Marvell Technology Group Ltd. Reports Second Quarter of Fiscal 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 third quarter of fiscal 2017 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: actions that may be taken by Marvell as a result of the Audit Committee's investigation; adverse impacts of litigation or regulatory activities; Marvell's ability to hire a Chief Accounting Officer and Controller in a timely manner; Marvell's ability to compete in products and prices in an intensely competitive industry; Marvell's reliance on the hard disk drive and mobile 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; 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; 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 April 30, 2016 as filed with the SEC on August 10, 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 (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.

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)






















Three Months Ended


Six Months Ended







July 30,


April 30,


August 1,


July 30,


August 1,







2016


2016


2015


2016


2015
















Net revenue




$ 626,404


$ 540,822


$  710,492


$ 1,167,226


$ 1,434,780

Cost of goods sold



287,608


259,210


461,719


546,818


812,872

Gross profit




338,796


281,612


248,773


620,408


621,908

Operating expenses:













Research and development


228,562


241,271


297,321


469,833


577,435


Selling and marketing



31,094


31,379


30,841


62,473


67,015


General and administrative


37,173


35,623


691,230


72,796


732,257


Amortization of acquired intangible assets

2,461


2,461


2,568


4,922


5,136



Total operating expenses


299,290


310,734


1,021,960


610,024


1,381,843

Operating income (loss)



39,506


(29,122)


(773,187)


10,384


(759,935)

Interest and other income, net


6,284


1,488


6,790


7,772


11,957

Income (loss) before income taxes


45,790


(27,634)


(766,397)


18,156


(747,978)

Provision (benefit) for income taxes


(5,515)


(4,955)


5,543


(10,470)


9,872

Net income (loss)



$   51,305


$ (22,679)


$ (771,940)


$      28,626


$  (757,850)
















Basic net income (loss) per share


$       0.10


$     (0.04)


$       (1.49)


$          0.06


$        (1.47)

Diluted net income (loss) per share


$       0.10


$     (0.04)


$       (1.49)


$          0.06


$        (1.47)
















Shares used in computing basic earnings (loss) per share

511,235


508,794


516,368


510,014


516,298

Shares used in computing diluted earnings (loss) per share

514,314


508,794


516,368


513,669


516,298


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