Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2017 Financial Results

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including: Marvell's expectations regarding its first quarter of fiscal 2018 financial outlook; and Marvell's use of Non-GAAP financial measures as important supplemental information. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would" and similar expressions identify such forward-looking statements.  These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: adverse impacts of litigation or regulatory activities; Marvell's ability to implement its restructuring in a timely manner; the amount and timing of anticipated charges associated with the restructuring; Marvell's ability to increase its operational efficiency and decrease its operating expenses to the anticipated level; its ability to divest certain non-strategic businesses within the anticipated timeframes and with the anticipated cost savings; actions that may be taken by Marvell as a result of the Audit Committee's investigation; Marvell's ability to compete in products and prices in an intensely competitive industry; Marvell's reliance on the hard disk drive and wireless markets, which are highly cyclical and intensely competitive; costs and liabilities relating to current and future litigation; Marvell's reliance on a few customers for a significant portion of its revenue; severe financial hardship or bankruptcy of one or more of Marvell's major customers; Marvell's ability to develop and introduce new and enhanced products in a timely and cost effective manner and the adoption of those products in the market; seasonality in sales of consumer devices in which Marvell's products are incorporated; uncertainty in the worldwide economic conditions; risks associated with manufacturing and selling a majority of Marvell's products and Marvell's customers' products outside of the United States; risks associated with acquisition and consolidation activity in the semiconductor industry; and other risks detailed in Marvell's SEC filings from time to time. For other factors that could cause Marvell's results to vary from expectations, please see the risk factors identified in Marvell's Quarterly Report on Form 10-Q for the fiscal quarter ended October 29, 2016 as filed with the SEC on December 6, 2016, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.

About Marvell 
Marvell first revolutionized the digital storage industry by moving information at speeds never thought possible. Today, that same breakthrough innovation remains at the heart of the Company's storage, network infrastructure, and wireless connectivity solutions. With leading intellectual property and deep system-level knowledge, Marvell's semiconductor solutions continue to transform the enterprise, cloud, automotive, industrial, and consumer markets. To learn more, visit: www.marvell.com

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

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)






















Three Months Ended


Year Ended







January 28,


October 29,


January 30,


January 28,


January 30,







2017


2016


2016


2017


2016
















Net revenue




$       571,400


$           626,092


$        602,513


$       2,317,674


$       2,649,216

Cost of goods sold



243,883


268,313


292,288


1,029,527


1,442,517

Gross profit




327,517


357,779


310,225


1,288,147


1,206,699

Operating expenses:













Research and development


228,669


209,905


225,577


880,050


1,041,922


Selling and marketing



29,154


29,237


29,849


118,311


126,113


General and administrative


80,347


28,754


37,566


181,416


804,071


Amortization and write-off of acquired intangible assets

1,480


2,299


2,300


8,376


10,098



Total operating expenses


339,650


270,195


295,292


1,188,153


1,982,204

Operating income (loss)



(12,133)


87,584


14,933


99,994


(775,505)

Interest and other income, net


3,780


5,470


1,084


17,022


17,685

Income (loss) from continuing operations before income taxes

(8,353)


93,054


16,017


117,016


(757,820)

Provision (benefit) for income taxes


68,524


15,600


(1,156)


73,022


11,335

Income (loss) from continuing operations

(76,877)


77,454


17,173


43,994


(769,155)

Loss from discontinued operations, net of tax

(3,214)


(4,838)


(12,973)


(22,843)


(42,245)

Net income (loss)



$        (80,091)


$             72,616


$            4,200


$            21,151


$        (811,400)
















Net income (loss) per share - Basic:












Continuing operations



$            (0.15)


$                 0.15


$              0.03


$                0.09


$              (1.51)


Discontinued operations


(0.01)


(0.01)


(0.02)


(0.05)


(0.08)

Net income (loss) per share basic


$            (0.16)


$                 0.14


$              0.01


$                0.04


$              (1.59)
















Net income (loss) per share - Diluted:











       Continuing operations



$            (0.15)


$                 0.15


$              0.03


$                0.09


$              (1.51)

       Discontinued operations


(0.01)


(0.01)


(0.02)


(0.05)


(0.08)

Net income (loss) per share diluted


$            (0.16)


$                 0.14


$              0.01


$                0.04


$              (1.59)
















Shares used in computing basic earnings (loss) per share

507,834


511,090


506,352


509,738


510,945

Shares used in computing diluted earnings (loss) per share

507,834


522,091


508,590


517,513


510,945


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