MACOM Reports Record Revenue $130.7 million and EPS $0.42 (non-GAAP) for Fiscal Third Quarter

LOWELL, Mass. — (BUSINESS WIRE) — July 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 third quarter ended July 3, 2015.

Third Quarter Fiscal Year 2015 GAAP Results

  • Revenue was $130.7 million, compared to $124.9 million in the prior fiscal quarter and $112.4 million in the previous year’s fiscal third quarter;
  • Gross profit was 45.8 percent, compared to 43.2 percent in the prior fiscal quarter and 44.7 percent in the previous year’s fiscal third quarter;
  • Operating income was $10.2 million, compared to $3.3 million in the prior fiscal quarter and $7.3 million in the previous year’s fiscal third quarter; and
  • Net income was $8.0 million, or $0.15 income per diluted share, compared to net loss of $7.5 million, or $0.15 loss per diluted share, in the prior fiscal quarter and net income of $1.2 million, or $0.02 income per diluted share, in the previous year's fiscal third quarter.

Third Quarter Fiscal Year 2015 Non-GAAP Results

  • Gross profit was 54.0 percent, compared to 53.1 percent in the prior fiscal quarter and 51.7 percent in the previous year’s fiscal third quarter;
  • Operating income was $32.3 million, or 24.7 percent of revenue, compared to $30.3 million, or 24.3 percent of revenue, in the prior fiscal quarter and $23.9 million, or 21.3 percent of revenue, in the previous year’s fiscal third quarter;
  • Adjusted EBITDA was $35.6 million, compared to $34.1 million for the prior fiscal quarter and $27.2 million for the previous year's fiscal third quarter; and
  • Net income was $23.1 million, or $0.42 per diluted share, compared to net income of $21.3 million, or $0.41 per diluted share, in the prior fiscal quarter and net income of $15.8 million, or $0.33 per diluted share, in the previous year’s fiscal third quarter.

Management Commentary

John Croteau, MACOM’s President and Chief Executive Officer, stated, "I am pleased to announce another quarter of solid execution. During the fiscal third quarter Networks grew on the back of strong demand in 100G for long haul and metro and lasers in the access market. In addition, we saw weakness in multi-market, including industrial. That said, end market demand across the full breadth of our catalog portfolio including Networks and A&D more than offset this weakness and actually grew sequentially.

During the quarter, we successfully achieved our goal of doubling laser production capacity at our Ithaca fab. We remain on track to double production capacity using our Lowell fab by the beginning of calendar 2016. These expansion efforts will enable us to address the next secular growth opportunity in datacenters."

Mr. Croteau concluded, "In mid-July we announced a definitive agreement to divest our automotive business to Autoliv ASP Inc. This divestiture supports MACOM's strategy to be a pure-play high performance analog company. We expect it will significantly accelerate our ability to meet our target operating model of 60% non-GAAP gross margin and 30% non-GAAP operating margin. We anticipate our optical and laser businesses will continue to outperform allowing us to meet our growth and profit objectives.”

Business Outlook

For the fiscal fourth quarter ending October 2, 2015, MACOM expects another quarter of growth with revenue expected to be in the range of $133 to $137 million. Non-GAAP gross margin is expected to be between 53 and 55 percent, and non-GAAP earnings per share between $0.43 and $0.46 on an anticipated 55.5 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, July 28, 2015 at 5:00 p.m. Eastern Time to discuss its fiscal third 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 69910703. 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 69910703. International callers should dial +1-404-537-3406 and enter the same pass code at the prompt.

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