Friday, December 04, 2009 12:43:32 AM
Revenue: $803.1 Million, Up 25 Percent Sequentially
GAAP Net Income: $201.6 Million, $0.31 per share EPS
Free Cash Flow: $195.9 Million, 24 Percent of Revenues
Download image SANTA CLARA, Calif., Dec. 3 /PRNewswire-FirstCall/ -- Marvell Technology Group Ltd. (Nasdaq: MRVL), a world leader in storage, communications and consumer silicon solutions, today reported financial results for the third quarter of fiscal 2010, ended October 31, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070411/SFW034LOGO)
Net revenue for the third quarter of fiscal 2010 was $803.1 million, a 25 percent sequential increase from $640.6 million in the second quarter of fiscal 2010, ended August 1, 2009, and a 2 percent increase from $791.0 million in the third quarter of fiscal 2009, ended November 1, 2008.
GAAP net income was $201.6 million, or $0.31 per share (diluted), for the third quarter of fiscal 2010, as compared to GAAP net income of $58.5 million, or $0.09 per share (diluted), for the second quarter of fiscal 2010. For the third quarter of fiscal 2009 GAAP net income was $70.9 million, or $0.11 per share (diluted).
Non-GAAP net income was $231.8 million, or $0.35 per share (diluted), for the third quarter of fiscal 2010, an increase of 95 percent from non-GAAP net income of $118.7 million, or $0.18 per share (diluted), for the second quarter of fiscal 2010, and a 59 percent increase compared with non-GAAP net income of $145.3 million, or $0.23 per share (diluted), for the third quarter of fiscal 2009.
"We are very pleased with the revenue growth we experienced in the third quarter of fiscal 2010," said Dr. Sehat Sutardja, Marvell Chairman and Chief Executive Officer. "Our sequential revenue growth was better than our revised guidance provided on October 26, 2009, as order momentum improved across all our addressable end-markets. Our results during the third quarter demonstrate that financial discipline is firmly entrenched in Marvell's long-term business model as we again delivered significant improvement across all financial metrics."
Marvell reports net income or loss, basic and diluted net income or loss 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 or loss to non-GAAP net income for the three months ended October 31, 2009, August 1, 2009 and November 1, 2008, respectively, appear in the financial statements below.
GAAP gross margin for the third quarter of fiscal 2010 was 57.5 percent, compared to 55.0 percent for the second quarter of fiscal 2010 and 52.1 percent for the third quarter of fiscal 2009. Non-GAAP gross margin for the third quarter of fiscal 2010 increased to 57.8 percent, compared to 55.3 percent for the second quarter of fiscal 2010 and 52.3 percent for the third quarter of fiscal 2009.
Shares used to compute GAAP net income per diluted share for the third quarter of fiscal 2010 were 660 million shares, compared with 648 million shares in the second quarter of fiscal 2010 and 631 million shares in the third quarter of fiscal 2009. Shares used to compute non-GAAP net income per diluted share for the third quarter of fiscal 2010 were 664 million shares, compared with 652 million shares for the second quarter of fiscal 2010 and 633 million shares for the third quarter of fiscal 2009.
Cash flow from operations for the third quarter of fiscal 2010 was $203.5 million, up 12 percent sequentially from $182.3 million in the second quarter of fiscal 2010 and down 21 percent from $258.5 million in the third quarter of fiscal 2009. Free cash flow, defined as cash flow from operations less capital expenditures and purchases of IP licenses, was $195.9 million, up 12 percent sequentially from $175.3 million in the second quarter of fiscal 2010 and down 20 percent from $244.3 million in the third quarter of fiscal 2009.
Recent MRVL News
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 10/01/2024 08:29:54 PM
- Marvell to Showcase Optical Interconnect Innovations for Accelerated Infrastructure at ECOC 2024 • PR Newswire (US) • 09/20/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/16/2024 08:07:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/13/2024 08:11:39 PM
- Marvell Technology, Inc. Declares Quarterly Dividend Payment • PR Newswire (US) • 09/13/2024 08:05:00 PM
- Marvell, Lumentum and Coherent Demonstrate Industry's First 800G ZR/ZR+ Pluggable Modules for 500km Data Center Interconnects • PR Newswire (US) • 09/05/2024 01:00:00 PM
- U.S. Stocks Fluctuate Before Closing Sharply Higher • IH Market News • 08/30/2024 08:44:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/30/2024 08:03:14 PM
- Dell Stock Rises 6% Premarket on Strong Revenue Beat, Elastic Shares Plunge 27% After Lowering Revenue Forecasts • IH Market News • 08/30/2024 10:00:15 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/29/2024 08:06:26 PM
- Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2025 Financial Results • PR Newswire (US) • 08/29/2024 08:05:00 PM
- U.S. Futures Rise; Oil Prices Dip Amid Libyan Supply Concerns and Inventory Drop • IH Market News • 08/29/2024 10:11:58 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/19/2024 07:51:00 PM
- Marvell to Showcase Latest Cloud Storage and CXL Memory Technologies at FMS 2024 • PR Newswire (US) • 08/07/2024 01:00:00 PM
- Microsoft Integrates Marvell NIST FIPS 140-3 Level-3 Compliant LiquidSecurity HSMs into Azure Key Vault and Managed HSM Services • PR Newswire (US) • 08/06/2024 01:00:00 PM
- Marvell Technology, Inc. Announces Conference Call to Review Second Quarter of Fiscal Year 2025 Financial Results • PR Newswire (US) • 08/05/2024 08:05:00 PM
- Marvell Introduces Breakthrough Structera CXL Product Line to Address Server Memory Bandwidth and Capacity Challenges in Cloud Data Centers • PR Newswire (US) • 07/30/2024 01:00:00 PM
- Marvell Announces Immediate Availability of Open Ecosystem Software for Teralynx 10 51.2T Switch • PR Newswire (US) • 07/25/2024 01:05:00 PM
- Marvell Teralynx 10 51.2T Ethernet Switch Enters Volume Production for Global AI Cloud Deployments • PR Newswire (US) • 07/25/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/16/2024 10:30:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/16/2024 09:45:40 PM
- Marvell Extends Connectivity Leadership With Industry's First 1.6T PAM4 DSP for Active Electrical Cables • PR Newswire (US) • 06/27/2024 01:00:00 PM
- Marvell Technology, Inc. Declares Quarterly Dividend Payment • PR Newswire (US) • 06/21/2024 08:05:00 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/31/2024 08:06:26 PM
- Dell Shares Drop 15% in Pre-Market; Gap Soars 24% on Surprising Quarterly Profits, and More in Earnings • IH Market News • 05/31/2024 11:50:33 AM
FEATURED Nightfood Signs Letter of Intent to Acquire Los Angeles Cooking School, Integrating Automation and Robotics with World-Class Culinary Training • Oct 1, 2024 8:30 AM
FEATURED ZenaTech, Inc. (NASDAQ: ZENA) To Commence Trading Today • Oct 1, 2024 7:00 AM
Integrated Ventures, Inc Reports Total 2024 Revenues Of $5,863,935 vs $3,862,849 for 2023. • INTV • Oct 1, 2024 9:00 AM
Element79 Gold Corp secures loi for launching tailings reprocessing business in Arequipa, Peru • ELMGF • Oct 1, 2024 6:38 AM
BARRON'S COVE to Premier at the Hamptons International Film Festival • APHP • Sep 30, 2024 2:56 PM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM