 and 2007 Form 10-K Annual Report and begin the review of our 2008 numbers. Our goal is to ensure that we're in compliance with all reporting requirements by the end of the calendar year 2008. Based on this timeline, we would anticipate holding our annual shareholder meeting in the first calendar quarter of 2009.

Before I turn it over to Rich to review the numbers, I'd like to make a brief comment on the class action and derivative actions that were settled last month. As we announced in our last call, we've completed our settlement in both the class and the derivative actions against the Company; however, the class action plaintiffs are prosecuting their own independent case against KPMG. They have recently reached a settlement which received preliminary approval on August 11 from the United States District Court in Los Angeles. Accordingly, they have distributed a mailer to the class regarding this settlement. The Company has nothing to do with this case. If anyone has any questions about that settlement, they should contact the appropriate persons named in the notice at the telephone number listed in the mailer. The Company is still pursuing its own action against KPMG. This …