Marvell Technology Group Ltd. Reports Fourth Fiscal Quarter and Fiscal Year 2016 Financial Results

About Marvell 

Marvell (NASDAQ: MRVL) is a global leader in providing complete silicon solutions. From storage to cloud infrastructure, Internet of Things (IoT), connectivity and multimedia, Marvell's diverse product portfolio aligns complete platform designs with industry-leading performance, security, reliability and efficiency. At the core of the world's most powerful consumer, network and enterprise systems, Marvell empowers partners and their customers to always stand at the forefront of innovation, performance and mass appeal. By providing people around the world with mobility and ease of access to services, adding value to their social, personal and work lives, Marvell is committed to enhancing the human experience.

As used in this release, the term "Marvell" refers to Marvell Technology Group Ltd. and its subsidiaries. For more information, please visit www.Marvell.com.

Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

For further information, contact:


John Spencer Ahn 

Sue Kim

Investor Relations

Media Relations

408-222-7544

408-222-1942

Email Contact 

Email Contact

 

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)



















Fiscal 2016



Fiscal 2015






Three Months Ended 



Three Months Ended



Year Ended

January 30,


October 31,


August 1,



January 31,


November 1,


August 2,



January 30,


January 31,


2016 (a)


2015 (a) (b)


2015 (a) (c)



2015


2014


2014



2016 (a)


2015


(Preliminary)









(Preliminary)




















Net revenue

$    616,158


$   674,890


$   710,492



$    857,452


$     930,136


$  961,545



$   2,725,828


$  3,706,963

Cost of goods sold

302,610


379,254


461,719



417,131


454,974


477,741



1,494,736


1,843,706

Gross profit

313,548


295,636


248,773



440,321


475,162


483,804



1,231,092


1,863,257

Operating expenses:



















Research and development

239,703


284,308


297,321



285,497


288,435


294,764



1,101,446


1,164,059


Selling and marketing

31,301


32,481


30,841



37,235


34,410


33,949



130,797


143,952


General and administrative

37,812


34,771


36,563



34,651


33,473


31,333



150,173


130,030


Carnegie Mellon University litigation settlement

-


-


654,667



-


-


-



654,667


-


Amortization and write-off of acquired intangible assets

2,462


3,150


2,568



3,100


3,304


3,304



10,748


16,397



Total operating expenses

311,278


354,710


1,021,960



360,483


359,622


363,350



2,047,831


1,454,438

Operating income (loss)

2,270


(59,074)


(773,187)



79,838


115,540


120,454



(816,739)


408,819

Interest and other income, net

1,084


4,644


6,790



4,382


4,764


12,263



17,685


23,334

Income (loss) before income taxes

3,354


(54,430)


(766,397)



84,220


120,304


132,717



(799,054)


432,153

Provision (benefit) for income taxes

(846)


3,320


5,543



2,527


5,000


(6,153)



12,346


(3,193)

Net income (loss)

$        4,200


$    (57,750)


$  (771,940)



$      81,693


$     115,304


$  138,870



$     (811,400)


$     435,346



















Basic net income (loss) per share

$          0.01


$        (0.11)


$        (1.49)



$          0.16


$           0.22


$        0.27



$           (1.59)


$           0.85

Diluted net income (loss) per share

$          0.01


$        (0.11)


$        (1.49)



$          0.16


$           0.22


$        0.27



$           (1.59)


$           0.84



















Shares used in computing basic earnings (loss) per share

506,352


504,831


516,368



513,574


513,859


511,821



510,945


511,089

Shares used in computing diluted earnings (loss) per share

508,590


504,831


516,368



522,112


519,907


520,269



510,945


520,760





(a) 

The condensed consolidated financial statements for each of the three  months ended January 30, 2016, October 31, 2015 and August 1, 2015 are preliminary, as well as the twelve months ended January 30, 2016, and therefore, subject to adjustments in connection with subsequent events arising through the date of the Company's filing of its Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for the corresponding periods. The filing of each respective Form 10-Q and 10-K will be completed as soon as practicable after the completion of the audit of the Company's fiscal 2016 financial statements by Deloitte & Touche LLP, its newly appointed independent registered public accounting firm.  























(b) 

The condensed consolidated financial statements for the three months ended October 31, 2015, for which the Company previously reported preliminary financial results on December 7, 2015 have been adjusted due to the delayed filing of its Form 10-Q for the third quarter. These adjustments were made to account for subsequent activities associated with conditions that existed as of October 31, 2015 (Type I Subsequent Events) and are not related to the Audit Committee's investigation of certain accounting and internal control matters. Adjustments that have been recorded to the Company's preliminary financial results after December 7, 2015 include a credit adjustment of $4.3 million to COGS due to the subsequent settlement in February 2016 for the Carnegie Mellon University litigation, a $1.5 million charge to write down equipment and intangible asset related to a development project the Company decided to discontinue, the recognition of an additional $0.8 million of revenue due to a subsequent rebate adjustment and corresponding reduction to the tax provision of $0.4 million. Due to the delayed filing and as a result of future subsequent events, there may be additional adjustments to these preliminary financial results through the date of the Company's filing of its Form 10-Q.























(c) 

The condensed consolidated financial statements for the three months ended August 1, 2015, for which the Company previously reported preliminary financial results on September 11, 2015, have been adjusted due to the delayed filing of its Form 10-Q for the second quarter. These adjustments were made to account for subsequent activities associated with conditions that existed as of August 1, 2015 (Type I Subsequent Events) and are not related to the Audit Committee's investigation of certain accounting and internal control matters. Adjustments that have been recorded to the Company's preliminary financial results after September 11, 2015 include an additional $350.5 million charge due to the subsequent settlement in February 2016 for the Carnegie Mellon University litigation (of which $78.9 million was recorded to COGS), a $13.9 million write down of inventory primarily associated with certain products for the mobile platform business, $3.7 million related to other litigation charges, a $1.5 million charge related to a pension plan  and an additional $3.0 million representing other net subsequent charges, as well as corresponding changes to the income tax benefit from $11.4 million to an income tax provision of $ 5.5 million. Due to the delayed filing and as a result of future subsequent events, there may be additional adjustments to these preliminary financial results through the date of the Company's filing of its Form 10-Q.


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