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Cavium Announces Financial Results for Q1 2012

SAN JOSE, Calif., May 1, 2012 – 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 2012 ended March 31, 2012.

Revenue in the first quarter of 2012 was $52.7 million, a 6.3% sequential decrease from the $56.3 million reported in the fourth quarter of 2011.

Generally Accepted Accounting Principles (GAAP) Results
Net loss for the first quarter of 2012, on a GAAP basis, was $13.8 million, or $(0.28) per diluted share, compared to $9.4 million, or $(0.19) per diluted share in the fourth quarter of 2011. Gross margins were 46.9% in the first quarter of 2012 compared to 58.1% in the fourth quarter of 2011. Total cash and cash equivalents were $65.1 million at March 31, 2012.

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 the company's financial condition and results of operations. These measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. Non-GAAP financial measures in the first quarter of 2012 exclude expenses totaling $14.7 million related to stock-based compensation and related payroll expense, amortization of acquired intangible assets and acquisition related expenses, net of income from settlement of an escrow claim. 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 2012 was $0.9 million or $0.02 per diluted share, compared with non-GAAP net income of $8.7 million or $0.17 per diluted share in the fourth quarter of 2011. Gross margins, on a non-GAAP basis, were 61.8% and operating margins (non-GAAP income from operations as a percentage of revenue), on a non-GAAP basis, were (0.1%) in the first quarter of 2012.

Recent News Highlights

  • April 2, 2012 - Cavium Announces Updated Financial Outlook for Q1 2012
  • February 27, 2012 - Cavium Unveils World’s First Adapter with 1 Million SSL Transactions per Second for Virtualized Data Center and Cloud Computing
  • February 27, 2012 - Cavium and Partners to Demonstrate Innovative Market-Leading, Security Solutions for Data Center, Enterprise and Cloud Computing at RSA 2012
  • February 27, 2012 - Cavium's PureVu™ to Enable Best-in-Class Wireless Display Consumer Experience for HTC's New Smartphones and Tablets
  • February 27, 2012 - Cavium Showcases Industry-Leading Mobile Infrastructure and Device Solutions Ranging from Small Cell Base Stations to Evolved Packet Core and Wireless Display for Smartphones at Mobile World Congress 2012
  • February 27, 2012 - Cavium and Microsemi Launch Joint IEEE 1588 / SyncE Platform for Next-Generation Mobile Networks
  • February 27, 2012 - Cavium to Support Trillium LTE Base Station Software from Radisys on OCTEON® Fusion “Base Station-on-a-Chip” Platform
  • February 14, 2012 - Kontron and Cavium to demonstrate live 40G carrier grade deep packet inspection during Mobile World Congress 2012
  • February 7, 2012 - Cavium Unveils 48-core, 2.5GHz OCTEON® III MIPS64® Processor Family: First SoC with Breakthrough Search Processing and Over 100Gbps Single-chip Application Performance for Enterprise, Data-Center and Service Provider Infrastructure
  • February 7, 2012 - Cavium PACE Ecosystem Partners Announce Broad Support for New 100Gbps OCTEON® III MIPS64® Processor Family
  • February 7, 2012 - 6WIND Announces Packet Processing Software Optimized for Cavium's OCTEON® III Processor Family
  • February 7, 2012 - Emerson Network Power to Support Cavium OCTEON® III Multicore MIPS® Processor Family on Innovative ATCA Packet Processing Solutions
  • February 7, 2012 – Kontron, Lautherback, TeamF1 and MontaVista announces support for Cavium OCTEON® III multicore MIPS64® processor family
  • February 7, 2012 - Macraigor Systems Announces Support for Cavium 100Gbps+ OCTEON® III Multicore MIPS64® Processor Family
  • February 7, 2012 - Ultra High-Performance MIPS64® Architecture Powers Cavium's New Multi-Core Processors
  • February 7, 2012 - Vineyard Networks Announces Support for OCTEON® III and TurboDPI™ from Cavium
Cavium, Inc. will broadcast its first quarter 2012 financial results conference call today, May 1, 2012, 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, Inc
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 Taiwan. For more information, please visit: http://www.cavium.com


For additional information, contact:

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


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OCTEON®, NITROX®, ECONA™ and PureVu™ are registered trademarks of Cavium, Inc.
All other trademarks are the property of their respective owners. All rights reserved. © Cavium, Inc. 2012.

   

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