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Marvell Technology Q2 net loss was $382 million, company investigating reports

Staff writer |
Marvell Technology Group reported preliminary financial results for the second quarter of fiscal year 2016, ended August 1, 2015. Revenue was $711 million.

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GAAP net loss was $382 million, and GAAP diluted loss per share was $0.74.

The company also announced that the Audit Committee of the company's board is conducting an independent investigation of certain accounting and internal control matters in the second quarter of fiscal 2016.

Senior management has cooperated fully with the Audit Committee's investigation, and is fully committed to supporting the Audit Committee in this process.

The investigation consists of a review of certain revenue recognition issues in the second quarter of fiscal 2016 and any associated issues with whether senior management's operating style during the period resulted in an open flow of information and communication to set an appropriate tone for an effective control environment.

More specifically, the investigation has focused on the approximately 7 to 8 percent of revenue recognized in the second quarter of fiscal 2016 that, based upon the original customer request date, would have been received and earned in the third quarter of fiscal 2016 and is now no longer available for receipt in that quarter.

Such percentage represents an increase over the prior four quarters and is indicative of softening demand for certain of the company's products.

This was particularly the case in the storage end market where, as a result of a weaker global economy and a slow-down in the PC market, the company saw weaker than expected demand for HDD products as the overall total available market declined.

The Audit Committee's investigation to date has revealed no material issues regarding the company's 2016 second quarter financial results, and the company believes the investigation will have no material impact on its previously issued financial statements.

The Audit Committee is also reviewing certain aspects of the company's internal control over financial reporting, including controls for the establishment of reserves for litigation and whether senior management's operating style resulted in an open flow of information and communication to set an appropriate tone for an effective control environment.


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