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MaxLinear, Inc. Announces Second Quarter 2013 Financial Results

CARLSBAD, Calif., Aug. 1, 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 second quarter ended June 30, 2013.

Management Commentary

"We are pleased to announce record revenue of $29.8 million in the second quarter, which represents a growth of 22 percent year-over-year and 12 percent sequentially," commented Kishore Seendripu, Ph.D., Chairman and CEO. "We are particularly encouraged by the breadth of our growth drivers in the second quarter, as evidenced by the double digit year-over-year revenue growth derived from our Cable and Terrestrial solutions. Our growth continues to be derived from our market leading positions in some of the most exciting and dynamic broadband front-end applications, such as cable DOCSIS 3.0 data modems, media server gateways, hybrid TV's, and set-top boxes. In the second quarter, we were not only able to generate cash flow from operations and scale revenue from our legacy markets, but we also made solid progress toward opening up new market applications, such as Satellite TV, for our industry leading broadband RF receiver solutions. "

Generally Accepted Accounting Principles (GAAP) Results

Net revenue for the second quarter of 2013 was $29.8 million, an increase of 12 percent compared to the first quarter of 2013, and an increase of 22 percent compared to the second quarter of 2012. Gross profit in the second quarter of 2013 was 58 percent of revenue, compared to 63 percent in the first quarter of 2013, and 62 percent in the second quarter of 2012. In the second quarter of 2013, the Company recorded an impairment charge of $1.1 million, reflected in cost of net revenue, related to the remaining net book value of production masks that were previously capitalized, but for which future use is no longer expected.

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