UNITED STATES |
OMB APPROVAL |
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SECURITIES AND EXCHANGE COMMISSION |
OMB Number: 3235-0058 |
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Expires: April 30, 2009 |
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Washington, D.C. 20549 |
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hours per response . . . 2.50 |
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FORM 12b-25 |
SEC FILE NUMBER 000-30877 |
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CUSIP NUMBER G5876H105 |
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NOTIFICATION OF LATE FILING |
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(Check one): |
x Form 10-K |
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o Form 20-F |
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o Form 11-K |
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o Form 10-Q |
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o Form 10-D |
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o Form N-SAR |
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o Form N-CSR |
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For Period Ended: |
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January 27, 2007 |
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o Transition Report on Form 10-K |
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o Transition Report on Form 20-F |
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o Transition Report on Form 11-K |
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o Transition Report on Form 10-Q |
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o Transition Report on Form N-SAR |
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For the Transition Period Ended: |
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Read Instructions (on back page) Before Preparing Form. Please Print or Type. Nothing in this form shall be construed to imply that the Commission has verified any information contained herein. |
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: |
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PART I REGISTRANT INFORMATION |
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Marvell Technology Group Ltd. |
Full Name of Registrant |
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Former Name if Applicable |
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Canons Court 22 Victoria Street |
Address of Principal Executive Office (Street and Number) |
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Hamilton HM 12 Bermuda |
City, State and Zip Code |
PART II RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
(a) |
The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense |
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(b) |
The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and |
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(c) |
The accountants statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART III NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
As previously announced by Marvell Technology Group Ltd. (the Company), a special committee of the Companys Board of Directors is conducting an independent internal review relating to the Companys historical stock option practices and related accounting matters. Because the internal review process is ongoing, the Company is unable to file its Annual Report on Form 10-K for the fiscal year ended January 27, 2007 by the prescribed due date for such report. The Company plans to file its Annual Report on Form 10-K for the fiscal year ended January 27, 2007 as soon as practicable following the conclusion of the internal review process, but does not expect that filing to occur on or before the fifteenth calendar day following the prescribed due date for such report.
SEC 1344 (03-05) |
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Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
(Attach extra Sheets if Needed)
PART IV OTHER INFORMATION
(1) |
Name and telephone number of person to contact in regard to this notification |
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George A. Hervey |
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222-2500 |
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(Name) |
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(Area Code) |
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(Telephone Number) |
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(2) |
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed ? If answer is no, identify report(s). |
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o Yes x No |
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The Company has not yet filed its Forms 10-Q for the fiscal quarters ended July 29, 2006 and October 28, 2006. |
(3) |
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? |
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x Yes o No |
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If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. |
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On February 26, 2007, the Company announced preliminary, unaudited revenue for its fourth fiscal quarter and fiscal year ended January 27, 2007. Net revenue for the fourth quarter of fiscal 2007 was $622.0 million, an increase of 27% over net revenue of $489.0 million for the fourth quarter of fiscal 2006 and a 20% sequential increase from net revenue of $520.4 million for the third quarter of fiscal 2007. Net revenue for fiscal 2007 was $2,237.6 million, an increase of 34% over net revenue of $1,670.3 million in fiscal 2006. On October 3, 2006, the Company announced it will need to restate its historical financial statements to record additional non-cash charges for stock-based compensation expense related to past option grants. The Company has not yet been able to determine the amount of these charges, the resulting tax and accounting impact of these actions, or which specific reporting periods require restatement. As described in Part III above, the internal review of the Companys historical stock option practices and related accounting matters is ongoing. Until the internal review process is completed, the Company cannot determine whether there will be any significant change in results of operations from the corresponding period for the last fiscal year that will be reflected in its Annual Report on Form 10-K for the fiscal year ended January 27, 2007, when that report is filed. Except for the historical information contained herein, the matters set forth in this Form 12b-25, including statements with respect to expectations regarding the timing of filing of the Companys Annual Report on Form 10-K for the fiscal year ended January 27, 2007, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the timing and outcome of the internal review process and the conclusions resulting from that review process, actions that may be taken or required as a result of the internal review process, and actions by the Securities and Exchange Commission or other regulatory agencies as a result of their review of the Companys stock option practices. In particular, the Company will be required to make adjustments to financial results previously reported for prior periods, as a result of the internal review process. Those adjustments could have a material adverse effect on the Companys results of operations for those periods. When the internal review process has been completed and the Company files its Form 10-K, the financial statements may differ from the results disclosed in this Form 12b-25, not only as a result of any required adjustments resulting from the internal review process, but also because judgments and estimates that management used in preparing the financial results reported in this Form 12b-25 may need to be updated to the date of the filing. For other factors that could cause the Companys results to vary from expectations, please see the sections titled Risk Factors in the Companys Quarterly Report on Form 10-Q for the fiscal quarter ended April 29, 2006 and Additional Risk Factors in the Companys Current Report on Form 8-K filed on October 17, 2006 and other factors detailed from time to time in the Companys filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update |
publicly any forward-looking statement in this Form 12b-25, except as otherwise required by law. |
Marvell Technology Group Ltd. |
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date |
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March 29, 2007 |
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By |
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/s/ George A. Hervey |
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George A. Hervey |
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Vice President of Finance and |
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Chief Financial Officer |
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representatives authority to sign on behalf of the registrant shall be filed with the form.
ATTENTION |
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Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001). |