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MaxLinear, Inc. Announces First Quarter 2013 Financial Results

Stocks in this article: MXL

CARLSBAD, Calif., April 30, 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 first quarter ended March 31, 2013.

Management Commentary

"We are pleased to announce that in the first quarter, we realized revenue of $26.5 million, which represents growth of 28 percent year-over-year," commented Kishore Seendripu, Ph.D., Chairman and CEO. "Our revenue growth in the first quarter reflected a return to strong momentum in Cable across a broad range of applications, with particular strength in DOCSIS 3.0 solutions. We are encouraged not only by the renewed demand for our Cable solutions, but also by evidence of strong product development and customer engagement traction for our industry leading RF broadband front-end technologies for new and exciting markets such as Satellite TV."

Generally Accepted Accounting Principles (GAAP) Results

Net revenue for the first quarter of 2013 was $26.5 million, an increase of 7 percent compared to the fourth quarter of 2012 and an increase of 28 percent compared to the first quarter of 2012. Gross profit in the first quarter of 2013 was 63 percent of revenue, compared to 63 percent in the fourth quarter of 2012 and 60 percent in the first quarter of 2012.

Net loss for the first quarter of 2013 was $2.3 million, or $0.07 per share (diluted), compared with net losses of $4.6 million, or $0.14 per share (diluted), for the fourth quarter of 2012 and $6.6 million, or $0.20 per share (diluted), for the first quarter of 2012.

Positive cash flow provided by operations for the first quarter of 2013 totaled $0.8 million, compared with $1.4 million for the fourth quarter of 2012, and negative cash flow used in operations of $1.1 million in the first quarter of 2012.

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