MaxLinear, Inc (MXL) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $8.35 million, or $ 0.12 a share in the quarter, against a net loss of $8.54 million, or $0.14 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $25.69 million, or $0.38 a share compared with $29.88 million or $0.46 a share, a year ago. Revenue during the quarter dropped 11.94 percent to $87.14 million from $98.95 million in the previous year period. Gross margin for the quarter expanded 149 basis points over the previous year period to 57.84 percent. Operating margin for the quarter period stood at positive 9.55 percent as compared to a negative 8.80 percent for the previous year period.
Operating income for the quarter was $8.32 million, compared with an operating loss of $8.71 million in the previous year period.
“We are pleased to announce fourth quarter 2016 revenue of $87.1 million, consistent with prior guidance highlighted by strong sequential growth in our cable front-end, MoCA, wireless infrastructure and high-speed optical interconnect businesses. We were also able to deliver sequential improvement in both GAAP and non-GAAP gross margins to 57.8 percent and 63.9 percent, respectively, and grow net cash provided by operating activities sequentially from $18.4 million to $27.6 million. The results close out another successful year in which we grew our annual revenue by 29 percent to $387.8 million, expanded our GAAP and non-GAAP gross margins by 760 and 490 basis points, respectively, and more than doubled our annual cash flow from operations to over $117 million,” commented Kishore Seendripu, Ph.D., Chairman and chief executive officer.
For the first-quarter, Maxlinear forecasts revenue to be in the range of $86 million to $90 million.
Operating cash flow improves significantly
MaxLinear, Inc has generated cash of $117.32 million from operating activities during the year, up 113.14 percent or $62.28 million, when compared with the last year. The company has spent $101.31 million cash to meet investing activities during the year as against cash outgo of $11.06 million in the last year.
The company has spent $0.67 million cash to carry out financing activities during the year as against cash inflow of $4 million in the last year period.
Cash and cash equivalents stood at $82.90 million as on Dec. 31, 2016, up 21.98 percent or $14.94 million from $67.96 million on Dec. 31, 2015.
Working capital increases
MaxLinear, Inc has recorded an increase in the working capital over the last year. It stood at $159.50 million as at Dec. 31, 2016, up 18.88 percent or $25.33 million from $134.17 million on Dec. 31, 2015. Current ratio was at 3.92 as on Dec. 31, 2016, up from 3.40 on Dec. 31, 2015.
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