Marvell Earns $81M in Q4

SANTA CLARA, Calif. -- Marvell Technology Group Ltd. (NASDAQ: MRVL - News), a global leader in integrated silicon solutions, today reported financial results for the fourth fiscal quarter and fiscal year 2012, ended January 28, 2012.

Revenue for the fourth quarter of fiscal 2012 was $743 million, a 22 percent sequential decrease from $950 million in the third quarter of fiscal 2012, ended October 29, 2011, and down 18 percent from $901 million in the fourth quarter of fiscal 2011, ended January 29, 2011.

For the fiscal year ended January 28, 2012, revenue was $3.39 billion, a decrease of 6 percent from revenue of $3.61 billion for the fiscal year ended January 29, 2011.

GAAP net income for the fourth quarter of fiscal 2012 was $81 million, or $0.13 per share (diluted), compared with GAAP net income of $195 million, or $0.32 per share (diluted) in the third quarter of fiscal 2012, and $223 million, or $0.33 per share (diluted), for the fourth quarter of fiscal 2011.

For the year ended January 28, 2012, GAAP net income was $615 million, or $0.99 per share (diluted), compared with GAAP net income of $904 million, or $1.34 per share (diluted), for the year ended January 29, 2011.

Non-GAAP net income was $127 million, or $0.21 per share (diluted), for the fourth quarter of fiscal 2012, compared with non-GAAP net income of $244 million, or $0.40 per share (diluted) for the third quarter of fiscal 2012 and $273 million, or $0.40 per share (diluted), for the fourth quarter of fiscal 2011.

For the fiscal year ended January 28, 2012, non-GAAP net income was $795 million, or $1.27 per share (diluted), as compared with non-GAAP net income of $1.11 billion, or $1.64 per share (diluted) for the fiscal year ended January 29, 2011.

"Fiscal year 2012 was a challenging year for Marvell in which we endured not only a choppy macro-economic environment but also the effects of an earthquake, massive floods, and product transitions at one of our largest customers. In spite of these challenges, Marvell delivered excellent profitability and free cash flow margins while simultaneously increasing our investments for several new initiatives," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer. "During fiscal 2012, Marvell was successful in several new products and initiatives. Our China TD business is now producing tangible results, our SSD revenue has exceeded expectations and our networking business is growing due to new products and share gains. As a result of these new initiatives and the recovery in the hard disk drive industry, we expect to see steady improvement in each of our end markets in the new fiscal year."

Marvell Technology Group Ltd. (Nasdaq: MRVL)