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8-K - 8-K - MACOM Technology Solutions Holdings, Inc.d674368d8k.htm

Exhibit 99.1

 

 

LOGO

 

 

M/A-COM Technology Solutions Holdings, Inc. Reports First Quarter

Fiscal Year 2014 Financial Results

LOWELL, MA, February 10, 2014 - M/A-COM Technology Solutions Holdings, Inc. (NASDAQ: MTSI) (“MACOM”), a leading supplier of high performance analog semiconductor solutions, today reported its financial results for its first fiscal quarter ended January 3, 2014.

First Quarter Fiscal Year 2014 GAAP Results

 

    Revenue was $83.5 million, compared to $83.7 million in the prior fiscal quarter and $75.0 million in the previous year’s first fiscal quarter;

 

    Gross margin was 43.9 percent, compared to 44.6 percent in the prior fiscal quarter and 43.0 percent in the previous year’s first fiscal quarter;

 

    Operating loss was $6.8 million, compared to operating income of $6.8 million in the prior fiscal quarter and operating income of $11.7 million in the previous year’s first fiscal quarter;

 

    Net loss from continuing operations was $4.4 million, and $0.09 loss per diluted share, and loss from discontinued operations was $2.1 million, and $0.05 loss per diluted share; and

 

    Net loss was $6.5 million, and $0.14 loss per diluted share, compared to net income of $3.8 million, and $0.08 earnings per diluted share, in the prior fiscal quarter and net income of $6.1 million, and $0.13 earnings per diluted share in the previous year’s first fiscal quarter.

MACOM completed its previously announced acquisition of Mindspeed Technologies, Inc. (the “Acquisition”) during the fiscal first quarter. MACOM’s reported GAAP operating expenses included incremental charges for Acquisition-related restructuring costs and other related expenses. MACOM financed the Acquisition using cash on hand and borrowings from its available line of credit.

The Acquisition contributed $1.3 million in revenue, lowered operating income by $16.3 million and reduced earnings per diluted share by $0.34 in the first quarter of fiscal 2014.

At January 3, 2014, cash and equivalents totaled $66.4 million, outstanding long-term debt was $220.0 million and MACOM had credit availability of $80.0 million.

MACOM’s first quarter fiscal year 2014 included 14 weeks versus 13 weeks in the first quarter fiscal year 2013.

First Quarter Fiscal Year 2014 Non-GAAP Results

 

    Gross margin was 46.6 percent, compared to 45.4 percent in the prior fiscal quarter and 44.0 percent in the previous year’s first fiscal quarter;

 

    Operating income was $16.2 million or 19.4 percent of revenue, compared to $17.0 million or 20.3 percent of revenue in the prior fiscal quarter and $13.8 million or 18.4 percent of revenue in the previous year’s first fiscal quarter; and

 

    Net income was $12.1 million and $0.25 earnings per diluted share, compared to net income of $12.0 million and $0.25 per diluted share in the prior fiscal quarter and net income of $9.6 million and $0.20 earnings per diluted share in the previous year’s first fiscal quarter.

The Acquisition lowered operating income by $0.7 million and reduced earnings per diluted share by $0.01 in the first quarter of fiscal 2014.


John Croteau, Chief Executive Officer of MACOM stated, “Revenue and earnings per share for the first quarter were in line with our expectations, and non-GAAP gross margin exceeded the high end of our guidance, marking our fifth consecutive quarter of non-GAAP margin expansion. During the quarter, we saw improvements in our Carrier Networks and Aerospace and Defense markets, offset by softness in Multi-Market, which we attribute to the weakness in test and instrumentation.”

Mr. Croteau noted, “Highlighting the quarter was the close of the Mindspeed acquisition on December 18th. We have made great progress on our 100-day integration plan, and continue to expect the acquisition to deliver significant accretion in fiscal 2014. We remain focused on realizing potential synergies, capitalizing on cross-selling opportunities and optimizing our combined operations for improved profitability over the remainder of the fiscal year.”

Business Outlook

For the second fiscal quarter ending April 4, 2014, MACOM currently expects revenue to be in the range of $103 million and $107 million, non-GAAP gross margin between 48 and 52 percent, and non-GAAP earnings per diluted share between $0.26 and $0.28, based on an expected 49.3 million shares outstanding.

Conference Call

MACOM will host a conference call on Monday, February 10, 2014 at 5:00 p.m. Eastern Time to discuss its first fiscal quarter financial results and business outlook. Investors and analysts may join the conference call by dialing 1-877-837-3908 and providing the confirmation code 33285292. 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 7 days. The replay number is 1-855-859-2056 with a pass code of 33285292. 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.macomtech.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 60 days.

About MACOM

MACOM (www.macomtech.com) is a leading supplier of high performance analog semiconductor solutions for use in radio frequency (RF), microwave, and millimeter wave applications. Recognized for its broad portfolio of products, MACOM serves diverse markets including CATV, wireless infrastructure, optical communications, aerospace and defense, automotive, industrial, medical, mobile devices, enterprise networking and broadcast video. MACOM builds on more than 60 years of experience designing and manufacturing innovative product solutions for customers worldwide.

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.

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 expectation to deliver significant accretion from the Acquisition in fiscal year 2014, statements regarding achievement of potential synergies, cross-selling opportunities and improved profitability relating to the Acquisition, and any statements regarding future trends, business strategies, competitive position, industry conditions 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, lower than expected demand in any or all of our five primary end markets or from any of our large OEM customers based on macro-economic weakness or otherwise, the successful integration of the business and personnel of Mindspeed, the failure to achieve the expected synergies and benefits of the Mindspeed acquisition, 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 GaN or other solutions offered by us, failures or delays in porting and qualifying GaN process technology to our Lowell, MA fabrication facility, lower than expected utilization and absorption in our manufacturing facilities, lack of success or slower than expected success in our new product development efforts, 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 or restructuring activity, the impact of supply shortages or other disruptions in our internal or outsourced supply chain, 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, 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 Annual Report on Form 10-K for the fiscal year ended September 27, 2013 as filed with the SEC on December 5, 2013. MACOM undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

In addition to GAAP reporting, MACOM provides investors with non-GAAP financial information, including gross margin, operating margin, operating income, net income, earnings per share and other data calculated on a non-GAAP basis. This non-GAAP information excludes discontinued operations, the impact of fair value accounts in acquisition of businesses, merger and acquisition costs, including related integration costs, amortization of acquisition-related intangibles, share-based and other non-cash compensation expense, certain cash compensation restructuring charges, litigation settlement and costs, changes in the carrying values of liabilities measured at fair value, contingent consideration, other non-cash expenses, earn-out costs, exited leased facility costs and certain income tax items. Management does not believe that the excluded items are reflective of MACOM’s underlying performance. The exclusion of these and other similar items from MACOM’s non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent or unusual. MACOM believes this non-GAAP financial information provides additional insight into MACOM’s on-going performance and has therefore chosen to provide this information to investors for a more consistent basis of comparison and to help them evaluate the results of MACOM’s on-going operations and enable more meaningful period to period comparisons. These non-GAAP measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release.


M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share data)

 

 

 

     Three Months Ended  
     January 3,     September 27,     December 28,  
     2014     2013     2012  

Revenue

   $ 83,468      $ 83,655      $ 75,014   

Cost of revenue

     46,803        46,375        42,749   
  

 

 

   

 

 

   

 

 

 

Gross profit

     36,665        37,280        32,265   
  

 

 

   

 

 

   

 

 

 

Operating expenses:

      

Research and development

     11,445        9,538        9,823   

Selling, general and administrative

     18,889        13,690        10,867   

Litigation settlement

     —          7,250        —     

Contingent consideration

     —          —          (172

Restructuring charges

     13,090        —          —     
  

 

 

   

 

 

   

 

 

 

Total operating expenses

     43,424        30,478        20,518   
  

 

 

   

 

 

   

 

 

 

Income from operations

     (6,759     6,802        11,747   
  

 

 

   

 

 

   

 

 

 

Other income (expense):

      

Warrant liability gain (expense)

     1,282        (2,277     (2,026

Interest expense

     (586     (201     (226

Other income - related party

     78        79        84   
  

 

 

   

 

 

   

 

 

 

Total other income (expense)

     774        (2,399     (2,168
  

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     (5,985     4,403        9,579   

Income tax provision (benefit)

     (1,591     653        3,471   
  

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

     (4,394     3,750        6,108   

Loss from discontinued operations

     (2,105     —          —     
  

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ (6,499   $ 3,750      $ 6,108   
  

 

 

   

 

 

   

 

 

 

Net income (loss) per share:

      

Basic income per share:

      

Income (loss) from continuing operations

   $ (0.09   $ 0.08      $ 0.13   

Loss from discontinued operations

     (0.05     —          —     
  

 

 

   

 

 

   

 

 

 

Income (loss) per share - basic

   $ (0.14   $ 0.08      $ 0.13   
  

 

 

   

 

 

   

 

 

 

Diluted income per share:

      

Income (loss) from continuing operations

   $ (0.09   $ 0.08      $ 0.13   

Loss from discontinued operations

     (0.05     —          —     
  

 

 

   

 

 

   

 

 

 

Income (loss) per share - diluted

   $ (0.14   $ 0.08      $ 0.13   
  

 

 

   

 

 

   

 

 

 

Shares - net income (loss) per share:

      

Basic

     46,517        46,301        45,511   
  

 

 

   

 

 

   

 

 

 

Diluted

     46,517        47,585        46,870   
  

 

 

   

 

 

   

 

 

 


M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(unaudited and in thousands, except per share data)

 

 

 

     Three Months Ended  
     January 3, 2014     September 27, 2013     December 28, 2012  
     Amount     %
Revenue
    Amount     %
Revenue
    Amount     %
Revenue
 

Gross profit - GAAP

   $ 36,665        43.9   $ 37,280        44.6   $ 32,265        43.0

Amortization expense

     1,247        1.5        479        0.6        474        0.6   

Non-cash compensation expense

     283        0.3        216        0.3        288        0.4   

Exited leased facility costs

     100        0.1        —          —          —          —     

Purchase accounting impact

     536        0.6        —          —          —          —     

Acquisition related integration costs

     39        —          —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit - non-GAAP

   $ 38,870        46.6   $ 37,975        45.4   $ 33,027        44.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Research and Development - GAAP

   $ 11,445        13.7   $ 9,538        11.4   $ 9,823        13.1

Earn-out costs

     —          —          1,021        1.2        —          —     

Non-cash compensation expense

     (484     (0.6     (462     (0.6     (321     (0.4

Purchase accounting impact

     (72     (0.1     —          —          —          —     

Acquisition related integration costs

     (36     —          —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Research and Development - non-GAAP

   $ 10,853        13.0   $ 10,097        12.1   $ 9,502        12.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Selling, General and Administrative - GAAP

   $ 18,889        22.6   $ 13,690        16.4   $ 10,867        14.5

Amortization expense

     (366     (0.4     (315     (0.4     (315     (0.4

Non-cash compensation expense

     (1,078     (1.3     (1,052     (1.3     (654     (0.9

Purchase accounting impact

     (11     —          —          —          —          —     

Litigation

     (964     (1.2     (1,995     (2.4     (195     (0.3

Earn-out costs

     —          —          569        0.7        —          —     

Acquisition related integration costs

     (332     (0.4     —          —          —          —     

Acquisition costs

     (4,222     (5.1     —          —          —          —     

Exited leased facility costs

     (83     (0.1     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Selling, General and Administrative - non-GAAP

   $ 11,833        14.2   $ 10,897        13.0   $ 9,703        12.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses - GAAP

   $ 43,424        52.0   $ 30,478        36.4   $ 20,518        27.4

Amortization expense

     (366     (0.4     (315     (0.4     (315     (0.4

Non-cash compensation expense

     (1,562     (1.9     (1,514     (1.8     (975     (1.3

Litigation

     (964     (1.2     (9,245     (11.1     (195     (0.3

Exited leased facility costs

     (83     (0.1     —          —          —          —     

Contingent consideration and earn-out costs

     —          —          1,590        1.9        172        0.2   

Restructuring charges

     (13,090     (15.7     —          —          —          —     

Acquisition related integration costs

     (368     (0.4     —          —          —          —     

Acquisition costs

     (4,222     (5.1     —          —          —          —     

Purchase accounting impact

     (83     (0.1     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses - non-GAAP

   $ 22,686        27.2   $ 20,994        25.1   $ 19,205        25.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations - GAAP

   $ (6,759     (8.1 )%    $ 6,802        8.1   $ 11,747        15.7

Amortization expense

     1,613        1.9        794        0.9        789        1.1   

Non-cash compensation expense

     1,845        2.2        1,730        2.1        1,263        1.7   

Litigation

     964        1.2        9,245        11.1        195        0.3   

Exited leased facility costs

     183        0.2        —          —          —          —     

Contingent consideration and earn-out costs

     —          —          (1,590     (1.9     (172     (0.2

Restructuring charges

     13,090        15.7        —          —          —          —     

Purchase accounting impact

     619        0.7        —          —          —          —     

Acquisition related integration costs

     407        0.5        —          —          —          —     

Acquisition costs

     4,222        5.1        —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations - non-GAAP

   $ 16,184        19.4   $ 16,981        20.3   $ 13,822        18.4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) - GAAP

   $ (6,499     (7.8 )%    $ 3,750        4.5   $ 6,108        8.1

Amortization expense

     1,234        1.5        495        0.6        553        0.7   

Non-cash compensation expense

     1,411        1.7        652        0.8        885        1.2   

Litigation

     737        0.9        5,794        6.9        137        0.2   

Exited leased facility costs

     140        0.2        —          —          —          —     

Contingent consideration and earn-out costs

     —          —          (992     (1.2     (120     (0.2

Restructuring charges

     10,014        12.0        —          —          —          —     

Warrant liability (gain) expense

     (1,282     (1.5     2,277        2.7        2,026        2.7   

Non-cash interest expense

     91        0.1        46        0.1        69        0.1   

Purchase accounting impact

     474        0.6        —          —          —          —     

Acquisition related integration costs

     311        0.4        —          —          —          —     

Acquisition costs

     3,346        4.0        —          —          —          —     

Discontinued operations

     2,105        2.5        —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income - non-GAAP

   $ 12,082        14.5   $ 12,022        14.4   $ 9,658        12.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


     Amount     Income
(loss) per
diluted
share
    Amount      Income
per
diluted
share
     Amount     Income
per diluted
share
 

Net income (loss) - GAAP

   $ (6,499   $ (0.14   $ 3,750       $ 0.08       $ 6,108      $ 0.13   

Participating stock dividends

     —          —          —           —           (49     —    
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Net income (loss) attributable to common stockholders

   $ (6,499   $ (0.14   $ 3,750       $ 0.08       $ 6,059      $ 0.13   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Net income - non-GAAP

   $ 12,082      $ 0.25      $ 12,022       $ 0.25       $ 9,658      $ 0.20   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Diluted shares - GAAP

     46,517          47,585            46,870     

Incremental stock options, warrants, restricted stock and units

     2,064          946            776     
  

 

 

     

 

 

       

 

 

   

Diluted shares - non-GAAP

     48,581          48,531            47,646     
  

 

 

     

 

 

       

 

 

   
           Loss per
diluted
share
                           

Mindspeed Contribution:

              

Loss from operations - GAAP

   $ (16,328            

Amortization expense

     809               

Litigation

     827               

Restructuring charges

     12,746               

Purchase accounting impact

     619               

Acquisition related integration costs

     352               

Acquisition costs

     309               
  

 

 

             

Loss from operations - non-GAAP

   $ (666   $ (0.01          
  

 

 

   

 

 

           


M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

 

 

 

     January 3,      September 27,  
     2014      2013  

ASSETS

     

Current assets:

     

Cash and cash equivalents

   $ 66,420       $ 110,446   

Accounts receivable, net

     66,468         62,961   

Inventories

     88,687         53,995   

Deferred income taxes and other

     33,283         17,472   
  

 

 

    

 

 

 

Total current assets

     254,858         244,874   

Property and equipment, net

     47,353         31,563   

Goodwill and intangible assets, net

     180,056         21,889   

Deferred income taxes and other

     85,429         5,905   
  

 

 

    

 

 

 

TOTAL ASSETS

   $ 567,696       $ 304,231   
  

 

 

    

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Current liabilities:

     

Notes payable

   $ 6,960       $ —     

Accounts payable, accrued liabilities and other

     77,169         41,497   

Deferred revenue

     9,280         9,030   
  

 

 

    

 

 

 

Total current liabilities

     93,409         50,527   

Revolving credit facility

     220,000         —     

Common stock warrant liability

     10,591         11,873   

Deferred income taxes and other

     8,353         5,007   
  

 

 

    

 

 

 

Total liabilities

     332,353         67,407   

Commitments and contingencies

     

Stockholders’ equity

     235,343         236,824   
  

 

 

    

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 567,696       $ 304,231   
  

 

 

    

 

 

 


M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

 

     Three Months Ended  
     January 3,     December 28,  
     2014     2012  

CASH FLOWS FROM OPERATING ACTIVITIES:

    

Net income (loss)

   $ (6,499   $ 6,108   

Non-cash adjustments

     5,295        6,413   

Payment of contingent consideration

     —          (5,328

Change in operating assets and liabilities

     5,605        1,849   
  

 

 

   

 

 

 

Net cash from operating activities

     4,401        9,042   
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

    

Acquisition of business

     (232,028     —     

Purchases of property and equipment

     (2,136     (1,580

Acquisition of intellectual property

     (2,983     —     
  

 

 

   

 

 

 

Net cash used in investing activities

     (237,147     (1,580

CASH FLOWS FROM FINANCING ACTIVITIES:

    

Proceeds from revolving credit facility

     220,000        —     

Payment of debt

     (32,864     —     

Payment of contingent consideration

     —          (675

Financing activities

     1,584        1,259   
  

 

 

   

 

 

 

Net cash from financing activities

     188,720        584   
  

 

 

   

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

     (44,026     8,046   

CASH AND CASH EQUIVALENTS — Beginning of period

     110,446        84,528   
  

 

 

   

 

 

 

CASH AND CASH EQUIVALENTS — End of period

   $ 66,420      $ 92,574   
  

 

 

   

 

 

 

Non-GAAP Reconciliation:

    

Net cash from operating activities - GAAP

   $ 4,401      $ 9,042   

Acquisition and related integration payments

     2,849        —     

Restructuring payments

     2,198        200   

Litigation

     1,348        339   

Contingent consideration payment

     —          5,328   
  

 

 

   

 

 

 

Net cash from operating activities - non-GAAP

   $ 10,796      $ 14,909   
  

 

 

   

 

 

 

Three months ended September 27, 2013:

    

Net cash from operating activities - GAAP

   $ 1,317     

Restructuring payments

     449     

Litigation

     7,768     
  

 

 

   

Net cash from operating activities - non-GAAP

   $ 9,534     
  

 

 

   


* * *

Company Contact:

M/A-COM Technology Solutions Holdings, Inc.

Robert J. McMullan

Senior Vice President and Chief Financial Officer

P: 978-656-2753

E: bob.mcmullan@macomtech.com

Investor Relations Contact:

Shelton Group

Leanne K. Sievers

EVP, Investor Relations

P: 949-224-3874

E: lsievers@sheltongroup.com