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MaxLinear, Inc. Announces Third Quarter 2013 Financial Results

Stocks in this article: MXL

CARLSBAD, Calif., Oct. 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 third quarter ended September 30, 2013.

Management Commentary

"We are pleased to report another consecutive quarter of record high revenue of $31.8 million in the third quarter. It represents revenue growth of over 14 percent year-over-year, and 7 percent sequentially," commented Kishore Seendripu, Ph.D., Chairman and CEO. "We are encouraged by the continued strength in the sales of our DOCSIS 3.0 cable modem and cable video gateway solutions. We also saw further stabilization of our Terrestrial revenues, which were underpinned by strong growth in the sales of our hybrid TV tuners. Additionally, the third quarter was another quarter of strong cash flow generation from our operations, lending us confidence as we invest in our longer term product roadmap to expand our addressable markets utilizing our industry leading low-power, RF broadband technology platform."

Generally Accepted Accounting Principles (GAAP) Results

Net revenue for the third quarter of 2013 was $31.8 million, an increase of 7 percent compared to the second quarter of 2013, and an increase of 14 percent compared to the third quarter of 2012. Gross profit in the third quarter of 2013 was 62 percent of revenue, compared to 58 percent in the second quarter of 2013, and 63 percent in the third quarter of 2012.

Net loss for the third quarter of 2013 was $4.9 million, or $0.14 per share (diluted), compared to net loss of $2.9 million, or $0.09 per share (diluted), for the second quarter of 2013, and net income of $0.5 million, or $0.01 per share (diluted), for the third quarter of 2012.

GAAP operating results for the third quarter of 2013 include a one-time payment of $1.25 million in connection with an intellectual property settlement agreement as previously disclosed in our Current Report on Form 8-K, as filed with the SEC on October 4, 2013.

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