Friday, September 11, 2015

Marvell Announces Preliminary Financials, Audit Committee Investigation

Marvell Technology Group Ltd. reported preliminary revenue of $711 million for the second quarter of its fiscal year 2016, ended August 1, 2015, down from $961.5 million a year earlier. There was a preliminary GAAP net loss of $382 million, or diluted loss per share of $0.74.

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

Hibernia Intros Broadcast Cloud

Hibernia Networks introduced its suite of Broadcast Cloud solutions featuring a new Anywhere-to-Anywhere service, extending the QoS assurance of Hibernia Networks’ global fiber optic infrastructure to and from served locations via the public Internet.

Hibernia said its Broadcast Cloud platform utilizes the signal processing functionality of the latest generation media gateways to enable high quality transmission of news, international programming, sports events and distribution, and over-the-top (OTT) applications. Integration with the public Internet enables reliable media transport from even the most remote venues, previously less viable due to high last-mile cost.

“Hibernia Networks’ Broadcast Cloud addresses growing demand from the global media and broadcast sector for high-quality, cost-effective video transport from any signal, in any format, anywhere,” states Al DiGabriele, Senior Vice President of Product and Marketing. “We serve some of the largest names in media and broadcast, which is a testament not only to our capabilities but also to our commitment to innovative video services and setting the standard for global video transport.”