SAN JOSE, Calif., April 27, 2016 – Cavium, Inc. (NASDAQ: CAVM), a leading provider of semiconductor products that enable secure and intelligent processing for enterprise, data center, cloud, wired and wireless networking, today announced financial results for the first quarter ended March 31, 2016.
Net revenue in the first quarter of 2016 was $101.9 million, a 1.0% sequential increase from the $100.9 million reported in the fourth quarter of 2015 and relatively flat from the $101.8 million reported in the first quarter of 2015.
Generally Accepted Accounting Principles (GAAP) Results Net loss in the first quarter of 2016 was $3.8 million, or $(0.07) per diluted share, compared to $1.0 million, or $(0.02) per diluted share in the fourth quarter of 2015. Gross margins were 66.8% in the first quarter of 2016 compared to 66.2% in the fourth quarter of 2015. Total cash and cash equivalents were $129.6 million at March 31, 2016.
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 2016, Non-GAAP net income was $14.8 million, or $0.25 per diluted share. Non-GAAP gross margin was 67.1% and Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) was 15.0%.
Recent News Highlights
April 19, 2016 - Cavium Showcased the Innovative NFV/SDN Technology Solutions at NFV World Congress 2016
March 15, 2016 - Cavium’s XPliant Switches Empower Open Networking at ONS 2016
March 15, 2016 - Cavium Showcased Key Technology Components for Cloud Datacenters and NFV at Open Networking Summit 2016
March 7, 2016 - Cavium Seamlessly Connected Open Switch Software on XPliant Switches
March 7, 2016 - Cavium to Demonstrate Data Center Solutions for Next Generation Cloud Infrastructure at Open Compute Summit 2016
March 1, 2016 - Cavium OCTEON III Multi–Core Processor Family Powering Next Generation
Advanced Security Appliances
February 29, 2016 - Cavium Showcased Products for Securing the Enterprise, Cloud & Service Provider Infrastructure at RSA Conference 2016
February 29, 2016 - Cavium Announced FIPS 140-2 Certification of LiquidSecurityFamily
February 29, 2016 - Lanner Announced MR-810 Secure Networking Appliance for Telecom and NFV Applications Based on Cavium ThunderX Workload Optimized Processors
February 22, 2016 - Cavium collaborates with ONOS project to launch M–CORD Solution POC at Mobile World Congress 2016
February 22, 2016- Cavium Unveiled 4G and 5G Solutions for Next Generation Carrier Infrastructure at Mobile World Congress 2016
February 22, 2016 - Cavium and Argela Delivers ProgRAN, a Fully Programmable, SDN–based RAN Solution for LTE and 5G
Cavium, Inc. will broadcast its first quarter of 2016 financial results conference call today, April 27, 2016, 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.
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.