Marvell Delays Filing Form 10-Q Due to Options Review
Staff Reporter -- EDN, August 18, 2006
Marvell Technology Group Ltd. reported only preliminary fiscal Q2 2007 revenue results, due to an ongoing internal review of the company's stock option granting practices.
Additionally, Marvell does not expect to file its Form 10-Q to the Securities and Exchange Commission (SEC) for Q2 by the September 7 filing deadline or the permitted extension to September 12.
Marvell is just one of a growing list of companies that have been unable to file SEC forms on time due to the industry's expanding stock options probe. Apple, Altera, Rambus and Amkor are among the latest companies that have missed SEC deadlines due to stock option investigations.
Despite the stock option review troubles, the company posted its 35th consecutive quarter of revenue growth. Net revenue for the quarter was $574 million, an increase of 47 percent over net revenue of $390.5 million for Q2 2006 and a 10.1 percent sequential increase from net revenue of $521.2 million in Q1.
"We remain very focused on the execution of our long term growth strategies and are excited about the expanding reach of our technology into an increasing number of end markets and applications," Sehat Sutardja, Marvell's president and CEO, said in a statement.
