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December 2, 2009

Marvell Q3 revenues up 2% to $791m

Posts net income of $201.6m, compared to $70.9m for same period last year

By CBR Staff Writer

Marvell Technology Group has reported revenues of $803.1m for the third quarter of 2009, an increase of 2% compared to $791m for the same period last year and an increase of 25% sequentially.

Gross margin for the quarter was 57.5%, compared to 55% for the second quarter of fiscal 2010 and 52.1% for the same period last year. Operating income was $170m, compared to $72.84m in the same period last year.

For the quarter ended October 31, 2009, the company posted a net income of $201.6m or $0.31 per share, compared to $70.9m or $0.11 per share for the same period last year.

Cash flow from operations was $203.5m, up 12% sequentially from $182.3m and down 21% from $258.5m for the same period last year. Free cash flow was $195.9m, up 12% sequentially from $175.3m in the second quarter of fiscal 2010 and down 20% from $244.3m in the third quarter of fiscal 2009.

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Sehat Sutardja, chairman and chief executive officer of Marvell, said: Our sequential revenue growth was better than our revised guidance provided on October 26, 2009, as order momentum improved across all our addressable end-markets. Our results during the third quarter demonstrate that financial discipline is firmly entrenched in Marvell’s long-term business model as we again delivered significant improvement across all financial metrics.

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