Santa Clara, California (August 16, 2006) – arvell Technology Group Ltd. (NASDAQ: MRVL) today announced that, in light of the previously announced internal review by a special committee of its Board of Directors relating to the Company’s historical stock option practices and related accounting matters, the Company expects to only announce revenue results for the second quarter of fiscal 2007 on August 17, 2006 and not to be in a position to announce additional financial results for the second quarter until the special committee has completed its review.
The special committee is conducting its review with the assistance of independent legal counsel and outside accounting experts. The special committee is working to complete its stock option review in a timely manner; however, in light of the review, Marvell does not expect to be in a position to file its Form 10-Q for the second fiscal quarter by the September 7, 2006 filing deadline or the permitted extension to September 12, 2006.
As previously announced, Marvell will hold its quarterly conference call to discuss its second quarter results on Thursday, August 17, 2006, at 1:45 p.m. Pacific Time. This call is being webcast by Thomson/CCBN and can be accessed at Marvell’s web site at www.marvell.com.
The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.
Marvell (NASDAQ: MRVL) is a leader in storage, communications and consumer silicon solutions. The Company’s diverse product portfolio includes switching, transceiver, communications controller, wireless, and storage solutions that power the entire communications infrastructure, including enterprise, metro, home, and storage networking. As used in this release, the terms “Company” and “Marvell” refer to Marvell Technology Group Ltd. and its subsidiaries, including Marvell Semiconductor, Inc. (MSI), Marvell Asia Pte. Ltd (MAPL), Marvell Japan K.K., Marvell Taiwan Ltd., Marvell International Ltd. (MIL), Marvell U.K. Limited, Marvell Semiconductor Israel Ltd. (MSIL), RADLAN Computer Communications Ltd., and SysKonnect GmbH. MSI is headquartered in Sunnyvale, Calif., and designs, develops and markets products on behalf of MIL and MAPL. MSI may be contacted at (408) 222-2500 or at www.marvell.com.
This release contains forward-looking statements concerning the Company’s expectations regarding announcements of financial results for its second fiscal quarter of 2007 and the filing of its Form 10-Q for that quarter. These statements are not guarantees of results and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, but are not limited to, the timing and outcome of the special committee’s review and the conclusions of the special committee resulting from that review. For other factors that could cause Marvell's results to vary from expectations, please see the sections titled “Additional Factors That May Affect Future Results” in Marvell's quarterly report on Form 10-Q for the fiscal quarter ended April 29, 2006 and other factors detailed from time to time in Marvell’s filings with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements.
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