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LOWELL, Mass., Jan. 29, 2013 (GLOBE NEWSWIRE) -- M/A-COM Technology Solutions Holdings, Inc. (Nasdaq:MTSI) ("M/A-COM"), a leading supplier of high performance analog semiconductor solutions, today reported its financial results for the quarter ended December 28, 2012.
First Quarter Fiscal Year 2013 GAAP Results
Revenue was $75.0 million, compared to $74.6 million in the prior quarter;
Gross margin was 43.0 percent, compared to 42.3 percent in the prior quarter;
Operating margin was 15.7 percent, compared to 19.5 percent in the prior quarter;
Net income was $6.1 million, or $0.13 per diluted share, compared to a net income of $17.0 million, or $0.36 per diluted share in the prior quarter; and
Cash and cash equivalents totaled $92.6 million at December 28, 2012.
First Quarter Fiscal Year 2013 Non-GAAP Results
Gross margin was 44.0 percent, compared to 43.9 percent in the prior quarter;
Operating margin was 18.4 percent, compared to 20.5 percent in the prior quarter; and
Net income was $9.7 million, or $0.20 per diluted share, compared to net income of $10.4 million, or $0.22 per diluted share in the prior quarter.
Commenting on the results, John Croteau, President and Chief Executive Officer of M/A-COM, stated, "I am pleased to report that we achieved sequential and year-over-year revenue growth during our fiscal first quarter despite macroeconomic headwinds across our end markets. Additionally, we delivered gross margin and earnings per share results that were within our previously announced guidance range."
Mr. Croteau noted, "During the quarter, our Automotive sales continued to outperform, exceeding our original plans and prompting us to report it as a separate and fourth end market. These sales are accretive to corporate operating margins, and we expect them to remain stable and rewarding for years to come. The strength in Automotive was offset by our Networks and Aerospace & Defense markets, which were down sequentially primarily due to customers' year-end inventory management, especially in Asia. That said, current backlog for new Optoelectronics products will drive sequential growth in fiscal Q2, with continued momentum moving into the second half of the year."