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Cavium completes dual acquisitions

Posted: 18 Mar 2011     Print Version  Bookmark and Share

Keywords:acquisitions  wireless base band ICs  Cavium Networks financial results 

Cavium Networks Inc., a provider of semiconductor products that enable intelligent processing for networking, communications and the digital home, recently announced that it has bought wireless base band IC supplier Wavesat Inc. for an estimated Rs.45.48 crore ($10 million) in cash while also recently completing the buy of China-based privately held Celestial Semiconductor.

Celestial provides a family of ARM-based high-performance devices with HD quality video processing, multi-source video input and multi-format video playback.

It also recently announced financial results for the fourth quarter of 2010 ended December 31, 2010. Revenue in the fourth quarter of 2010 was Rs.271.98 crore ($59.8 million), an 8 per cent sequential increase from the Rs.251.05 crore ($55.2 million) reported for the third quarter of 2010, and an increase of 86 per cent from the $32.1 million reported for the fourth quarter of 2009.

Revenue for fiscal year 2010 was Rs.939.18 crore ($206.5 million), a 104 per cent increase from the Rs.460.27 crore ($101.2 million) reported for fiscal year 2009.

Net income for the fourth quarter of 2010, on a GAAP basis, was Rs.157.36 crore ($34.6 million), or Rs.31.84 ($0.70) per diluted share, compared to net income of Rs.22.74 crore ($5 million), or Rs.4.55 ($0.10) per diluted share in the third quarter of 2010, and a net loss of Rs.20.47 crore ($4.5 million), or minus Rs.5.00 ($0.11) per diluted share in the fourth quarter of 2009. Fourth quarter net income included a net tax benefit of Rs.126.44 crore ($27.8 million), due to a Rs.131.44 crore ($28.9 million) one-time release of the valuation allowance primarily from federal deferred tax assets as a result of its recent history of profitability and expectation of future profitability.

- Mark LaPedus
  EE Times

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