MACOM Reports Revenue $115.8 Million, Adjusted Gross Margin of 58.7% and Adjusted EPS $0.40 (non-GAAP) for Fiscal First Quarter

LOWELL, Mass. — (BUSINESS WIRE) — January 26, 2016 — 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 first quarter ended January 1, 2016.

First Quarter Fiscal Year 2016 GAAP Results

  • Revenue was $115.8 million, compared to $112.6 million in the prior fiscal quarter and $96.6 million in the previous year’s fiscal first quarter;
  • Gross profit was $60.3 million, compared to $57.0 million in the prior fiscal quarter and $47.4 million in the previous year's fiscal first quarter;
  • Gross margin was 52.1 percent, compared to 50.6 percent in the prior fiscal quarter and 49.1 percent in the previous year’s fiscal first quarter;
  • Operating income was $0.2 million, compared to $4.7 million in the prior fiscal quarter and $3.4 million in the previous year’s fiscal first quarter; and
  • Net loss from continuing operations was $16.8 million, resulting in $0.32 loss per diluted share, compared to net income from continuing operations of $13.8 million, or $0.08 income per diluted share, in the prior fiscal quarter and net loss from continuing operations of $10.0 million, or $0.21 loss per diluted share, in the previous year's fiscal first quarter.

First Quarter Fiscal Year 2016 Adjusted Non-GAAP Results

  • Adjusted gross margin was 58.7 percent, compared to 57.4 percent in the prior fiscal quarter and 56.8 percent in the previous year’s fiscal first quarter;
  • Adjusted operating income was $27.7 million, or 23.9 percent of revenue, compared to $26.2 million, or 23.3 percent of revenue, in the prior fiscal quarter and $21.2 million, or 21.9 percent of revenue, in the previous year’s fiscal first quarter;
  • Adjusted net income was $21.8 million, or $0.40 per diluted share, compared to adjusted net income of $18.8 million, or $0.34 per diluted share, in the prior fiscal quarter and adjusted net income of $14.4 million, or $0.29 per diluted share, in the previous year’s fiscal first quarter; and
  • Adjusted EBITDA was $33.5 million, compared to $29.9 million for the prior fiscal quarter and $24.6 million for the previous year's fiscal first quarter.

Management Commentary

John Croteau, MACOM's President and Chief Executive Officer, stated, "During the first quarter, our business performed as expected with revenue across Networks, Multi-market and Aerospace and Defense coming in essentially flat quarter-on-quarter.

Most notable, during the quarter we achieved a major milestone for the core MACOM business, reaching 60 percent adjusted gross margin excluding the impact of the two recent acquisitions. Our new, high-margin products have fueled the steady expansion of our gross margin and enabled us to achieve the target operating model we set for ourselves two years ago.”

Mr. Croteau concluded, "Comparing our second quarter guidance to our fiscal third quarter results six months ago, which included the automotive business that we divested last August, I’m proud to say that in five months we’ve replaced that revenue and EPS contribution and repositioned the company with higher quality revenue, faster growth and stronger earnings potential."

Business Outlook

For the fiscal second quarter ending April 1, 2016, MACOM expects revenue to be in the range of $128.0 million to $132.0 million. Adjusted gross margin is expected to be between 56 and 59 percent, and adjusted earnings per share between $0.42 and $0.45 on an anticipated 56.5 million diluted shares outstanding.

Conference Call

MACOM will host a conference call on Tuesday, January 26, 2016 at 5:00 p.m. Eastern Time to discuss its fiscal first quarter and fiscal year 2016 financial results and business outlook. Investors and analysts may join the conference call by dialing 1-877-837-3908 and providing the confirmation code 17676407. 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 passcode of 17676407. 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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