Marvell Technology Group Ltd. Reports Preliminary Revenue for First Quarter of Fiscal 2008
Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, communications, and consumer silicon solutions, today reported preliminary, unaudited revenue for its first fiscal quarter ended April 28, 2007. Net revenue for the first quarter of fiscal 2008 was $635.1 million, an increase of 22% over net revenue of $521.2 million for the first quarter of fiscal 2007 and a 2% sequential increase from net revenue of $622.0 million for the fourth quarter of fiscal 2007.
All results reported are preliminary because of Marvell’s previously announced internal review by a special committee of its Board of Directors relating to the Company’s historical stock option practices and related accounting matters. Although the special committee has completed its internal review of the Company’s historical stock option practices and related accounting matters, the Company does not expect to be in a position to announce additional financial results for the first fiscal quarter ended April 28, 2007 until the Company has completed the restatement of its historical financial statements. Please refer to the Reports on Form 8-K filed by the Company with the Securities and Exchange Commission on October 3, 2006, October 17, 2006, April 2, 2007 and May 8, 2007 for further information about the internal review and the determination to restate historical financial statements. Marvell does not expect to be in a position to file its Form 10-Q for the first quarter of fiscal 2008 by the June 7, 2007 filing deadline.
“The growth in our Q1 revenues was limited due to an overall weaker demand environment across some of our markets” stated Dr. Sehat Sutardja, Marvell’s President and CEO. “Despite the seasonal softness, we continue to be excited about the progress we are making in applying our technologies to serve additional large market opportunities which should enable us to deliver solid long term growth.”
Marvell will be conducting a conference call today at 1:45 p.m. PDT to discuss its first quarter business. The call is being webcast by Thomson/CCBN and can be accessed at Marvell’s web site at www.marvell.com. The webcast is also being distributed through Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site. The conference call will also be available via the web at www.marvell.com. Please visit the Investor Events section. Replay on the Internet will be available until May 17, 2008.
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