SAN JOSE, Calif., April 30, 2014 – Cavium, Inc. (NASDAQ: CAVM), a leading provider of highly integrated semiconductor products that enable intelligent processing for networking, communications, and the digital home, today announced financial results for the first quarter ended March 31, 2014.
Revenue in the first quarter of 2014 was $83.2 million, a 2.5% sequential increase from the $81.1 million reported in the fourth quarter of 2013 and a 19.7% year-over-year increase from the $69.5 million reported in the first quarter of 2013.
Generally Accepted Accounting Principles (GAAP) Results
Net income attributable to the Company in the first quarter of 2014 was $2.3 million, or $0.04 per diluted share, compared to $0.2 million, or $0.00 per diluted share in the fourth quarter of 2013. Gross margins were 63.5% in the first quarter of 2014 compared to 64.2% in the fourth quarter of 2013. Total cash and cash equivalents were $124.1 million at March 31, 2014.
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 2014, Non-GAAP net income was $17.0 million, or $0.30 per diluted share, Non-GAAP gross margin was 65.4% and Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) was 20.7%.
Recent News Highlights
April 8, 2014 - Cavium Announced Availability of Complete TD-LTE Support for OCTEON Fusion® Small Cell Base Station
April 8, 2014 - AKM Demonstrated New Family of LTE™ Base Station Transceivers in Cavium’s Small Cell eNodeB Design at the Small Cells Asia Conference
April 1, 2014 - Cavium Demonstrated Range of Secure Scalable Solutions for Virtualized Enterprise and Cloud Infrastructure at Interop Las Vegas
April 1, 2014 - 6WIND and Cavium Extended Partnership to Deliver Compelling High Performance Solutions for NFV and SDN
February 24, 2014 - Cavium Showcased a Range of Solutions for RAN, Core and Cloud Infrastructure at Mobile World Congress 2014
February 24, 2014 - Cavium Unveiled UniFiRAN a Unified Architecture from Small Cell to Cloud RAN at Mobile World Congress
February 24, 2014 - Cavium Introduced Highly Optimized, Small Form Factor 64 User OCTEON Fusion® Small Cell Base Station Design
February 24, 2014 - Cavium Supports Telkomsel in LTE Network Trials
February 24, 2014 - Arcadyan Selected Cavium for Carrier-grade LTE Small Cells with Data Offload and DPI for Enterprise Applications
February 24, 2014 - MontaVista Introduced MV Cloud – A High Performance, Carrier Grade Cloud Platform for the Mobile and NFV Market
Cavium, Inc. will broadcast its first quarter of 2014 financial results conference call today, April 30, 2014, 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 for networking, communications and the digital home. Cavium offers a broad portfolio of integrated, software-compatible processors ranging in performance from 10 Mbps to 100 Gbps that enable secure, intelligent functionality in enterprise, data-center, broadband/consumer and access and service provider equipment. Cavium 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.
Sr. Marketing Communications Manager,
Cavium, 2315 N. First Street,
San Jose CA 95131,
Telephone: +1 408-943-7417