Cavium™Announces Financial Results for Q1 2013
SAN JOSE, Calif., April 30, 2013 – 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 of 2013 ended March 31, 2013.
Revenue in the first quarter of 2013 was $69.5 million, a 4.8% sequential increase from the $66.4 million reported in the fourth quarter of 2012.
Generally Accepted Accounting Principles (GAAP) Results
Net loss attributable to the Company for the first quarter of 2013, on GAAP basis was $3.2 million, or $(0.06) per diluted share compared to $78.8 million, or $(1.56) per diluted share in the fourth quarter of 2012. Net loss for the fourth quarter of 2012 included a non-cash charge of $43.5 million to provide for a valuation allowance for net deferred tax assets and non-cash charges for goodwill and other intangible asset impairment of $33.3 million. Gross margins were 62.4% in the first quarter of 2013 compared to 62.3% in the fourth quarter of 2012. Total cash and cash equivalents were $86.5 million at March 31, 2013.
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.
Non-GAAP net income for the first quarter of 2013 was $10.2 million or $0.19 per diluted share, compared with non-GAAP net income of $10.6 million or $0.20 per diluted share in the fourth quarter of 2012. Gross margins, on a non-GAAP basis, were 65.4% and operating margins (non-GAAP income from operations as a percentage of revenue), on a non-GAAP basis were 16.0% in the first quarter of 2013.
Recent News Highlights
- February 26, 2013 - Cavium's PureVu® Powers ZTE's NEW Wireless Display Adapter for the Latest Grand Memo Smartphones
- February 25, 2013 - Cavium Demonstrated Innovative Mobile Infrastructure Solutions for Next Generation Radio Access, Core Network, and Wireless Display Manufacturers at Mobile World Congress
- February 25, 2013 - Cavium's PureVu® Enables Superior Wireless Display Consumer Experience for Huawei's Line of Ascend Smartphones
- February 25, 2013 - LG U+ Selects Cavium's OCTEON Fusion® to Light up its LTE Small Cell Rollouts
- February 21, 2013 - AirHop Communications and Cavium Sign Commercial Agreement to Integrate AirHop’s eSONTM Software with Cavium’s LTE Small Cell “BaseStation-on-a-Chip” Family
- February 19, 2013 - Advantech Unveils Support For Cavium’s TurboDPI™ II on New Packetarium™ Network Processor Platform and High-end ATCA Blade
- Februay 19, 2013 - Cavium Introduces TurboDPI™ II for OCTEON® Processors – Takes Deep Packet Inspection (DPI) To the Next Level
- January 31, 2013 - Cavium Announces Carrier Grade, Enterprise Quality,Commercial Software Development Environment for All OCTEON® Processors
- January 31, 2013 - Cavium Announces Project Thunder Software Development Platform for Cloud and Data Centers
- January 31, 2013 - Cavium Collaborates with the Fedora Project to Support Project Thunder 64-bit ARMv8 Processors
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.