Vitesse Semiconductor (VTSS) 10-Q/A 2003 Q1 Quarterly report (amended)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q/A

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended
December 31, 2002

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from       to

Commission file number 0-19654

VITESSE SEMICONDUCTOR CORPORATION
(Exact name of registrant as specified in its charter)

Delaware	77-0138960
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
741 Calle Plano Camarillo, CA 93012
(Address of principal executive offices)
(805) 388-3700
(Registrant’s telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days:

Yes  x No  o

     Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act):

Yes  x No  o

     As of January 31, 2003, there were 204,485,672 shares of $0.01 par value common stock outstanding.

Item 1 of the December 31, 2002 10-Q has been amended to correct the subtotal of “Total current liabilities” in the Unaudited Condensed Consolidated Balance Sheet as of December 31, 2002.

PART I
FINANCIAL INFORMATION

VITESSE SEMICONDUCTOR CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

			Dec. 31, 2002			Sept. 30, 2002
ASSETS
Current assets:
	Cash and cash equivalents		$	35,140		$	111,889
	Short-term investments (principally marketable securities)			212,138			200,272
	Accounts receivable, net			34,995			37,153
	Inventories, net			29,129			28,961
	Prepaid expenses and other current assets			8,434			8,272
		Total current assets		319,836			386,547
Property and equipment, net				147,523			127,781
Restricted long-term deposits				62,236			89,992
Goodwill, net				156,005			156,005
Other intangible assets, net				21,427			23,573
Other assets				42,521			43,361
			$	749,548		$	827,259
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
	Current portion of long-term debt		$	960		$	1,091
	Current portion of convertible subordinated debt			—			68,558
	Current portion of accrued restructuring			14,799			14,799
	Current portion of deferred gain			3,617			3,617
	Accounts payable			5,717			10,477
	Accrued expenses and other current liabilities			20,043			17,356
	Income taxes payable			1,123			1,123
		Total current liabilities		46,259			117,021
Long-term debt				521			770
Long-term accrued restructuring				19,312			21,690
Deferred gain on derivative instrument				4,370			5,274
Convertible subordinated debt, net of $1,218 premium at December 31, 2002				196,363			195,145
Minority interest				4,654			4,654
Shareholders’ equity:
	Common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 200,424,554 and 200,158,511 shares on Dec. 31, 2002 and Sept. 30, 2002, respectively			2,013			2,009
	Additional paid-in capital			1,400,279			1,400,254
	Deferred compensation			(41,944	)		(48,431	)
	Accumulated other comprehensive income			149			252
	Accumulated deficit			(882,428	)		(871,379	)
		Total shareholders’ equity		478,069			482,705
			$	749,548		$	827,259

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

VITESSE SEMICONDUCTOR CORPORATION
By:	/s/    EUGENE F. HOVANEC
	Eugene F. Hovanec Vice President, Finance and Chief Financial Officer

February 18, 2003

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