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MaxLinear Reports Q1

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 first quarter ended March 31, 2011.

Generally Accepted Accounting Principles (GAAP) Results
Net revenue for the first quarter of 2011 was $16.9 million, which came in above our prior guidance of $16.7 million. This represents an increase of 7 percent compared to the fourth quarter of 2010 and a 5 percent increase over the first quarter of 2010.

Gross profit in the first quarter of 2011 was 64 percent of revenue, compared to 66 percent in the fourth quarter of 2010 and 68 percent in the first quarter of 2010. Loss from operations in the first quarter of 2011 was 11 percent of revenue, compared with 7 percent in the fourth quarter of 2010 and income from operations of 9 percent in the first quarter of 2010.

Net loss for the first quarter of 2011 was $1.1 million, or $0.04 per share (diluted), compared with net income of $5.7 million, or $0.17 per share (diluted), for the fourth quarter of 2010, which included a one-time tax benefit of $6.7 million, or $0.20 per share (diluted), associated with the release of the valuation allowance related to federal deferred tax assets, and net income of $1.3 million, or $0.01 per share (diluted), for the first quarter of 2010. Cash, cash equivalents and investments totaled $91.8 million at March 31, 2011, compared to $94.5 million at December 31, 2010. Cash flow used in operations totaled $2.1 million in the first quarter of 2011.

Non-GAAP Results
MaxLinear believes that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash expenses that are not indicative of our core operating results. These measures should only be viewed in conjunction with corresponding GAAP measures. MaxLinear’s non-GAAP financial measures exclude the effect of stock-based compensation expense and its related tax effect and the release of the valuation allowance related to federal deferred tax assets. They also include the assumed conversion of all outstanding shares of preferred stock into shares of common stock, which occurred in connection with our initial public offering. The reconciliation between GAAP and non-GAAP financial measures is provided in the financial statements portion of this release.

Non-GAAP gross profit in the first quarter of 2011 was 64 percent of revenue, compared to 66 percent in the fourth quarter of 2010 and 68 percent in the first quarter of 2010. Non-GAAP loss from operations in the first quarter of 2011 was 2 percent of revenue, compared to income from operations of 1 percent in the fourth quarter of 2010 and 12 percent in the first quarter of 2010.

Non-GAAP net loss for the first quarter of 2011 was $0.1 million, or $0.00 per share (diluted), compared with non-GAAP net income of $0.2 million, or $0.01 per share (diluted), for the fourth quarter of 2010, and $2.0 million, or $0.07 per share (diluted), for the first quarter of 2010.

Business Summary
“The first quarter of 2011 marked a return to sequential revenue growth for MaxLinear on both a year-on-year, and quarter-on-quarter basis, largely driven by the significant growth and increase in relative revenue contribution from the cable end market,” commented Kishore Seendripu, Ph.D, Chairman and CEO. “The increased contribution from cable solutions in both gateways and set-top-boxes provides clear evidence of the momentum we are seeing from DOCSIS 3.0 based cable voice and data gateway deployments. The quarterly revenue growth was achieved despite the tragedy that unfolded in Japan during the quarter, which is evidence of the progress the company is making towards diversifying its product offerings across access platforms, customers, and geographies.”

Read the full press release.

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