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MaxLinear Posts Q2 Results

CARLSBAD, Calif. — MaxLinear, Inc. (NYSE: MXL), a provider of highly integrated, radio-frequency (RF) and mixed-signal integrated circuits for broadband communications applications, today announced financial results for the second quarter ended June 30, 2011.

Generally Accepted Accounting Principles (GAAP) Results

Net revenue for the second quarter of 2011 was $18.1 million, an increase of 7 percent compared with the first quarter of 2011 and a decrease in revenue of less than 1 percent compared to the second quarter of 2010.

Gross profit in the second quarter of 2011 was 63 percent of revenue, compared to 64 percent in the first quarter of 2011 and 70 percent in the second quarter of 2010. Loss from operations in the second quarter of 2011 was 32 percent of revenue, compared with a loss of 11 percent in the first quarter of 2011, and positive income from operations of 9 percent in the second quarter of 2010.

Net loss for the second quarter of 2011 was $4.8 million, or $0.15 per share (diluted), compared with $1.1 million, or $0.04 per share (diluted), for the first quarter of 2011 and net income of $1.8 million, or $0.05 per share (diluted), for the second quarter of 2010.

Included in GAAP results is $3.3 million of non-recurring expenses related to the previously announced purchase of MoCA® (Multimedia over Coax Alliance) Physical Layer IP and connectivity related software IP licenses.

Cash, cash equivalents and investments totaled $91.1 million at June 30, 2011, compared to $94.5 million at December 31, 2010. Cash flow used in operations totaled $0.4 million in the second quarter of 2011 and $2.5 million for the first half of 2011.

Non-GAAP Results

Non-GAAP gross profit in the second quarter of 2011 was 63 percent of revenue, compared to 64 percent in the first quarter of 2011 and 70 percent in the second quarter of 2010. Non-GAAP loss from operations in the second quarter of 2011 was 5 percent of revenue, compared with 2 percent in the first quarter of 2011 and income from operations of 15 percent in the second quarter of 2010.

Non-GAAP net loss for the second quarter of 2011 was $0.6 million, or $0.02 per share (diluted), compared with $0.1 million, or $0.00 per share (diluted), for the first quarter of 2011, and non-GAAP net income of $2.9 million, or $0.08 per share (diluted), for the second quarter of 2010.

Business Summary

“The second quarter of 2011 was noteworthy for MaxLinear on several fronts. We delivered strong sequential revenue growth of 7% driven by the increase in shipments of our market leading Cable RF SoC solutions, the strategic acquisition of TAM expanding MoCA® IP, and the continued momentum in design wins and revenue growth for our hybrid TV tuner solutions,” commented Kishore Seendripu, Ph.D., Chairman and CEO. “We are particularly encouraged that revenue from our Cable solutions grew approximately 50% sequentially, and increased to approximately 34% of total revenue in the quarter, with strength coming from DOCSIS 3.0 based Cable voice and data gateways. We are also encouraged by the sequential increase in sales of our digital TV receiver solutions into the Japanese automotive market.”

{complink 12242|MaxLinear Corp.}

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