Cavium Announces Financial Results for Q4 2013

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SAN JOSE, Calif., January 29, 2014 – 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 fourth quarter ended December 31, 2013.

Revenue in the fourth quarter of 2013 was $81.1 million, a 2.5% sequential increase from the $79.1 million reported in the third quarter of 2013. Total revenue for the fiscal year ended December 31, 2013 was $304.0 million, a 29.1% year-over-year increase from the $235.5 million reported for the fiscal year ended December 31, 2012.

Generally Accepted Accounting Principles (GAAP) Results
Net income attributable to the Company for the fourth quarter of 2013 on GAAP basis was $0.2 million, or $0.00 per diluted share compared to $4.3 million, or $0.08 per diluted share in the third quarter of 2013. Gross margins were 64.2% in the fourth quarter of 2013 compared to 64.0% in the third quarter of 2013. Total cash and cash equivalents were $127.8 million at December 31, 2013 compared to $113.0 million at end of September 30, 2013.

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.

Non-GAAP net income for the fourth quarter of 2013 was $17.4 million, or $0.31 per diluted share, compared to $16.0 million, or $0.29 per diluted share in the third quarter of 2013. Gross margin, on a non-GAAP basis, was 66.3% in the fourth quarter of 2013, compared to 66.0% in the third quarter of 2013. Operating margin (non-GAAP income from operations as a percentage of revenue), on a non-GAAP basis was 21.9% in the fourth quarter of 2013 compared to 21.6% in the third quarter of 2013.

Recent News Highlights

Cavium, Inc. will broadcast its fourth quarter 2013 financial results conference call today, January 29, 2014, 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

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.

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