MaxLinear, Inc (MXL) has reported a 511.82 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $9.68 million, or $0.14 a share in the quarter, compared with $1.58 million, or $0.03 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $28.83 million, or $0.43 a share compared with $24.99 million or $0.40 a share, a year ago.
Revenue during the quarter went up marginally by 1.19 percent to $96.32 million from $95.19 million in the previous year period. Gross margin for the quarter expanded 399 basis points over the previous year period to 57.62 percent. Total expenses were 88.93 percent of quarterly revenues, down from 98.24 percent for the same period last year. This has led to an improvement of 931 basis points in operating margin to 11.07 percent.
Operating income for the quarter was $10.66 million, compared with $1.68 million in the previous year period.
“We continue to increase our analog and mixed-signal content in our broadband access and connectivity platforms addressing broadband service provider markets. These initial revenue contributions from our wireless infrastructure investments illustrate progress being made towards the realization of our strategy of leveraging our leading RF CMOS mixed-signal technology platform into the large wired and wireless infrastructure markets,” continued Kishore Seendripu, Ph.D., chairman and chief executive officer.
For the fourth-quarter, Maxlinear forecasts revenue to be in the range of $85 million to $89 million.
Operating cash flow improves significantly
MaxLinear, Inc has generated cash of $89.71 million from operating activities during the nine month period, up 194.31 percent or $59.23 million, when compared with the last year period.
The company has spent $99.77 million cash to meet investing activities during the nine month period as against cash inflow of $6.63 million in the last year period
The company has spent $1.74 million cash to carry out financing activities during the nine month period as against cash inflow of $1.01 million in the last year period.
Cash and cash equivalents stood at $56.08 million as on Sep. 30, 2016, down 3.56 percent or $2.07 million from $58.15 million on Sep. 30, 2015.
Working capital increases sharply
MaxLinear, Inc has recorded an increase in the working capital over the last year. It stood at $132.35 million as at Sep. 30, 2016, up 32.36 percent or $32.36 million from $99.99 million on Sep. 30, 2015. Current ratio was at 3.43 as on Sep. 30, 2016, up from 2.48 on Sep. 30, 2015.
Days sales outstanding went up to 44 days for the quarter compared with 40 days for the same period last year.
Days inventory outstanding has decreased to 36 days for the quarter compared with 78 days for the previous year period.
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