14 DAY TRIAL // Marvell figured it was time for it to present its financial situation at the end of the fourth quarter of its Fiscal Year 2011, and it seems that both the final three-month period and the entire FY proved lucrative for the company.
Marvell is a company that specializes in storage, communications and consumer silicon solutions, especially for metro, enterprise, home, and storage networking.
Apparently, the past fiscal year was actually quite good for it overall, as its revenues and net income increased.
In fact, even during the fourth quarter, ended in January, there was an on-year increase of 7 for revenue ($843 million to $901 million) while net income was of $223 million (it was $205 million in FY 2011 Q3).
Sequentially, things weren't as extraordinary, as the sum was actually 6% lower than the one achieved during Q3 of FY 2011, ended on October 2010 ($959 million).
Meanwhile, the entire twelve-month period ended in January 2011 left Marvell with a net income of $904 million, much higher than the $353 million of the previous year.
"We had a strong fiscal year for 2011 with revenues up 29% from the previous year, and free cash flow of nearly $1.1 billion or $1.60 per share. This is amongst the best in our industry and the highest free cash flow generation in the history of Marvell," said Dr. Sehat Sutardja, Marvell's Chairman and Chief Executive Officer.
"While the results for our fourth quarter continue to be affected by seasonal declines in our mobile and wireless end markets, we are well positioned with competitive products to take advantage of the trends in the coming years."
This report is yet more proof to support the fact that the IT industry as a whole is healing well after the fairly disastrous 2008-2009 period, when the recession caused financial difficulties for the majority of IT players.