Cavium Announces Financial Results for Q4 2014

SAN JOSE, Calif., Jan. 28, 2015 — (PRNewswire) —  Cavium, Inc. (NASDAQ: CAVM), a leading provider of semiconductor products that enable intelligent processing for enterprise, data center, wired and wireless networking, today announced financial results for the fourth quarter ended December 31, 2014.

Cavium, Inc. Logo.

Revenue in the fourth quarter of 2014 was $101.2 million, a 3.5% sequential increase from the $97.8 million reported in the third quarter of 2014 and a 24.8% year-over-year increase from the $81.1 million reported in the fourth quarter of 2013.

Generally Accepted Accounting Principles (GAAP) Results

Net loss attributable to the Company in the fourth quarter of 2014 was $12.0 million, or $(0.22) per diluted share, compared to net income attributable to the Company of $5.4 million, or $0.10 per diluted share in the third quarter of 2014. Gross margins were 62.1% in the fourth quarter of 2014 compared to 63.5% in the third quarter of 2014. Total cash and cash equivalents were $131.7 million at December 31, 2014.

Non-GAAP Results

Cavium believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Cavium's financial condition and results of operations. These measures should only be used to evaluate Cavium's results of operations in conjunction with the corresponding GAAP measures. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.

In the fourth quarter of 2014, Non-GAAP net income was $24.5 million, or $0.42 per diluted share. Non-GAAP gross margin was 65.5% and Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) was 24.2%.

Recent News Highlights

  • December 15, 2014 - Momentum Builds for NBASE-T Alliance with Twelve New Participants
  • December 1, 2014 - Cavium Accelerates Customers Time to Market with ThunderX™ Reference Platforms in Industry Standard 1U and 2U Form Factors
  • December 1, 2014 - Cavium Announces Availability of ThunderX™: Industry's First 48 Core Family of ARMv8 Workload Optimized Processors for Next Generation Data Center & Cloud Infrastructure
  • November 17, 2014 - Cavium was at Supercomputing 2014 
  • November 17, 2014 - ARM HPC Ecosystem Continues to Build Momentum with Introduction of PathScale EKOPath Compiler
  • November 17, 2014 - Cray Explored Alternative Processor Technologies for Supercomputing
  • November 14, 2014 - Cavium Ranked One of the Fastest Growing Companies in North America on Deloitte's 2014 Technology Fast 500™

Cavium, Inc. will broadcast its fourth quarter of 2014 financial results conference call today, January 28, 2015, at 2 p.m. Pacific time (5 p.m. Eastern time).  The conference call will be available via a live web cast on the investor relations section of the Cavium website at http://www.cavium.com.  Please access the website at least a few minutes prior to the start of the call in order to download and install any necessary audio software. An archived web cast replay of the call will be available on the web site for a limited period of time.

About Cavium
Cavium is a leading provider of highly integrated semiconductor products that enable intelligent processing in enterprise, data center, cloud and wired and wireless service provider applications. Cavium offers a broad portfolio of integrated, software-compatible processors ranging in performance from 100 Mbps to 100 Gbps that enable secure, intelligent functionality in enterprise, data-center, broadband/consumer and access and service provider equipment. Cavium's processors are supported by ecosystem partners that provide operating systems, tool support, reference designs and other services. Cavium's principal office is in San Jose, CA with design team locations in California, Massachusetts, India and China. For more information, please visit: http://www.cavium.com.

CAVIUM, INC.


Unaudited GAAP Condensed Consolidated Statements of Operations


(in thousands, except per share amounts)











Three Months Ended



December 31, 2014



September 30, 2014


Net revenue

$

101,223



$

97,833


Cost of revenue


38,402




35,710


Gross profit


62,821




62,123


Operating expenses:








     Research and development


55,108




40,459


     Sales, general and administrative


19,314




18,141


        Total operating expenses


74,422




58,600


Income (loss) from operations


(11,601)




3,523


Other expense, net:








    Interest expense


(293)




(387)


    Change in estimated fair value of variable interest entity's (VIE) notes payable and other


-




(103)


    Other, net


(313)




(116)


Total other expense, net


(606)




(606)


     Income (loss) before income taxes


(12,207)




2,917


     Provision for income taxes


268




811


Net income (loss)


(12,475)




2,106


Net loss attributable to non-controlling interest


(444)




(3,327)


Net income (loss) attributable to the Company

$

(12,031)



$

5,433


Net income (loss) attributable to the Company per common share, basic

$

(0.22)



$

0.10


Shares used in computing basic net income (loss) per common share


54,249




53,786


Net income (loss) attributable to the Company per common share, diluted

$

(0.22)



$

0.10


Shares used in computing diluted net income (loss) per common share


54,249




55,540



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