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Cavium Announces Financial Results for Q1 2015

SAN JOSE, Calif., April 29, 2015 – Cavium, Inc. (NASDAQ: CAVM), a leading provider of semiconductor products that enable secure and intelligent processing for enterprise, data center, wired and wireless networking, today announced financial results for the first quarter ended March 31, 2015.

Net revenue in the first quarter of 2015 was $101.8 million, a 1% sequential increase from the $101.2 million reported in the fourth quarter of 2014 and a 22% year-over-year increase from the $83.2 million reported in the first quarter of 2014.

Generally Accepted Accounting Principles (GAAP) Results
Net loss attributable to the Company in the first quarter of 2015 was $13.9 million, or $(0.25) per diluted share, compared to $12.0 million, or $(0.22) per diluted share in the fourth quarter of 2014. Gross margins were 64.8% in the first quarter of 2015 compared to 62.1% in the fourth quarter of 2014. Total cash and cash equivalents were $121.0 million at March 31, 2015.

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 first quarter of 2015, Non-GAAP net income was $23.7 million, or $0.40 per diluted share. Non-GAAP gross margin was 65.9% and Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) was 22.9%.

Recent News Highlights

Cavium, Inc. will broadcast its first quarter of 2015 financial results conference call today, April 29, 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 Contact:
Angel Atondo
Sr. Marketing Communications Manager,
Cavium, 2315 N. First Street,
San Jose CA 95131,
Telephone: +1 408-943-7417
Email: angel.atondo@cavium.com




ThunderX™, OCTEON®, NITROX®, LiquidIO® are registered trademarks of Cavium, Inc. All other trademarks are the property of their respective owners. All rights reserved. © Cavium, Inc. 2015.


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