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MaxLinear, Inc. Announces Fourth Quarter And Fiscal Year 2012 Financial Results

CARLSBAD, Calif., Feb. 5, 2013 (GLOBE NEWSWIRE) -- MaxLinear, Inc. (NYSE:MXL),a provider of integrated, radio-frequency (RF) and mixed-signal integrated circuits for broadband communications applications, today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.

Management Commentary

"We are pleased to announce that in the fourth quarter, we realized revenue of $24.8 million, which represents growth of 29 percent year-over-year, and brings to close a successful year, one in which we delivered annual revenue growth of 36 percent and positive cash flow from operations," commented Kishore Seendripu, Ph.D., Chairman and CEO. "Our revenue growth in 2012 reflected strong momentum in Cable combined with stabilization of our terrestrial revenues as we brought to market new offerings across a range of television and hybrid set-top applications. Not only were we able to deliver this strong revenue growth in 2012, but we continue to execute admirably on new and exciting product development initiatives that will further expand our addressable market opportunity."

Generally Accepted Accounting Principles (GAAP) Results

Net revenue for the fourth quarter of 2012 was $24.8 million, a decrease of 11 percent compared to the third quarter of 2012 and an increase of 29 percent compared to the fourth quarter of 2011. Gross profit in the fourth quarter of 2012 was 63 percent of revenue, compared to 63 percent in the third quarter of 2012 and 61 percent in the fourth quarter of 2011.

Net loss for the fourth quarter of 2012 was $4.6 million, or $0.14 per share (diluted), compared with net income of $0.5 million, or $0.01 per share (diluted), for the third quarter of 2012 and net loss of $4.7 million, or $0.14 per share (diluted), for the fourth quarter of 2011. The primary drivers of the $5.0 million change in profitability relative to the third quarter of 2012 include; $3 million less revenue which was influenced by customers desire to reduce their year-end inventories, approximately $1.3 million in incremental expenses related to a 40 nanometer R&D tape-out, and approximately $0.7 million increase in net professional fees related to our ongoing IP litigation with Silicon Laboratories, and the impact of net headcount additions in the quarter.

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