MARVELL TECHNOLOGY GROUP LTD 
SANTA CLARA, Calif., July 27, 2016 /PRNewswire/ -- Marvell (NASDAQ:MRVL), a world leader in storage, cloud infrastructure, Internet of Things (IoT), connectivity and multimedia semiconductor solutions, today reported financial results for the first quarter of fiscal year 2017, ended April 30, 2016.
Key First Quarter of Fiscal 2017 Highlights
-- Revenue: Q1 FY 2017, $541 Million
-- GAAP Net (Loss): Q1 FY 2017, ($23) Million
-- GAAP Diluted (Loss) Per Share: Q1 FY 2017, ($0.04)
-- Non-GAAP Net Income: Q1 FY 2017, $7 Million
-- Non-GAAP Diluted EPS: Q1 FY 2017, $0.01
-- Cash Flow from Operations: Q1 FY 2017, ($610) Million
-- Cash and ST Investments: $1.6 Billion
Second Quarter of Fiscal 2017 Financial Outlook
Marvell's financial outlook does not include the potential impact of future share repurchases, pending litigation matters, business combinations, asset acquisitions or other investments that may be completed after July 26, 2016.
-- Revenue is expected to be in the range of $625 Million to $635 Million.
-- GAAP and Non-GAAP Gross Margins are expected to be in the range of 52
percent to 54 percent.
-- GAAP Operating Expenses are expected to be in the range of $307 Million
to $317 Million. Non-GAAP Operating Expenses are expected to be in the
range of $270 Million to $280 Million.
-- GAAP Diluted EPS are expected to be in the range of $0.03 to $0.05.
Non-GAAP Diluted EPS are expected to be in the range of $0.10 to $0.12.
First Quarter of Fiscal 2017 Summary
Revenues for the first quarter of fiscal 2017 were $541 million, down approximately 12 percent from $616 million in the fourth quarter of fiscal 2016, ended January 30, 2016, and down approximately 25 percent from $724 million in the first quarter of fiscal 2016, ended May 2, 2015.
In the first quarter of fiscal 2017, storage revenue declined 16 percent sequentially, reflecting lower HDD industry demand partially offset by growth in SSD. Networking revenue in the first quarter of fiscal 2017 grew 5 percent sequentially due to improved enterprise networking demand. Mobile and wireless revenue decreased 29 percent sequentially, mainly driven by the previously anticipated declines in revenue resulting from Marvell's exit of the mobile handset business. Mobile handset revenues in the first quarter of 2017, fourth quarter, and first quarter of fiscal 2016 were $22 million, $69 million and $65 million, respectively. The Company anticipates mobile handset platform-related revenue to decline through fiscal year 2017 due to the restructuring actions announced on September 24, 2015.
GAAP net loss for the first quarter of fiscal 2017 was ($23) million, or ($0.04) per share (diluted) compared with a GAAP net income of $4 million, or $0.01 per share (diluted), for the fourth quarter of fiscal 2016, and GAAP net income of $14 million, or $0.03 per share (diluted), for the first quarter of fiscal 2016.
Non-GAAP net income for the first quarter of fiscal 2017 was $7 million, or $0.01 per share (diluted), which included adjustments of approximately $29 million including: $4 million for restructuring, of which $1 million was related to the mobile handset platform business, and $25 million for share-based compensation. By comparison, non-GAAP net income for the fourth quarter of fiscal 2016 was $55 million, or $0.11 per share (diluted), which included adjustments of $50 million including: $4 million for restructuring related to the mobile handset platform business, $32 million for share-based compensation, $4 million for litigation reserves and settlements, and $10 million for other items. Non-GAAP net income for the first quarter of fiscal 2016 was $71 million, or $0.13 per share (diluted), which included adjustments of $57 million including: $33 million for share-based compensation and $24 million for other items. Refer to the GAAP to Non-GAAP reconciliation table and related footnotes contained in this press release for more details.
Marvell reports net income, basic and diluted net income per share, in accordance with generally accepted accounting principles (GAAP) and on a non-GAAP basis as outlined below. Reconciliations of GAAP net income to non-GAAP net income for the three months ended April 30, 2016, January 30, 2016, and May 2, 2015, appear in the financial statements below. Non-GAAP net income, where applicable, excludes the effect of share-based compensation, amortization and write-off of acquired intangible assets, acquisition-related costs, restructuring and other related charges, estimated litigation reserves and settlements, and certain expenses and benefits that are driven by discrete events that management does not consider to be directly related to Marvell's core operating performance.
GAAP gross margin percentage for the first quarter of fiscal 2017 was 52.1 percent, compared to 50.9 percent for the fourth quarter of fiscal 2016 and 51.5 percent for the first quarter of fiscal 2016.
Non-GAAP gross margin percentage for the first quarter of fiscal 2017 was 52.5 percent, compared to 51.9 percent for the fourth quarter of fiscal 2016 and 51.6 percent for the first quarter of fiscal 2016. The sequential improvement in fourth quarter GAAP and Non-GAAP gross margin percentages was mainly due to a larger mix of higher margin networking sales and a smaller mix of lower margin mobile handset platform-related revenues compared to the prior quarter. Refer to the GAAP to Non-GAAP reconciliation table and related footnotes at the end of this press release for more details.
Operating expenses on a GAAP basis for the first quarter of fiscal 2017 were $311 million, unchanged from the fourth quarter of fiscal year 2016, and 14 percent lower compared to $360 million in the first quarter of fiscal 2016.
Non-GAAP operating expenses were $280 million in the first quarter compared to $267 million in the fourth quarter, a 5 percent increase, and $307 million in the first quarter of fiscal 2016, a 9 percent decline. Refer to the GAAP to Non-GAAP reconciliation table and related footnotes contained in this press release for more details.
GAAP and Non-GAAP operating expenses for the first quarter of fiscal 2017 and fourth quarter of fiscal year 2016 include $17 million and $11 million, respectively of legal and accounting fees related to the Audit Committee investigation, and the related shareholder litigation and investigations by the SEC and United States Attorney's Office and other professional fees.
Shares used to compute GAAP net income per diluted share for the first quarter of fiscal 2017 were 509 million shares, compared with 509 million shares in the fourth quarter of fiscal 2016 and 527 million shares in the first quarter of fiscal 2016.
Shares used to compute non-GAAP net income per diluted share for the first quarter of fiscal 2017 were 522 million shares, compared with 519 million shares for the fourth quarter of fiscal 2016 and 535 million shares for the first quarter of fiscal 2016.
Net cash provided from operations for the first quarter of fiscal 2017 was ($610) million, compared to $53 million in the fourth quarter of fiscal 2016 and $59 million reported in the first quarter of fiscal 2016. Net cash provided from operations for the first quarter of fiscal 2017 reflects the $750 million payment related to the previously announced Carnegie Mellon University litigation settlement. Free cash flow for the first quarter of fiscal 2017 was ($625) million, compared to the $47 million in the fourth quarter of fiscal 2016 and the $44 million reported in the first quarter of fiscal 2016. Free cash flow as presented above is defined as cash flow from operations, less capital expenditures and purchases of technology licenses reported under investing and financing activities in the consolidated statement of cash flows.
Marvell made no share repurchases in the first quarter of fiscal 2017. Marvell paid a quarterly dividend of $0.06 per share on April 22, 2016 to all shareholders of record as of March 29, 2016.
The payment of future quarterly cash dividends on Marvell's common shares is subject to, among other things, the best interests of the company and its shareholders, its results of operations, cash balances and future cash requirements, financial condition, developments in ongoing litigation, statutory requirements of Bermuda law, and other factors that the board of directors may deem relevant.
Update Regarding NASDAQ Compliance Plan
On May 3, 2016, Marvell announced that it had received written notification from Nasdaq that, following Marvell's hearing before The Nasdaq Hearings Panel on April 14, 2016, it granted the Company an extension of time to September 6, 2016 to regain compliance with continued listing requirements. Until that time, shares of Marvell stock will remain listed on The Nasdaq Stock Market.
The filings of the Company's Annual Report on Form 10-K for fiscal year 2016, ended January 30, 2016, and its Quarterly Reports on Form 10-Q for the second and third quarters of fiscal 2016, were completed on July 21, 2016. The preparation and filing of the Company's Quarterly Report on Form 10-Q for the first quarter of fiscal 2017 ended April 30, 2016 has not yet been completed. The Company is working diligently to complete the preparation and filing of the Form 10-Q for the first quarter of 2017 as soon as practicable, at which time Marvell believes it will regain full compliance with Nasdaq continued listing requirements.
Conference Call
Marvell will conduct a conference call on Wednesday, July 27, 2016 at 1:45 p.m. Pacific Time to discuss results for the first quarter of fiscal year 2017. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, pass-code 54569096. The call will be webcast by Thomson Reuters and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ with a replay available following the call until August 27, 2016.
Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of share-based compensation expense, amortization and write-off of acquired intangible assets, acquisition-related costs, restructuring and other related charges, litigation settlement, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core operating performance. Non-GAAP diluted net income per share is calculated by dividing non-GAAP net income by non-GAAP weighted average shares outstanding (diluted). For purposes of calculating non-GAAP diluted net income per share, the GAAP weighted average shares outstanding (diluted) is adjusted to exclude the potential benefits of share-based compensation expected to be incurred in future periods but not yet recognized in the financial statements. The expected compensation costs are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method and also include the dilutive/anti-dilutive effects of common stock options and restricted stock units.
Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance.
Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas:
-- Management's evaluation of Marvell's operating performance;
-- Management's establishment of internal operating budgets;
-- Management's performance comparisons with internal forecasts and
targeted business models; and
-- Management's determination of the achievement and measurement of certain
performance-based equity awards (adjustments may vary from award to
award).
Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. Marvell expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from Marvell's non-GAAP net income should not be construed as an inference that these costs are unusual, infrequent or non-recurring.
Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including: Marvell's expectations regarding its second quarter of fiscal 2017 financial outlook; Marvell's belief regarding the timing of its compliance with Nasdaq listing standards; and Marvell's use of non-GAAP financial measures as important supplemental information. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would" and similar expressions identify such forward-looking statements. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: actions that may be taken by Marvell as a result of the Audit Committee's investigation; adverse impacts of litigation or regulatory activities; Marvell's ability to hire a permanent Chief Financial Officer and Chief Accounting Officer and Controller in a timely manner; Marvell's ability to regain compliance with its SEC reporting obligations within the time of the exemption granted by NASDAQ; Marvell's ability to compete in products and prices in an intensely competitive industry; Marvell's reliance on the hard disk drive and mobile and wireless markets, which are highly cyclical and intensely competitive; costs and liabilities relating to current and future litigation; Marvell's reliance on a few customers for a significant portion of its revenue; Marvell's ability to develop and introduce new and enhanced products in a timely and cost effective manner and the adoption of those products in the market; seasonality in sales of consumer devices in which Marvell's products are incorporated; uncertainty in the worldwide economic conditions; risks associated with manufacturing and selling a majority of Marvell's products and Marvell's customers' products outside of the United States; and other risks detailed in Marvell's SEC filings from time to time. For other factors that could cause Marvell's results to vary from expectations, please see the risk factors identified in Marvell's latest Annual Report on Form 10-K for the fiscal year ended January 30, 2016 as filed with the SEC on July 21, 2016, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.
About Marvell
Marvell (NASDAQ: MRVL) is a global leader in providing complete silicon solutions. From storage to cloud infrastructure, Internet of Things (IoT), connectivity and multimedia, Marvell's diverse product portfolio aligns complete platform designs with industry-leading performance, security, reliability and efficiency. At the core of the world's most powerful consumer, network and enterprise systems, Marvell empowers partners and their customers to always stand at the forefront of innovation, performance and mass appeal. By providing people around the world with mobility and ease of access to services, adding value to their social, personal and work lives, Marvell is committed to enhancing the human experience.
As used in this release, the term "Marvell" refers to Marvell Technology Group Ltd. and its subsidiaries. For more information, please visit www.Marvell.com.
Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.
Marvell Technology Group Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
------------------
April 30, January 30, May 2,
2016 2016 2015
---- ---- ----
(Preliminary)
Net revenue $540,822 $616,158 $724,288
Cost of goods sold 259,210 302,610 351,153
------- ------- -------
Gross profit 281,612 313,548 373,135
Operating expenses:
Research and
development 241,271 239,703 280,114
Selling and
marketing 31,379 31,301 36,174
General and
administrative 35,623 37,812 41,027
Amortization and
write-off of
acquired
intangible assets 2,461 2,462 2,568
Total
operating
expenses 310,734 311,278 359,883
------- ------- -------
Operating income (loss) (29,122) 2,270 13,252
Interest and other income, net 1,488 1,084 5,167
----- ----- -----
Income (loss) before income taxes (27,634) 3,354 18,419
Provision (benefit) for income taxes (4,955) (846) 4,329
------ ---- -----
Net income (loss) $(22,679) $4,200 $14,090
======== ====== =======
Basic net income (loss) per share $(0.04) $0.01 $0.03
====== ===== =====
Diluted net income (loss) per share $(0.04) $0.01 $0.03
====== ===== =====
Shares used in computing basic earnings
(loss) per share 508,794 506,352 516,228
Shares used in computing diluted
earnings (loss) per share 508,794 508,590 527,167
Marvell Technology Group Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
April 30, January 30,
Assets 2016 2016
---- ----
(Preliminary)
Current assets:
Cash, cash equivalents
and short-term
investments $1,615,240 $2,282,749
Accounts
receivable, net 280,658 323,300
Inventories 196,739 210,017
Prepaid expenses and
other current assets 57,139 102,560
Total
current
assets 2,149,776 2,918,626
Property and equipment, net 283,584 299,540
Long-term investments 8,974 11,296
Goodwill and acquired intangible assets, net 2,045,009 2,047,955
Other non-current assets 169,778 164,710
------- -------
Total
assets $4,657,121 $5,442,127
========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts
payable $193,697 $180,372
Accrued
liabilities 236,514 253,691
Carnige Mellon University
accrued litigation
settlement - 736,000
Deferred
income 54,488 55,722
Total
current
liabilities 484,699 1,225,785
Other non-current liabilities 72,604 76,219
------ ------
Total
liabilities 557,303 1,302,004
------- ---------
Shareholders' equity:
Common stock 1,022 1,015
Additional paid-
in capital 3,038,732 3,028,921
Accumulated other
comprehensive income 2,222 (795)
Retained
earnings 1,057,842 1,110,982
Total
shareholders'
equity 4,099,818 4,140,123
Total liabilities
and shareholders'
equity $4,657,121 $5,442,127
========== ==========
Marvell Technology Group Ltd.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three Months Ended
------------------
April 30, May 2,
2016 2015
---- ----
(Preliminary)
Cash flows from operating activities:
Net income (loss) $(22,679) $14,090
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation and
amortization 21,788 26,620
Share-based
compensation 24,453 33,221
Amortization and write-off
of acquired intangible
assets 2,946 3,053
Non-cash restructuring and
other related charges 896 573
Other non-cash
expense, net 1,361 (561)
Excess tax benefits from
share-based compensation - (18)
Changes in assets and
liabilities:
Accounts receivable 42,642 27,141
Inventories 13,598 (31,318)
Prepaid expenses and
other assets(a) 38,056 1,969
Accounts payable 19,922 17,125
Accrued liabilities and other
non-current liabilities (a) (758,502) (11,576)
Accrued employee
compensation 7,152 (14,424)
Deferred income (1,234) (7,027)
Net cash provided by (used in)
operating activities (609,601) 58,868
Cash flows from investing activities:
Purchases of available-
for-sale securities (93,365) (392,900)
Sales and maturities of
available-for-sale
securities 316,310 247,495
Purchase of time
deposits (50,000) -
Purchases of technology
licenses (4,050) (3,606)
Purchases of property
and equipment (6,542) (7,334)
Purchase of equipment
previously leased - (10,240)
Net cash provided by (used
in) investing activities 162,353 (166,585)
Cash flows from financing activities:
Repurchase of common
stock (b) - (20,273)
Proceeds from employee
stock plans 315 13,013
Minimum tax withholding paid
on behalf of employees
for net share
settlement (15,270) (22,310)
Dividend payments to shareholders (30,461) (30,910)
Payments on technology license
obligations (5,294) (4,067)
Excess tax benefits from
share-based compensation - 18
Net cash used in financing
activities (50,710) (64,529)
Net increase (decrease) in cash and cash equivalents (497,958) (172,246)
Cash and cash equivalents at beginning of period 1,278,180 1,210,977
--------- ---------
Cash and cash equivalents at end of period $780,222 $1,038,731
======== ==========
(a) In the three
months ended
April 30,
2016, the
Company paid
a total of
$750.0
million to
CMU in
connection
with the
settlement
agreement
that was
reached in
February
2016. Of
this
settlement,
the Company
recognized a
charge of
$736.0
million in
fiscal 2016.
The
remaining
$14.0
million was
recorded in
prepaid
expenses and
other
assets, to
be
recognized
in cost of
good sold
over the
remaining
term of the
license from
February
2016 through
April 2018.
For further
detail of
the
accounting
for the
settlement,
see "Note 15
- Subsequent
Events" in
the Notes to
the
Consolidated
Financial
Statements
included in
the
Company's
Annual
Report on
Form 10-K
for fiscal
2016.
(b) Marvell
records all
repurchases
as well as
investment
purchases
and sales,
based on
trade date
in
accordance
with U.S.
GAAP. Cash
paid for
repurchase
of Marvell
common
shares
includes a
total of 1.4
million
shares
repurchased
for $22.1
million in
the first
quarter of
fiscal 2016,
adjusted for
repurchases
of $1.8
million made
within the
final three
days of the
quarter that
are accrued
but not yet
paid due to
the standard
settlement
period that
normally
takes up to
three days.
Marvell Technology Group Ltd.
Reconciliations from GAAP to Non-GAAP
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
------------------
April 30, January 30, May 2,
2016 2016 2015
---- ---- ----
(Preliminary)
GAAP net income (loss) $(22,679) $4,200 $14,090
Share-based compensation 24,453 32,419 33,221
Restructuring and other related charges
(a) 4,441 4,396 592
Amortization and write-off of acquired intangible assets 2,946 2,947 3,493
Litigation matters (b) 100 3,791 (1,700)
Other (c) (2,743) 6,754 21,382
Non-GAAP net income $6,518 $54,507 $71,078
====== ======= =======
GAAP weighted average shares - diluted 508,794 508,590 527,167
Non-GAAP adjustment 13,569 9,978 7,993
Non-GAAP weighted average shares diluted (d) 522,363 518,568 535,160
======= ======= =======
GAAP diluted net income per share $(0.04) $0.01 $0.03
====== ===== =====
Non-GAAP diluted net income per share $0.01 $0.11 $0.13
===== ===== =====
GAAP gross profit: $281,612 $313,548 $373,135
Share-based
compensation 1,802 1,862 1,547
Restructuring and other related
charges (a) - 7 -
Amortization of
acquired intangible
assets 485 485 925
Litigation matters (b) - 3,711 (1,700)
Non-GAAP gross profit $283,899 $319,613 $373,907
======== ======== ========
GAAP gross margin 52.1% 50.9% 51.5%
Share-based
compensation 0.3% 0.3% 0.2%
Restructuring and other related
charges (a) 0.0% 0.0% 0.0%
Amortization of
acquired intangible
assets 0.1% 0.1% 0.1%
Litigation matters (b) 0.0% 0.6% -0.2%
Non-GAAP gross margin 52.5% 51.9% 51.6%
==== ==== ====
GAAP research and development: $241,271 $239,703 $280,114
Share-based
compensation (24,396) (23,630) (24,781)
Restructuring and other related
charges (a) (813) (3,703) -
Other (c) 49 (3,485) -
Non-GAAP research and development $216,111 $208,885 $255,333
======== ======== ========
GAAP selling and marketing: $31,379 $31,301 $36,174
Share-based
compensation (2,942) (3,214) (2,577)
Restructuring and other related
charges (a) 1 (118) -
Other (c) (304) (393) -
Non-GAAP selling and marketing $28,134 $27,576 $33,597
======= ======= =======
GAAP general and administrative: $35,623 $37,812 $41,027
Share-based
compensation 4,687 (3,713) (4,316)
Restructuring and other related
charges (a) (3,629) (568) (592)
Litigation matters (b) (100) (80) -
Other (c) (886) (2,876) (18,302)
Non-GAAP general and administrative $35,695 $30,575 $17,817
======= ======= =======
GAAP provision (benefit) for income taxes $(4,955) $(846) $4,329
Other (c) 3,884 - (3,080)
Non-GAAP provision (benefit) for income taxes $(1,071) $(846) $1,249
======= ===== ======
(a) Restructuring
and other
related
charges
include costs
that qualify
under U.S.
GAAP as
restructuring
costs and
other
incremental
charges that
are a direct
result of
restructuring.
For the three
months ended
April 30,
2016, such
charges
include $3.5
million for a
remaining
lease
obligation
and $0.9
million for
the
impairment of
certain
mobile-
related
equipment.
For the three
months ended
January 30,
2016, such
other related
charges
include $0.4
million for
the
impairment of
certain
leasehold
improvements
due to the
restructuring
of the mobile
platform
business, in
addition to
$4.0 million
of
restructuring
charges,
primarily for
severance and
facility-
related
costs. For
the three
months ended
May 2, 2015,
such charges
includes $0.6
million for
the
impairment of
equipment
held for
sale.
(b) The amounts
recorded
represent
charges
recognized
for pending
litigation
proceedings.
(c) Other costs
include a
$3.9 million
tax effect
from
restructuring
charges
within the
income tax
provision
for the
three months
ended April
30, 2016.
Other costs
for each of
the three
months ended
April 30,
2016 and
January 30,
2016 include
expenses
related to
retention
bonuses
offered to
mobile
employees
expected to
remain
through the
ramp down of
certain
operations.
Other costs
for the
three months
ended May 2,
2015 include
a payment of
$15.4
million to
Dr. Sehat
Surtardja,
the
Company's
former Chief
Executive
Officer, and
its related
tax effect
on the
income tax
provision.
(d) For purposes
of
calculating
non-GAAP
diluted net
income per
share, the
GAAP diluted
weighted
average
shares
outstanding
is adjusted
to exclude
the
potential
benefits of
share-based
compensation
costs
expected to
be incurred
in future
periods but
not yet
recognized
in the
financial
statements.
For further information, contact:
John Spencer Ahn Sue Kim
Investor Relations Media Relations
408-222-7544 408-222-1942
johnahn@marvell.com suekim@marvell.com
http://photos.prnewswire.com/prnvar/20100719/SF36559LOGO-b
Logo - http://photos.prnewswire.com/prnh/20100719/SF36559LOGO-b
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/marvell-technology-group-ltd-reports-first-quarter-of-fiscal-2017-financial-results-300305047.html
SOURCE Marvell Technology Group Ltd.
