MACOM Reports Revenue $124.9 million and EPS $0.41 (non-GAAP) for Fiscal Second Quarter; Revenue Exceeds Guidance on Strength in Networks

LOWELL, Mass. — (BUSINESS WIRE) — April 28, 2015 — M/A-COM Technology Solutions Holdings, Inc. (NASDAQ: MTSI) (“MACOM”), a leading supplier of high-performance analog RF, microwave, millimeterwave and photonic semiconductor products, today announced its financial results for its fiscal second quarter ended April 3, 2015.

Second Quarter Fiscal Year 2015 GAAP Results

  • Revenue was $124.9 million, compared to $114.9 million in the prior fiscal quarter and $107.8 million in the previous year’s fiscal second quarter. The previous year's fiscal second quarter included $9.7 million of revenue for the CPE business sold in May 2014.
  • Gross profit was 43.2 percent, compared to 47.2 percent in the prior fiscal quarter and 24.9 percent in the previous year’s fiscal second quarter;
  • Operating income was $3.3 million, compared to operating income of $9.1 million in the prior fiscal quarter and operating loss of $20.6 million in the previous year’s fiscal second quarter; and
  • Net loss was $5.3 million, or $0.10 loss per diluted share, compared to net loss of $6.3 million, or $0.13 loss per diluted share, in the prior fiscal quarter and net loss of $22.1 million, or $0.47 loss per diluted share, in the previous year's fiscal second quarter.

Second Quarter Fiscal Year 2015 Non-GAAP Results

  • Gross profit was 53.1 percent, compared to 53.7 percent in the prior fiscal quarter and 49.3 percent in the previous year’s fiscal second quarter;
  • Operating income was $30.3 million, or 24.3 percent of revenue, compared to $27.1 million, or 23.6 percent of revenue, in the prior fiscal quarter and $21.4 million, or 19.9 percent of revenue, in the previous year’s fiscal second quarter;
  • EBITDA was $34.1 million, compared to $30.6 million for the prior fiscal quarter and $24.8 million for the previous year's fiscal second quarter; and
  • Net income was $21.3 million, or $0.41 earnings per diluted share, compared to net income of $18.7 million, or $0.38 earnings per diluted share, in the prior fiscal quarter and net income of $15.2 million, or $0.32 earnings per diluted share, in the previous year’s fiscal second quarter.

Management Commentary

John Croteau, President and Chief Executive Officer, MACOM stated, “I am pleased to announce another quarter of solid execution. In the second fiscal quarter our networks business grew due to strength in optical, with automotive up strong sequentially as well. As we expected, demand for our multi-market products snapped back from the broad based seasonal softness we saw the previous quarter, returning close to our 2014 fourth quarter run rate.”

“We have completed our 100-day integration of BinOptics and our capacity expansion programs are right on track. The deal has emerged as a catalyst for our Networks business overall, raising MACOM to strategic vendor status in some of the largest Telecommunications OEMs worldwide.”

Mr. Croteau concluded, “We believe we have the right strategy, addressing the right secular growth drivers, with the correct technology, intellectual property and leadership team to deliver long term success.”

Business Outlook

For the fiscal third quarter ending July 3, 2015, MACOM expects another quarter of growth with revenue expected to be in the range of $126 to $130 million. Non-GAAP gross margin is expected to be between 51 and 54 percent, and non-GAAP earnings per share between $0.38 and $0.41 on an anticipated 55 million shares outstanding, based on our increased share count following the public offering of common stock we completed in February.

Conference Call

MACOM will host a conference call on Tuesday, April 28, 2015 at 5:00 p.m. Eastern Time to discuss its fiscal second quarter financial results and business outlook. Investors and analysts may join the conference call by dialing 1-877-837-3908 and providing the confirmation code 69009494. International callers may join the teleconference by dialing +1-973-872-3000 and entering the same confirmation code at the prompt. A telephone replay of the call will be made available beginning two hours after the call and will remain available for 5 business days. The replay number is 1-855-859-2056 with a pass code of 69009494. International callers should dial +1-404-537-3406 and enter the same pass code at the prompt.

Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties in the Investors section of MACOM's website at http://www.macom.com . To listen to the live call, please go to the Investors section of MACOM's website and click on the conference call link at least fifteen minutes prior to the start of the conference call. For those unable to participate during the live broadcast, a replay will be available shortly after the call and will remain available for approximately 30 days.

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