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Cavium Announces Financial Results for Q2 2012

SAN JOSE, Calif., August 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 second quarter of 2012 ended June 30, 2012.

Revenue in the second quarter of 2012 was $55.3 million, a 4.8% sequential increase from the $52.7 million reported in the first quarter of 2012.

Generally Accepted Accounting Principles (GAAP) Results
Net loss for the second quarter of 2012, on a GAAP basis, was $11.8 million, or $(0.24) per diluted share, compared to $13.8 million, or $(0.28) per diluted share in the first quarter of 2012. Gross margins were 55.2% in the second quarter of 2012 compared to 46.9% in the first quarter of 2012. Total cash and cash equivalents were $61.4 million at June 30, 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 second quarter of 2012 exclude expenses totaling $15.3 million related to: stock-based compensation and related payroll taxes; amortization of acquired intangible assets; and acquisition and restructuring related expenses. 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 second quarter of 2012 was $3.5 million or $0.07 per diluted share, compared with non-GAAP net income of $0.9 million or $0.02 per diluted share in the first quarter of 2012.  Gross margins, on a non-GAAP basis, were 60.6% and operating margins (non-GAAP income from operations as a percentage of revenue), on a non-GAAP basis, were 2.2% in the second quarter of 2012.

Recent News Highlights

  • June 26, 2012 - Sensory Networks and Cavium Break the 100Gbps Security Inspection Performance Barrier for Anti-virus, Intrusion Prevention, Web Security and Zero Day Attack Detection on a Single Cavium OCTEON® II 32 Core Processor
  • June 5, 2012 - Cavium to Demonstrate Market-Leading Solutions for LTE Mobile, Digital Home and Enterprise at Computex 2012
  • June 5, 2012 - Cavium Teams with Qualcomm to Enhance Wireless Display Experiences for Mobile Devices
  • June 5, 2012 - Cavium Adds Support for Wi-Fi CERTIFIED Miracast™ to its Wireless Display Products
  • June 5, 2012 - Taiwan’s Institute for Information Industry (III) Selects Cavium OCTEON Fusion™ as Platform SoC for delivering Out-of-the-Box 4G Small Cell solutions for Taiwan OEMs and ODMs
  • May 30, 2012 - 6WIND Achieves Additional Deployments in LTE Networks Supported by Strong Partner Ecosystem
  • May 8, 2012 - Cavium and Partners to Demonstrate Breakthrough Processor Solutions for the Secure Cloud and Enterprise at INTEROP 2012
  • May 1, 2012 - Cavium Announces Shipment of OCTEON Fusion™ - Industry's Most Powerful “Base Station-on-a-chip” Family

Cavium, Inc. will broadcast its second quarter 2012 financial results conference call today, August 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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