Press Releases

SOLON, Ohio--(BUSINESS WIRE)-- Nestle USA:

When:   Friday, February 12, 2010; 11:30 a.m. - 1:00 p.m. (12:05 pm keynote
        address)

        (If you're planning to cover the event, please contact us Thursday to
        coordinate.)

Where:  Signature of Solon Country Club, 39000 Signature Drive, Solon, Ohio
        44139

        Join us as we celebrate Black History Month at Nestle Prepared Foods
        Company with accomplished author and actor Hill Harper. This special
What:   program is hosted by the Nestle Black Employee Association, dedicated to
        the growth and development of Nestle's human resource base and to
        strengthening Nestle's ability to attain its long-term objective to be
        the Very Best Food & Beverage Company in the U.S.

About our guest:

Currently one of the stars of CSI: NY, Hill Harper has also proved successful as an author, completing his second book in a series, Letters to a Young Sister: DeFINE Your Destiny. Harper provides the frequently regarded "lost generation" with words of encouragement and guidance. In his first of the series, Letters to a Young Brother: MANifest your Destiny, Harper shares the humbling life lessons he learned on the road to his Ivy League education and beyond. It is a motivational, but approachable book full of encouragement on a wide array of topics geared towards young African-American and Hispanic men. Revolutionary in how he deals with adolescent issues that no other writer has dared to penetrate, Harper won both NAACP Image Awards that he was nominated for in March 2007, Outstanding Literary Work by a Debut Author, and Outstanding Literary Work for Youth/Teens.

As an undergraduate at Brown University and a graduate student at Harvard, Hill Harper continued to act while earning a bachelors degree in arts and a JD in law and government. While at Harvard, Harper was also a full time member of the Boston Black Folks Theater Company, one of the nation's oldest and renowned theater groups. Harper is now a volunteer of Big Brother Big Sisters in LA and participates in other organizations helping to mentor and educate the youth of America, an issue very close to his heart.

Nestleusa.com

    Source: Nestle USA

Project installed by REC Solar through a power purchase agreement with SunEdison that required no upfront cost from the City of Gresham

GRESHAM, Ore.--(BUSINESS WIRE)-- Today the City of Gresham, REC Solar and SunEdison celebrated the activation of the largest ground mount solar power plant in the Pacific Northwest. This 419 kW solar power system was made possible by SunEdison, North America's largest solar energy services company, a subsidiary of MEMC Electronic Materials (NYSE: WFR), and REC Solar, the nation's leading solar integrator. The project required no upfront capital from the City.

The solar array system located at the wastewater treatment facility at 20015 NE Sandy Blvd. will generate over 460,000 kWh of clean solar energy in the first year of operation. That is enough energy to power 43 homes for one year. Over 20 years, the system will generate more than 8 million kWh of energy; enough energy to power over 780 average US homes for one year.

This is the first solar power plant of this scale for Gresham and shows the City's continued promise for more renewable energy solutions. The solar array system is made available with no upfront cost from the taxpayers. SunEdison owns, operates and maintains it, and the City purchases the energy produced for the term of the contract.

"The City's commitment to this project demonstrates that solar is a viable source of energy for our community," said Mayor Shane T. Bemis. "By having such a visible display we are showing that Gresham is a player in the solar industry and is a strong market for solar products."

The system was constructed through a partnership with SunEdison, REC Solar and incentives provided by the Energy Trust of Oregon. REC Solar designed and installed the system for the City of Grisham which created over 20 jobs for the project.

"This solar array is a benchmark project for the industry, which should encourage many more waste treatment facilities across the country to develop substantial plans for solar and other alternative energy sources that will help create jobs and stimulate local economies," said CEO of REC Solar Angiolo Laviziano.

"SunEdison continues to provide cities across the nation the opportunity to take advantage of the benefits of solar energy," said Jaime A. Smith, Vice President of Sales for SunEdison. "We make this a reality with our strong financing capabilities and our partnerships with outstanding solar integrators like REC Solar."

For more information about the array and the wastewater treatment plant visit GreshamOregon.gov.

About City of Gresham

With a population of over 100,000, Gresham is the fourth largest city in Oregon. The City is committed to building a sustainable economy, ensuring we are meeting the needs of the community now and in the future, and protecting our environment and conserving our natural resources.

About REC Solar

REC Solar, Inc. specializes in grid-tied solar electric design and installation, offering affordable solar solutions for all residential, commercial, government and utility customers. With a local presence in all major solar markets in the USA and millions of watts installed, REC Solar is committed to lowering the cost of solar power through efficient processes, innovative products, and outstanding customer service. In 2009 REC Solar installed more solar electric systems in the US than any other company. REC Solar is the nation's leading solar integrator and currently has over a dozen offices throughout 6 states (AZ, CA, CO, HI, OR and NJ). REC Solar is continuing its rapid expansion into other states and has the capability to implement solar installations in every location as incentives become available.

About SunEdison

SunEdison is North America's largest solar energy services provider. The company finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. For more information about SunEdison, please visit www.sunedison.com.

About MEMC

MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of wafer technologies over the past 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. With the acquisition of SunEdison, MEMC is now a developer of solar power projects and North America's largest solar energy services provider.

MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.

    Source: SunEdison

CAMARILLO, Calif.--(BUSINESS WIRE)-- Vitesse Semiconductor Corporation (Pink Sheets: VTSS), a leading provider of advanced IC solutions for Carrier and Enterprise networks, today reported its financial results for the first quarter of fiscal year 2010, ended December 31, 2009.

First Quarter Operating and Financial Highlights

    --  Reported net revenues of $41.7 million in the first quarter of fiscal
        year 2010, compared with $49.8 million in the first quarter of fiscal
        year 2009.
    --  Reported a net loss of $33.9 million in the first quarter of fiscal year
        2010 compared with a net loss of $190.0 million in the first quarter of
        fiscal year 2009.
    --  Obtained shareholder approval to execute a reverse stock split.

CEO Commentary

"First quarter revenue was up 6% compared to the previous quarter, reflecting improved market conditions. Our core revenue, consisting of Carrier and Enterprise products, in the first quarter increased approximately 10% sequentially and 7% year-to-year," said Chris Gardner, CEO of Vitesse. "The cost cutting measures we implemented last year are working. We significantly narrowed our operating loss from the previous quarter. We are at the beginning of an ambitious new product cycle and continue to invest in R&D to support that. As revenues continue to grow, we expect to see additional operating leverage and improved financial results."

First Quarter 2010 Financial Results Summary

Net revenues for the first quarter of fiscal year 2010 were $41.7 million, a decrease of 16.4% compared with $49.8 million reported for the first quarter of fiscal year 2009, and an increase of 6.3% compared with $39.2 million in the fourth quarter of fiscal year 2009. Product revenues were $41.6 million, a 7.1% decrease from the same quarter in 2009, and a 6.2% increase over $39.2 million reported for the fourth quarter of fiscal year 2009. Intellectual Property revenues were $40,000, compared with $5.0 million in first quarter of fiscal year 2009. We did not have any Intellectual Property revenue in the fourth quarter of fiscal year 2009.

Cost of revenues decreased $3.3 million to $19.1 million in the first quarter of fiscal year 2010 compared with $22.4 million in the same quarter in 2009. Included in the $3.3 million decrease is a $0.9 million correction of an immaterial inventory error we identified in our financial statements as of and for the year ended September 30, 2009. The correction of the error in the current period is not anticipated to be material to the full fiscal year.

R&D expenses were $12.0 million for the first quarter of fiscal year 2010, compared with $11.6 million a year ago, an increase of $0.4 million or 3.3%. Selling, general and administrative expenses were $10.5 million for the first quarter of fiscal year 2010 compared with $10.4 million in the first quarter of fiscal year 2009.

Loss from operations was $0.3 million in the first quarter of fiscal year 2010, compared with an operating loss of $188.3 million in the first quarter of fiscal year 2009. The Company's first quarter 2010 net loss was $33.9 million, or $0.10 per share, compared with a net loss of $190.0 million, or $0.84 per share, in the first quarter of fiscal year 2009. First quarter 2010 results include a $21.6 million expense for extinguishment of debt related to the Company's debt restructuring completed in October 2009 and the $0.9 million correction of an immaterial inventory error, as discussed above. First quarter 2009 results include a $191.4 million expense to write off goodwill and a $2.9 million gain on the sale of our Colorado building. Excluding these transactions, net loss in the first quarter of fiscal year 2010 would have been $13.2 million, or $0.04 per share, as compared to a net loss of $1.4 million, or $0.01 per share in the first quarter of fiscal year 2009.

Balance Sheet Overview

Cash and cash equivalents totaled $35.6 million at December 31, 2009, a decrease of $22.0 million from September 30, 2009. Inventory at December 31, 2009 totaled $19.4 million, an increase of $0.6 million from September 30, 2009.

First Quarter 2010 New Product Introductions

Vitesse introduced one new product in the first quarter of fiscal year 2010:

VSC8238-02: The performance leading VSC8238-02 EDC clock and data recovery (CDR) device is the newest member of the Company's family of integrated circuits featuring Vitesse's FlexEQ(TM) Electronic Dispersion Compensation (EDC) technology. It is the industry's only solution to meet the challenges of transmitting and recovering 8G Fibre Channel data in lossy legacy blade server backplanes and host bus adapters (HBA). More information is available at: http://www.vitesse.com/products/product.php?number=VSC8238.

Outlook and Goals

Vitesse expects to see a continued industry recovery and resumed top line growth in 2010. As such, the Company remains committed to making investments in the first half of the year that will position it for growth in 2011 and beyond. In 2010, Vitesse plans to increase product introductions to an average of six per quarter from three per quarter in 2009 and to transition its California test facility to its subcontractors in Asia.

The Company reiterates its long-term operating targets which call for the following as a percentage of revenue: gross margin of 55% to 60%; R&D of 25% to 28%; SG&A of 11% to 14%; income from operations of 11% to 16%; and EBITDA of 17% to 22%. Further, the Company is targeting annual inventory turns of five times and accounts payable and accounts receivable in line with normal industry levels.

Conference Call Information

A conference call is scheduled for Tuesday, February 9, 2010 at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time to discuss first quarter fiscal year 2010 results. To listen to the conference call via telephone, dial 866-393-5524 (U.S. toll-free) or 973-638-3372 (International) and provide the pass code 54811323. Participants should dial in at least 10 minutes prior to the start of the call. To listen via the Internet, the webcast can be accessed through the Vitesse corporate web site at www.vitesse.com.

The playback of the conference call will be available approximately two hours after the call concludes and will be accessible on the Vitesse corporate web site or by calling 800-642-1687 (U.S. toll-free) or 706-645-9291 (International) and entering the pass code 54811323. The audio replay will be available for seven days.

About Vitesse

Vitesse designs, develops and markets a diverse portfolio of high-performance, cost-competitive semiconductor solutions for Carrier and Enterprise networks worldwide. Engineering excellence and dedicated customer service distinguish Vitesse as an industry leader in high-performance Ethernet LAN, WAN, and RAN, Ethernet-over-SONET/SDH, Optical Transport (OTN), and best-in-class Signal Integrity and Physical Layer products for Ethernet, Fibre Channel, Serial Attached SCSI, InfiniBand(R), Video, and PCI Express applications. Additional company and product information is available at www.vitesse.com.

Vitesse is a registered trademark and FlexEQ is a trademark in the United States and/or other jurisdictions of Vitesse Semiconductor Corporation. All other trademarks or registered trademarks mentioned herein are the property of their respective holders.

Cautions Regarding Forward Looking Statements:

All statements included or incorporated by reference in this release and the related conference call for analysts and investors, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current facts. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," and similar terms, and variations or negatives of these words. Forward-looking statements are not guarantees of future performance and the Company's actual results may differ significantly from the results discussed in the forward-looking statements.

VITESSE SEMICONDUCTOR CORPORATION

UNAUDITED CONSOLIDATED BALANCE SHEETS

                                               December 31,     September 30,

                                               2009             2009

                                               (in thousands, except share data)

ASSETS

Current assets:

Cash and cash equivalents                      $ 35,588         $ 57,544

Accounts receivable, net                         12,781           11,369

Inventory                                        19,393           18,809

Restricted cash                                  401              398

Prepaid expenses and other current assets        5,952            4,956

Total current assets                             74,115           93,076

Property, plant and equipment, net               7,937            7,874

Other intangible assets, net                     1,295            1,541

Other assets                                     4,286            3,077

                                               $ 87,633         $ 105,568

LIABILITIES AND SHAREHOLDERS' DEFICIT

Current liabilities:

Accounts payable                               $ 14,438         $ 14,191

Accrued expenses and other current               12,217           10,887
liabilities

Derivative liability                             35,052           12,209

Deferred revenue                                 851              1,156

Current portion of debt and capital leases       162              5,236

Convertible subordinated debt                    -                10,000

Total current liabilities                        62,720           53,679

Other long-term liabilities                      1,814            1,810

Long-term debt, net of discount                  24,948           24,652

Convertible subordinated debt                    40,638           86,700

Total liabilities                                130,120          166,841

Preferred stock - Series B, $0.01 par value.
44,533 shares outstanding at December 31,        1,113            -
2009

Commitments and contingencies

Shareholders' deficit:

Preferred stock - Series B, $0.01 par value.
10,000,000 shares authorized; 726,253 shares     7                -
outstanding at December 31, 2009

Common stock, $0.01 par value. 500,000,000
shares authorized; 403,841,802 and
230,905,580 shares outstanding at December       4,043            2,314
31, 2009 and September 30, 2009,
respectively

Additional paid-in-capital                       1,804,397        1,754,598

Accumulated deficit                              (1,852,133 )     (1,818,271 )

Noncontrolling interest                          86               86

Total shareholders' deficit                      (43,600    )     (61,273    )

                                               $ 87,633         $ 105,568

VITESSE SEMICONDUCTOR CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

                                           Three months ended

                                           December 31,

                                           2009          2008

                                           (in thousands, except per share data)

Product revenues                           $ 41,611      $ 44,810

Intellectual property revenues               40            5,000

Revenues                                     41,651        49,810

Costs and expenses:

Cost of revenues                             19,103        22,447

Engineering, research and development        11,959        11,581

Selling, general and administrative
(including gain on sale of building of       10,529        10,419
$2.9 million in fiscal 2009)

Accounting remediation & reconstruction      73            1,949
expense & litigation costs

Goodwill impairment                          -             191,418

Amortization of intangible assets            249           319

Costs and expenses                           41,913        238,133

Loss from operations                         (262    )     (188,323 )

Other (expense) income :

Interest expense, net                        (10,220 )     (1,130   )

Loss on extinguishment of debt               (21,576 )     -

Other income, net                            76            144

Other income (expense), net                  (31,720 )     (986     )

Loss before income tax expense and
noncontrolling interest in earnings of       (31,982 )     (189,309 )
consolidated subsidiary

Income tax expense                           1,878         650

Net loss                                     (33,860 )     (189,959 )

Less: net loss attributable to               -             (1       )
noncontrolling interest

Fair value adjustment of Preferred Stock     126           -
- Series B

Net loss available to common               $ (33,986 )   $ (189,958 )
shareholders

Net loss per common share - basic and
diluted

Net loss per share                         $ (0.10   )   $ (0.84    )

Weighted average shares outstanding:

Basic and diluted                            347,450       226,206

    Source: Vitesse Semiconductor Corporation