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Marvell Technology Group Ltd. Message Board

  • bluecheese4u bluecheese4u May 17, 2012 8:58 PM Flag

    Marvell Technology Group Ltd. Reports First Fiscal Quarter 2013 Financial Results

    Marvell Technology Group Ltd. Reports First Fiscal Quarter 2013 Financial Results

    Revenue: $796 Million, a 7 percent sequential increase

    GAAP Net Income: $95 Million, EPS of $0.16

    Non-GAAP Net Income: $139 Million, EPS of $0.23

    Free Cash Flow: $178 Million, 22 Percent of Revenue

    SANTA CLARA, Calif., May 17, 2012 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a global leader in integrated silicon solutions, today reported financial results for the first quarter of fiscal 2013, ended April 28, 2012.

    Revenue for the first quarter of fiscal 2013 was $796 million, a 7 percent sequential increase from $743 million in the fourth quarter of fiscal 2012, ended January 28, 2012, and down slightly from $802 million in the first quarter of fiscal 2012, ended April 30, 2011.

    GAAP net income for the first quarter of fiscal 2013 was $95 million, or $0.16 per share (diluted), compared with GAAP net income of $81 million, or $0.13 per share (diluted), for the fourth quarter of fiscal 2012, and $147 million, or $0.22 per share (diluted), for the first quarter of fiscal 2012.

    Non-GAAP net income was $139 million, or $0.23 per share (diluted), for the first quarter of fiscal 2013, compared with non-GAAP net income of $127 million, or $0.21 per share (diluted) for the fourth quarter of fiscal 2012 and $189 million, or $0.29 per share (diluted) for the first quarter of fiscal 2012.

    "Our results in the first quarter were better than anticipated driven in part by our TD smartphone products, which grew about 25% sequentially and increased deployment of our 500 gigabyte per platter mobile storage solutions to all the hard disk drive manufacturers," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. "This financial performance gave us the confidence to increase our share repurchase program by $500 million to a total of $2.5 billion, and based on broad institutional shareholder request, to also initiate a quarterly dividend of 6 cents per share."

    Marvell reports net income, basic and diluted net income per share, in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis as outlined below. Reconciliations of GAAP net income to non-GAAP net income for the three months ended April 28, 2012, January 28, 2012 and April 30, 2011 appear in the financial statements below. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation, amortization of acquired intangible assets, acquisition-related costs, restructuring costs, and certain one-time expenses and benefits.

    GAAP gross margin for the first quarter of fiscal 2013 was 54.0 percent, compared to 54.1 percent for the fourth quarter of fiscal 2012 and 58.3 percent for the first quarter of fiscal 2012.

    Non-GAAP gross margin for the first quarter of fiscal 2013 was 54.5 percent, compared to 54.5 percent for the fourth quarter of fiscal 2012 and 58.5 percent for the first quarter of fiscal 2012.

    Shares used to compute GAAP net income per diluted share for the

    http://investor.marvell.com/phoenix.zhtml?c=120802&p=irol-newsArticle&ID=1697417&highlight=

 
MRVL
13.86-0.03(-0.22%)Sep 12 4:15 PMEDT

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