Cavium Announces Financial Results for Q1 2016
Cavium, Inc.April 27, 2016 4:05 PM
SAN JOSE, Calif., April 27, 2016 /PRNewswire/ -- Cavium, Inc. ( CAVM), a leading provider of semiconductor products that enable secure and intelligent processing for enterprise, data center, cloud, wired and wireless networking, today announced financial results for the first quarter ended March 31, 2016.
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Net revenue in the first quarter of 2016 was $101.9 million, a 1.0% sequential increase from the $100.9 million reported in the fourth quarter of 2015 and relatively flat from the $101.8 million reported in the first quarter of 2015.
Generally Accepted Accounting Principles (GAAP) Results
Net loss in the first quarter of 2016 was $3.8 million, or $(0.07) per diluted share, compared to $1.0 million, or $(0.02) per diluted share in the fourth quarter of 2015. Gross margins were 66.8% in the first quarter of 2016 compared to 66.2% in the fourth quarter of 2015. Total cash and cash equivalents were $129.6 million at March 31, 2016.
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.
In the first quarter of 2016, Non-GAAP net income was $14.8 million, or $0.25 per diluted share. Non-GAAP gross margin was 67.1% and Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) was 15.0%.
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