Multi-market was flat quarter on quarter with POS and OEM demand for our catalog products effectively flat sequentially. In Aerospace and Defense, we realized growth from our airborne defense radar program, which was however more than offset by push outs in legacy ground-based radar and satellite communication programs.
Mr. Croteau concluded, "This afternoon we announced a definitive agreement to acquire FiBest. We believe that this tuck-in acquisition will complement and accelerate our success in Optical, an already proven area of growth and profitability. In addition, during the quarter we began to unveil the progress we've made in realizing the potential of our third major secular growth driver, Active Antenna Arrays. Moving forward, we believe that Active Antennas can deliver MACOM substantial short, medium and long term growth potential, consistent in magnitude with our other two secular growth drivers - Optical and GaN.”
MACOM will guide this quarter without the contribution of the FiBest acquisition, which the company expects to close during its fiscal first quarter of 2016.
For the fiscal first quarter ending January 1, 2016, MACOM expects revenue to be in the range of $110.0 million to $114.0 million. Adjusted gross margin is expected to be between 58 and 60 percent, and adjusted earnings per share between $0.37 and $0.40 on an anticipated 56.0 million diluted shares outstanding.
MACOM will host a conference call on Tuesday, November 17, 2015 at 5:00 p.m. Eastern Time to discuss its fiscal fourth quarter and fiscal year 2015 financial results and business outlook. Investors and analysts may join the conference call by dialing 1-877-837-3908 and providing the confirmation code 65615010. International callers may join the teleconference by dialing +1-973-872-3000 and entering the same confirmation code at the prompt. A telephone replay of the call will be made available beginning two hours after the call and will remain available for 5 business days. The replay number is 1-855-859-2056 with a pass code of 65615010. International callers should dial +1-404-537-3406 and enter the same pass code at the prompt.
Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties in the Investors section of MACOM's website at http://www.macom.com. To listen to the live call, please go to the Investors section of MACOM's website and click on the conference call link at least fifteen minutes prior to the start of the conference call. For those unable to participate during the live broadcast, a replay will be available shortly after the call and will remain available for approximately 30 days.
M/A-COM Technology Solutions Holdings, Inc. ( www.macom.com) is a leading supplier of high-performance analog RF, microwave, millimeterwave and photonic semiconductor products that enable next-generation internet and modern battlefield applications. Recognized for its broad catalog portfolio of technologies and products, MACOM serves diverse markets, including high speed optical, satellite, radar, wired and wireless networks, industrial, medical, and mobile devices. A pillar of the semiconductor industry, we thrive on more than 60 years of solving our customers' most complex problems, serving as a true partner for applications ranging from RF to Light.
Headquartered in Lowell, Massachusetts, MACOM is certified to the ISO9001 international quality standard and ISO14001 environmental management standard. MACOM has design centers and sales offices throughout North America, Europe, Asia and Australia.
MACOM, M/A-COM, M/A-COM Technology Solutions, M/A-COM Tech, Partners in RF & Microwave, The First Name in Microwave and related logos are trademarks of MACOM. All other trademarks are the property of their respective owners.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on MACOM management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include, among others, information concerning our stated business outlook and future results of operations, our statements regarding our expectations for our announced tuck-in acquisition, statements about the growth potential of MACOM's growth drivers, including our Active Antennas offerings and any other statements regarding future trends, business strategies, competitive position, industry conditions, acquisitions and market opportunities. Forward-looking statements include all statements that are not historical facts and generally may be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "will," "would" or similar expressions and the negatives of those terms.
Forward-looking statements contained in this press release reflect
MACOM's current views about future events and are subject to risks,
uncertainties, assumptions and changes in circumstances that may cause
those events or our actual activities or results to differ materially
from those expressed in any forward-looking statement. Although MACOM
believes that the expectations reflected in the forward-looking
statements are reasonable, it cannot and does not guarantee future
events, results, actions, levels of activity, performance or
achievements. Readers are cautioned not to place undue reliance on these
forward-looking statements. A number of important factors could cause
actual results to differ materially from those indicated by the
forward-looking statements, including greater than expected dilutive
effect on earnings of our equity issuances, outstanding indebtedness and
related interest expense and other costs, the potential that the
expected rollout of fiber-to-the-home network technology or other new
network technology deployments in China, Japan and other geographies
fails to occur, occurs more slowly than we expect or does not result in
the amount or type of new business we anticipate, lower than expected
demand in any or all of our primary end markets or from any of our large
OEM customers based on seasonal effects, macro-economic weakness or
otherwise, our failure to realize the expected economies of scale,
lowered production cost and other anticipated benefits of our previously
announced GaN intellectual property licensing program or InP laser
production capacity expansion program, the potential for defense
spending cuts, program delays, cancellations or sequestration, failures
or delays by any customer in winning business or to make purchases from
us in support of such business, lack of adoption or delayed adoption by
customers and industries we serve of Active Antennas, GaN, InP lasers or
other solutions offered by us, failures or delays in porting and
qualifying GaN or InP process technology to our Lowell, MA fabrication
facility or third party facilities, lower than expected utilization and
absorption in our manufacturing facilities, lack of success or slower
than expected success in our new product development efforts, failure of
any announced transaction to close in accordance with its terms, failure
to successfully integrate acquired products or realize synergies
associated with acquisitions, the potential that we will experience
difficulties in managing the personnel and operations associated with
our proposed tuck-in acquisition in Japan, loss of business due to
competitive factors, product or technology obsolescence, customer
program shifts or otherwise, lower than anticipated or slower than
expected customer acceptance of our new product introductions, the
potential for a shift in the mix of products sold in any period toward
lower-margin products or a shift in the geographical mix of our
revenues, the potential for increased pricing pressure based on
competitive factors, technology shifts or otherwise, the impact of any
executed or abandoned acquisition, divestiture, joint venture, financing
or restructuring activity, the impact of supply shortages or other
disruptions in our internal or outsourced supply chain, the impact of
changes in export, environmental or other laws applicable to us, the
relative success of our cost-savings initiatives, the potential for
inventory obsolescence and related write-offs, the expense, business
disruption or other impact of any current or future investigations,
administrative actions, litigation or enforcement proceedings we may be
involved in, the potential loss of access to any in-licensed
intellectual property or inability to license technology we may require
on reasonable terms, and the impact of any claims of intellectual
property infringement or misappropriation, which could require us to pay
substantial damages for infringement, expend significant resources in
prosecuting or defending such matters or developing non-infringing
technology, incur material liability for royalty or license payments, or
prevent us from selling certain of our products, as well as those
factors described in "Risk Factors" in MACOM's filings with the
Securities and Exchange Commission (SEC), including its Quarterly Report
on Form 10-Q for the fiscal quarter ended July 3, 2015 as filed with the
SEC on August 12, 2015. MACOM undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.