SANTA CLARA, Calif., May 17 /PRNewswire-FirstCall/ -- Marvell
Technology Group Ltd. (Nasdaq: MRVL), a leader in storage, communications,
and consumer silicon solutions, today reported preliminary, unaudited
revenue for its first fiscal quarter ended April 28, 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070411/SFW034LOGO )
Net revenue for the first quarter of fiscal 2008 was $635.1 million, an
increase of 22% over net revenue of $521.2 million for the first quarter of
fiscal 2007 and a 2% sequential increase from net revenue of $622.0 million
for the fourth quarter of fiscal 2007.
All results reported are preliminary because of Marvell's previously
announced internal review by a special committee of its Board of Directors
relating to the Company's historical stock option practices and related
accounting matters. Although the special committee has completed its
internal review of the Company's historical stock option practices and
related accounting matters, the Company does not expect to be in a position
to announce additional financial results for the first fiscal quarter ended
April 28, 2007 until the Company has completed the restatement of its
historical financial statements. Please refer to the Reports on Form 8-K
filed by the Company with the Securities and Exchange Commission on October
3, 2006, October 17, 2006, April 2, 2007 and May 8, 2007 for further
information about the internal review and the determination to restate
historical financial statements. Marvell does not expect to be in a
position to file its Form 10-Q for the first quarter of fiscal 2008 by the
June 7, 2007 filing deadline.
"The growth in our Q1 revenues was limited due to an overall weaker
demand environment across some of our markets" stated Dr. Sehat Sutardja,
Marvell's President and CEO. "Despite the seasonal softness, we continue to
be excited about the progress we are making in applying our technologies to
serve additional large market opportunities which should enable us to
deliver solid long term growth."
Marvell will be conducting a conference call today at 1:45 p.m. PDT to
discuss its first quarter business. The call is being webcast by
Thomson/CCBN and can be accessed at Marvell's web site at http://www.marvell.com.
The webcast is also being distributed through Thomson StreetEvents Network.
Individual investors can listen to the call at http://www.earnings.com, Thomson's
individual investor portal, powered by StreetEvents. Institutional
investors can access the call via Thomson StreetEvents
(http://www.streetevents.com), a password-protected event management site. The
conference call will also be available via the web at http://www.marvell.com.
Please visit the Investor Events section. Replay on the Internet will be
available until May 17, 2008.
About Marvell
Marvell (Nasdaq: MRVL) is a leader in storage, communications and
consumer silicon solutions. The Company's diverse product portfolio
includes switching, transceiver, communications controller, wireless, and
storage solutions that power the entire communications infrastructure,
including enterprise, metro, home, and storage networking. As used in this
release, the terms "Company" and "Marvell" refer to Marvell Technology
Group Ltd. and its subsidiaries, including Marvell Semiconductor, Inc.
(MSI), Marvell Asia Pte Ltd (MAPL), Marvell Japan K.K., Marvell Taiwan
Ltd., Marvell International Ltd. (MIL), Marvell U.K. Limited, Marvell
Semiconductor Israel Ltd. (MSIL), RADLAN Computer Communications Ltd., and
Marvell Semiconductor Germany GmbH. MSI is headquartered in Santa Clara,
Calif., and designs, develops and markets products on behalf of MIL and
MAPL. MSI may be contacted at (408) 222-2500 or at http://www.marvell.com.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995:
This release contains forward-looking statements based on projections
and assumptions about our products and our markets. Words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," "may," "will," "should," and their variations identify
forward-looking statements. These statements include those relating to
financial results for the first quarter of fiscal 2008, expectations
regarding the announcement of additional financial results for its first
quarter of fiscal year 2008, expectations regarding the filing of our Form
10-Q for the first quarter of fiscal 2008 and the Company's ability to
deliver solid long term growth. Statements that refer to, or are based on
projections, uncertain events or assumptions also identify forward-looking
statements. These statements are not guarantees of results and are subject
to risks and uncertainties that could cause actual results to differ
materially from those anticipated in the forward-looking statements. These
risks and uncertainties include, but are not limited to, the discovery of
additional information relevant to the special committee's review, any
additional conclusions that may be reached by the Company's management or
the audit committee of the Company's board concerning matters relating to
the Company's stock option grants, the timing of the completion by the
Company's independent auditors of its audit process regarding the Company's
financial statements, actions that may be taken or required as a result of
the special committee's review, and actions by the Securities and Exchange
Commission or other regulatory agencies as a result of their review of our
stock option practices. As a result of these factors, and when Marvell
files its Form 10-Q, the financial statements may differ from the results
disclosed in this press release, not only as a result of any required
adjustments resulting from the special committee review, but also because
judgments and estimates that management used in preparing the financial
results reported in this press release may need to be updated to the date
of the filing. The Company's results also remain subject to review by the
Company's independent registered public accounting firm. For other factors
that could cause Marvell's results to vary from expectations, please see
the section titled "Risk Factors" in Marvell's quarterly report on Form
10-Q for the fiscal quarter ended April 29, 2006, the sections titled
"Additional Risk Factors" in Marvell's current report on Form 8-K filed on
October 17, 2006 and "Other Events" in Marvell's current report on Form 8-K
filed on April 2, 2007, and other factors detailed from time to time in
Marvell's filings with the Securities and Exchange Commission. Marvell
undertakes no obligation to revise or update publicly any forward-looking
statements.
NOTE: Marvell(R) and the Marvell logo are trademarks of Marvell. All
other trademarks are the property of their respective owners
Contact: Mike Tate, Treasurer, +1-408-222-2500.
SOURCE Marvell
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Related links:
http://www.marvell.com/
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CONTACT:
Mike Tate, Treasurer, +1-408-222-2500
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