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News and Information Article
SANTA CLARA, Calif., Nov. 16 /-FirstCall/ -- Marvell
Technology Group Ltd. (Nasdaq: MRVL), a leader in storage, communications,
and consumer silicon solutions, today reported preliminary, unaudited
revenue for its third fiscal quarter ended October 28, 2006.
Net revenue for the third quarter of fiscal 2007 was $520.4 million, an
increase of 22% over net revenue of $426.0 million for the third quarter of
fiscal 2006 and a 9% sequential decrease from net revenue of $574.0 million
for the second quarter of fiscal 2007.
All results reported are preliminary because Marvell is in the midst of
a previously announced internal review by a special committee of its Board
of Directors relating to the Companys historical stock option practices
and related accounting matters. The special committee is conducting its
review with the assistance of independent legal counsel and outside
accounting experts. The Company does not expect to be in a position to
announce additional financial results for the third quarter until the
special committee has completed its review and the Company has completed
the restatement of its historical financial statements. Please refer to the
Reports on Form 8-K filed with the Securities and Exchange Commission on
October 3, 2006 and October 17, 2006 for further information about the
internal review and the determination to restate historical financial
statements. The special committee is working to complete its stock option
review in a timely manner; however, in light of the review, Marvell does
not expect to be in a position to file its Form 10-Q for the third fiscal
quarter by the December 7, 2006 filing deadline or the permitted extension
to December 12, 2006.
"Although we are disappointed with our sequential decline in revenue
this last quarter, we remain excited about our continued strong positioning
for growth as we expand our presence into many new large volume markets,"
stated Dr. Sehat Sutardja, Marvells President and CEO. "In particular we
are very excited to have now closed our purchase of Intels application and
communications processor business earlier this month. We are fortunate to
have this tremendous opportunity for such a talented group of employees,
proven world class technology and strong customers to join the Marvell
family."
Marvell will be conducting a conference call today at 1:45 p.m. PST to
discuss its third quarter financial results. The call is being webcast by
Thomson/CCBN and can be accessed at Marvells 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, Thomsons
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 November 16, 2007.
About Marvell
Marvell is a leader in storage, communications and consumer silicon
solutions. The Companys 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 our
financial results for the third fiscal quarter of 2007, our expectations
regarding the announcement of additional financial results for its third
fiscal quarter of 2007 and our expectations regarding the filing of our
Form 10-Q for that quarter. 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 timing and
outcome of the special committees review and the conclusions of the
special committee resulting from that review, actions that may be taken or
required as a result of the special committees review, and actions by the
Securities and Exchange Commission or other regulatory agencies as a result
of their review of our stock option practices, with respect to our stock
option practices. In particular, Marvell may be required to make
adjustments to its financial results for the second and third fiscal
quarters of 2007, as well as its financial results previously reported for
prior periods, as a result of the special committees review. Those
adjustments could have a material adverse effect on our results of
operations for those periods. When the review is complete and 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 Companys results also remain subject to review by the
Companys independent registered public accounting firm. For other factors
that could cause Marvells results to vary from expectations, please see
the section titled "Risk Factors" in Marvells quarterly report on Form
10-Q for the fiscal quarter ended April 29, 2006, the section titled
"Additional Risk Factors" in Marvells current report on Form 8-K filed on
October 17, 2006, and other factors detailed from time to time in Marvells
filings with the Securities and Exchange Commission. We undertake 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 of Marvell Technology Group Ltd., +1-408-222-2500
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