Marvell Technology Group Ltd. Reports Fourth Fiscal Quarter and Fiscal Year 2013 Financial Results

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Thursday, February 21st 2013
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SANTA CLARA, Calif., Feb. 21, 2013 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a global leader in integrated silicon solutions, today reported financial results for the fourth fiscal quarter and fiscal year 2013, ended February 2, 2013.

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Key Fourth Quarter of Fiscal 2013 and Fiscal Year 2013 Financial Highlights

  • Revenue: Q4 FY 2013 $775 Million; FY 2013, $3.17 Billion
  • GAAP Net Income: Q4 FY 2013, $50 Million; FY 2013, $307 Million
  • GAAP EPS: Q4 FY 2013, $0.09; FY 2013, $0.54
  • Non-GAAP Net Income: Q4 FY 2013, $104 Million; FY 2013, $498 Million
  • Non-GAAP EPS: Q4 FY 2013, $0.19; FY 2013, $0.86
  • Free Cash Flow: Q4 FY 2013, $161 Million, FY 2013, $626 Million

First Quarter of Fiscal 2014 Financial Outlook

Marvell's financial outlook does not include the potential impact of future share repurchases, pending litigation matters, business combinations, asset acquisitions or other investments that may be completed after February 2, 2013.

  • Revenue is expected to be in the range of $700 to $740 Million
  • GAAP Gross Margin is expected to be in the range of 52.7% +/- 50 bps. Non-GAAP Gross Margin is expected to be in the range of 53.0% +/- 50 bps.
  • GAAP Operating Expenses are expected to be in the range of $360 Million +/- $10 Million. Non-GAAP Operating Expenses to be in the range of $310 Million +/- $10 Million.
  • GAAP EPS expected to be in the range of $0.04 +/- $0.02. Non-GAAP EPS expected to be in the range of $0.14 +/- $0.02.

Fourth Quarter of Fiscal 2013 and Fiscal Year 2013 Summary

Revenue for the fourth quarter of fiscal 2013 was $775 million, a 1 percent sequential decrease from $781 million in the third quarter of fiscal 2013, ended October 27, 2012, and a 4 percent increase from revenue of $743 million in the fourth quarter of fiscal 2012, ended January 28, 2012.  

For the fiscal year ended February 2, 2013, revenue was $3.17 billion, a decrease of 7 percent from revenue of $3.39 billion for the fiscal year ended January 28, 2012.

GAAP net income for the fourth quarter of fiscal 2013 was $50 million, or $0.09 per share (diluted), compared with GAAP net income of $69 million, or $0.12 per share (diluted), for the third quarter of fiscal 2013, and $81 million, or $0.13 per share (diluted), for the fourth quarter of fiscal 2012.   

For the year ended February 2, 2013, GAAP net income was $307 million, or $0.54 per share (diluted), compared with GAAP net income of $615 million, or $0.99 per share (diluted), for the year ended January 28, 2012.

Non-GAAP net income was $104 million, or $0.19 per share (diluted), for the fourth quarter of fiscal 2013, compared with non-GAAP net income of $113 million, or $0.20 per share (diluted), for the third quarter of fiscal 2013 and $127 million, or $0.21 per share (diluted), for the fourth quarter of fiscal 2012.