Cavium buys baseband chip maker

March 16, 2011 // By Mark LaPedus
Cavium buys baseband chip maker
Cavium Networks Inc., has recently acquired the assets of Wavesat Inc., a wireless baseband IC provider. The company paid approximately $10.0 million in cash for the firm. Cavium recently completed its acquisition 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 Dec. 31, 2010. Revenue in the fourth quarter of 2010 was $59.8 million, an 8 percent sequential increase from the $55.2 million reported for the third quarter of 2010 and an increase of 86 percent from the $32.1 million reported for the fourth quarter of last year.

Revenue for fiscal year 2010 was $206.5 million, a 104 percent increase from the $101.2 million reported for fiscal year 2009.

Net income for the fourth quarter of 2010, on a GAAP basis, was $34.6 million, or $0.70 per diluted share, compared to net income of $5.0 million, or $0.10 per diluted share in the third quarter of 2010, and a net loss of $4.5 million, or minus $0.11 per diluted share in the fourth quarter of last year. Fourth quarter net income included a net tax benefit of $27.8 million, due to a $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.


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