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MaxLinear, Inc. Announces Record Quarterly Revenue And First Quarter 2014 Financial Results

Stocks in this article: MXL

CARLSBAD, Calif., April 30, 2014 (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, 2014.

Management Commentary

"We are pleased to announce that in the first quarter, we realized record high revenue of $32.5 million, which represents strong growth of 22 percent year-over-year," commented Kishore Seendripu, Ph.D., Chairman and CEO. "Our revenue growth in the first quarter of 2014 reflected a return to growth in Cable driven by the strength of product shipments utilized in advanced DOCSIS 3.0 modem and gateway solutions. We are excited about both the design win momentum, and the prospects for success of our brand new, industry leading RF-Mixed Signal broadband front-end devices addressing Satellite TV gateways, and Satellite Outdoor units."

Generally Accepted Accounting Principles (GAAP) Results

Net revenue for the first quarter of 2014 was $32.5 million, an increase of 3 percent compared to the fourth quarter of 2013, and an increase of 22 percent compared to the first quarter of 2013. Gross profit for the first quarter of 2014 was 62 percent of revenue, compared to 61 percent for the fourth quarter of 2013, and 63 percent for the first quarter of 2013.

Net loss for the first quarter of 2014 was $0.9 million, or $0.02 per share (diluted), compared to net loss of $2.6 million, or $0.08 per share (diluted), for the fourth quarter of 2013, and net loss of $2.3 million, or $0.07 per share (diluted), for the first quarter of 2013.

Cash flow provided by operations for the first quarter of 2014 totaled $4.1 million, compared to $2.8 million for the fourth quarter of 2013, and $0.8 million for the first quarter of 2013.

Cash, cash equivalents and investments totaled $88.7 million at March 31, 2014, compared to $86.4 million at December 31, 2013, and $77.3 million at March 31, 2013.

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