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Macom Reports Q1 2017 Results

Revenue and profit up compared to Q1 2016

Macom Technology, a US supplier of RF, microwave, millimeterwave and lightwave semiconductor products, has announced its financial results for fiscal Q1 ended December 30, 2016.

Revenue was $151.8 million, an increase of 31.1 percent, compared to $115.8 million in the previous year Q1 and a decrease of 0.6 percent compared to $152.7 million in the prior fiscal quarter.

Gross profit was $78.5 million, an increase of 30.1 percent, compared to $60.3 million in the previous year Q1 and a decrease of 4.0 percent compared to $81.8 million in the prior quarter. Gross margin was 51.7 percent, compared to 52.1 percent in the previous year Q1 and 53.6 percent in the prior quarter.

Operating income was $10.5 million, compared to $0.2 million in the previous year Q1 and$10.1 million in the prior  quarter; and net loss from continuing operations was $2.2 million, resulting in $0.04 loss per diluted share, compared to a net loss from continuing operations of $16.8 million, or $0.32 loss per diluted share, in the previous year Q1 and net income from continuing operations of $3.9 million, or $0.07 income per diluted share, in the prior quarter.

First Quarter Year 2017 Adjusted Non-GAAP Results

Adjusted gross margin was 57.2 percent, compared to 58.7 percent in the previous year Q1 and 58.5 percent in the prior  quarter. Adjusted operating income was $41.0 million, or 27.0 percent of revenue, compared to $27.7 million, or 23.9 percent of revenue, in the previous year Q1 and $38.3 million, or 25.1 percent of revenue, in the prior  quarter.

Adjusted net income was $31.8 million, or $0.57 per diluted share, compared to adjusted net income of $21.8 million, or $0.40 per diluted share, in the previous year Q1 and adjusted net income of $30.1 million, or $0.54 per diluted share, in the prior  quarter; and adjusted EBITDA was $48.4 million, compared to $33.5 million for the previous year Q1 and $44.9 million for the prior  quarter.

John Croteau, Macom's president and CEO, stated: "Top line revenue for the quarter was effectively flat sequentially due to expected seasonality across our businesses. Networks and Multi-market were up year on year 31 percent and 48 percent, respectively. Aerospace and Defence grew sequentially due to strength in MMICs, and was up 20 percent year on year."

Croteau added, "I am proud to announce the completion of the AppliedMicro transaction. Its leadership in MACsec and 100G to 400G single-Lambda PAM4 positions Macom as a preferred supplier to major enterprise and cloud datacentre providers, many of whom are actively moving forward with the technologies this year."

Business Outlook

For the second quarter ending March 31, 2017, including the partial quarter results of the recently closed AppliedMicro acquisition, Macom expects revenue to be in the range of $180 million to $186 million. Adjusted gross margin is expected to be between 58 percent and 61 percent, and adjusted earnings per share between $0.59 and $0.63, on an anticipated 64.0 million fully diluted shares outstanding.



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