MACOM Reports Revenue $112.6 Million, Adjusted Gross Margin of 57.4% and Adjusted EPS $0.34 (non-GAAP) for Fiscal Fourth Quarter

LOWELL, Mass. — (BUSINESS WIRE) — November 17, 2015 — M/A-COM Technology Solutions Holdings, Inc. (NASDAQ: MTSI) (“MACOM”), a leading supplier of high-performance analog RF, microwave, millimeterwave and photonic semiconductor products, today announced its financial results for its fiscal fourth quarter and fiscal year ended October 2, 2015.

Fourth Quarter Fiscal Year 2015 GAAP Results

  • Revenue was $112.6 million, compared to $109.1 million in the prior fiscal quarter and $93.9 million in the previous year’s fiscal fourth quarter;
  • Gross margin was 50.6 percent, compared to 48.1 percent in the prior fiscal quarter and 52.0 percent in the previous year’s fiscal fourth quarter;
  • Operating income was $4.7 million, compared to $4.4 million in the prior fiscal quarter and $10.6 million in the previous year’s fiscal fourth quarter; and
  • Net income from continuing operations was $13.8 million, resulting in $0.08 income per diluted share, compared to net income from continuing operations of $1.8 million, or $0.03 income per diluted share, in the prior fiscal quarter and net income from continuing operations of $10.6 million, or $0.22 income per diluted share, in the previous year's fiscal fourth quarter; and
  • Net income from discontinued operations during the quarter was $40.6 million related primarily to proceeds received from the sale of MACOM's Automotive business.

Fourth Quarter Fiscal Year 2015 Adjusted Non-GAAP Results

  • Adjusted gross margin was 57.4 percent, compared to 58.0 percent in the prior fiscal quarter and 58.0 percent in the previous year’s fiscal fourth quarter;
  • Adjusted operating income was $26.2 million, or 23.2 percent of revenue, compared to $25.8 million, or 23.6 percent of revenue, in the prior fiscal quarter and $20.0 million, or 21.4 percent of revenue, in the previous year’s fiscal fourth quarter;
  • Adjusted net income was $18.8 million, or $0.34 per diluted share, compared to adjusted net income of $18.4 million, or $0.33 per diluted share, in the prior fiscal quarter and adjusted net income of $13.0 million, or $0.27 per diluted share, in the previous year’s fiscal fourth quarter; and
  • Adjusted EBITDA was $29.9 million, compared to $29.0 million for the prior fiscal quarter and $23.2 million for the previous year's fiscal fourth quarter.

Fiscal Year 2015 GAAP Results

  • Revenue was $420.6 million, compared to $339.2 million in fiscal year 2014;
  • Gross margin was 48.4 percent, compared to 41.6 percent in fiscal 2014;
  • Operating income was $10.1 million, compared to an operating loss of $27.8 million in fiscal 2014; and
  • Fully diluted loss per share from continuing operations was $0.11 per share compared to a loss per fully diluted share from continuing operations of $0.53 per share in fiscal 2014.

Fiscal Year 2015 Adjusted Non-GAAP Results

  • Adjusted revenue was $420.6 million, compared to $338.1 million in fiscal 2014, growing 24.4 percent;
  • Adjusted gross margin was 57.5 percent, compared to 54.3 percent in fiscal year 2014, expanding by 320 basis points;
  • Adjusted operating income and operating margin were $96.9 million and 23.0 percent, compared to $63.1 million and 18.7 percent in fiscal 2014;
  • Adjusted EBITDA was $111.0 million compared to $75.8 million in fiscal year 2014, growing 46.5 percent; and
  • Adjusted EPS was $1.28 per share compared to $0.91 per share in fiscal year 2014, growing 40.7 percent.

Management Commentary

John Croteau, MACOM's President and Chief Executive Officer, stated, "I am pleased to announce another quarter of solid execution. During the fiscal fourth quarter Networks grew seven percent sequentially on the back of strong demand for our optical products, mainly 100G for long haul and metro networks, and lasers in the access market.

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