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8-K - FORM 8-K - MACOM Technology Solutions Holdings, Inc.d861763d8k.htm

Exhibit 99.1

 

LOGO

 

 

MACOM Reports Revenue of $114.9 million with EPS $0.38 and Gross Margin of 53.7 percent (non-GAAP)

Lowell, Mass, February 2, 2015 – M/A-COM Technology Solutions Holdings, Inc. (“MACOM”), a leading supplier of high-performance analog RF, microwave, millimeterwave and photonic semiconductor products, today announced financial results for its fiscal first quarter ended January 2, 2015.

First Quarter Fiscal Year 2015 GAAP Results

 

  Revenue was $114.9 million, compared to $114.3 million in the prior fiscal quarter and $84.2 million in the previous year’s fiscal first quarter;

 

  Gross margin was 47.2 percent, compared to 49.2 percent in the prior fiscal quarter and 42.4 percent in the previous year’s fiscal first quarter;

 

  Operating income was $9.1 million, compared to $16.8 million in the prior fiscal quarter and operating loss of $9.2 million in the previous year’s fiscal first quarter; and

 

  Net loss was $6.3 million, or $0.13 loss per share, compared to net income of $14.5 million, or $0.30 per diluted share, in the prior fiscal quarter and net loss of $8.9 million, or $0.19 loss per share, in the previous year’s fiscal first quarter.

Inclusive in the GAAP results is a change in estimate related to MACOM’s distribution revenue recognition, the net effect of which was a one-time increase of $15.1 million in revenue, and a reduction in net loss of $8.5 million and a reduction of EPS loss per share of $0.18, as detailed in our Form 10-Q filed today.

First Quarter Fiscal Year 2015 Non-GAAP Results

 

  Gross margin was 53.7 percent, compared to 54.1 percent in the prior fiscal quarter and 46.6 percent in the previous year’s fiscal first quarter;

 

  Operating income was $27.1 million, or 23.6 percent of revenue, compared to $26.7 million, or 23.3 percent of revenue, in the prior fiscal quarter and $16.2 million, or 19.4 percent of revenue, in the previous year’s fiscal first quarter;

 

  EBITDA was $30.6 million, compared to $30.0 million for the prior fiscal quarter and $19.2 million for the previous year’s fiscal first quarter; and

 

  Net income was $18.7 million, or $0.38 earnings per diluted share, compared to net income of $17.2 million, or $0.35 earnings per diluted share, in the prior fiscal quarter and net income of $12.1 million, or $0.25 earnings per diluted share, in the previous year’s fiscal first quarter.


John Croteau, Chief Executive Officer of MACOM stated, “Revenue including BinOptics came in at $114.9 million, Non-GAAP gross margin was 53.7 percent, with EPS of 38 cents. Similar to last quarter, non-GAAP gross margin and non-GAAP EPS benefited from a favorable mix in sales weighted toward higher-margin products.”

Mr. Croteau continued, “During the quarter, similar to our peers, we saw broad-based seasonal softness across many of our end markets. One notable exception was our 100G Optical business, which grew 35% sequentially excluding the contribution of BinOptics’ stub quarter.”

Business Outlook

For the fiscal quarter ending April 3, 2015, MACOM expects another quarter of solid execution with revenue expected to be in the range of $120 to $124 million. Non-GAAP gross margin is expected to be between 51 and 54 percent, and non-GAAP earnings per diluted share between 39 and 42 cents based on 50 million shares outstanding.

Conference Call

MACOM will host a conference call today, Monday, February 2, 2015 at 5:00 p.m. Eastern Time to discuss its fiscal first quarter financial results and fiscal second quarter business outlook. Investors and analysts may join the conference call by dialing 1-877-837-3908 and providing the confirmation code 58927416. 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 58927416. International callers should dial +1-404-537-3406 and enter the same pass code at the prompt.

About MACOM:

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 & wireless networks, automotive, 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, and any 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 outstanding indebtedness and related interest expense and other costs, lower than expected demand in any or all of our four 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, 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, 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 or InP laser production capacity expansion 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, financing 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, 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 Annual Report on Form 10-K for the fiscal year ended October 3, 2014 as filed with the SEC on December 9, 2014. 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 revenue, gross margin, operating margin, operating income, net income, earnings per share, EBITDA and other data calculated on a non-GAAP basis. This non-GAAP information excludes the operations of Nitronex prior to the date of acquisition, discontinued operations, the impact of fair value accounting in merger and acquisitions (M&A) of businesses, M&A costs, including acquisition and related integration costs, certain cost savings from synergies expected from M&A activities, income and expenses from transition services related to M&A activities, expected 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, amortization of debt discounts and issuance costs, 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. These and other similar items are also excluded from EBITDA, which is non-GAAP earnings before interest, income taxes, depreciation and amortization. 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 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 2,     October 3,     January 3,  
     2015     2014     2014  

Revenue

   $ 114,864      $ 114,317      $ 84,154   

Cost of revenue

     60,663        58,128        48,432   
  

 

 

   

 

 

   

 

 

 

Gross profit

     54,201        56,189        35,722   
  

 

 

   

 

 

   

 

 

 

Operating expenses:

      

Research and development

     19,474        20,098        12,430   

Selling, general and administrative

     25,599        20,227        19,383   

Restructuring charges

     —          (902     13,090   
  

 

 

   

 

 

   

 

 

 

Total operating expenses

     45,073        39,423        44,903   
  

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     9,128        16,766        (9,181
  

 

 

   

 

 

   

 

 

 

Other income (expense):

      

Accretion of common stock warrant liability

     (10,608     1,638        1,282   

Interest expense

     (4,723     (4,529     (586

Other income - related party

     375        776        78   
  

 

 

   

 

 

   

 

 

 

Total other income (expense)

     (14,956     (2,115     774   
  

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     (5,828     14,651        (8,407

Income tax provision (benefit)

     478        114        (1,591
  

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

     (6,306     14,537        (6,816

Loss from discontinued operations

     —          —          (2,105
  

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ (6,306   $ 14,537      $ (8,921
  

 

 

   

 

 

   

 

 

 

Net income (loss) per share:

      

Basic:

      

Income (loss) from continuing operations

   $ (0.13   $ 0.31      $ (0.15

Loss from discontinued operations

     —          —          (0.05
  

 

 

   

 

 

   

 

 

 

Income (loss) per share - basic

   $ (0.13   $ 0.31      $ (0.19
  

 

 

   

 

 

   

 

 

 

Diluted:

      

Income (loss) from continuing operations

   $ (0.13   $ 0.30      $ (0.15

Loss from discontinued operations

     —          —          (0.05
  

 

 

   

 

 

   

 

 

 

Income (loss) per share - diluted

   $ (0.13   $ 0.30      $ (0.19
  

 

 

   

 

 

   

 

 

 

Shares used to compute net income (loss) per share:

      

Basic

     47,606        47,480        46,517   
  

 

 

   

 

 

   

 

 

 

Diluted

     47,606        48,873        46,517   
  

 

 

   

 

 

   

 

 

 


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 2, 2015     October 3, 2014     January 3, 2014  
     Amount           Amount           Amount        

Revenue - GAAP

   $ 114,864        $ 114,317        $ 84,154     

Nitronex prior to acquisition

     —            —            (686  
  

 

 

     

 

 

     

 

 

   

Revenue – Non-GAAP

   $ 114,864        $ 114,317        $ 83,468     
  

 

 

     

 

 

     

 

 

   
     Amount     %
Revenue
    Amount     %
Revenue
    Amount     %
Revenue
 

Gross profit - GAAP

   $ 54,201        47.2   $ 56,189        49.2   $ 35,722        42.4

Nitronex prior to acquisition

     —          —          —          —          943        1.6   

Amortization expense

     5,359        4.7        4,495        3.9        1,247        1.5   

Non-cash compensation expense

     354        0.3        416        0.4        283        0.3   

Equity-based compensation

     58        —          13        —          —          —     

Acquisition FMV step-up

     835        0.7        168        0.1        536        0.6   

Third-party engineering costs

     (4     —          493        0.4        —          —     

Integration costs and synergy savings

     924        0.8        100        0.1        139        0.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit - non-GAAP

   $ 61,727        53.7   $ 61,874        54.1   $ 38,870        46.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Research and Development - GAAP

   $ 19,474        17.0   $ 20,098        17.6   $ 12,430        14.8

Nitronex prior to acquisition

     —          —          —          —          (985     (1.1

Non-cash compensation expense

     (1,038     (0.9     (713     (0.6     (484     (0.6

Equity-based compensation

     (519     (0.5     (112     (0.1     —          —     

Acquisition FMV step-up

     (204     (0.2     (204     (0.2     (72     (0.1

Integration costs and synergy savings

     (171     (0.1     (898     (0.8     (36     —     

Third-party engineering costs

     924        0.8        493        0.4        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Research and Development - non-GAAP

   $ 18,466        16.1   $ 18,664        16.3   $ 10,853        13.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Selling, General and Administrative - GAAP

   $ 25,599        22.3   $ 20,227        17.7   $ 19,383        23.0

Nitronex prior to acquisition

     —          —          —          —          (494     (0.3

Amortization expense

     (1,053     (0.9     (432     (0.4     (366     (0.4

Non-cash compensation expense

     (2,405     (2.1     (1,623     (1.4     (1,078     (1.3

Equity-based compensation

     (317     (0.3     (106     (0.1     —          —     

Acquisition FMV step-up

     (28     —          (28     —          (11     —     

Litigation costs

     (717     (0.6     (1,035     (0.9     (964     (1.2

Transaction expenses

     (4,636     (4.0     —          —          (4,222     (5.1

Integration costs and synergy savings

     (296     (0.3     (485     (0.4     (415     (0.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Selling, General and Administrative - non-GAAP

   $ 16,147        14.1   $ 16,518        14.4   $ 11,833        14.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


Total operating expenses - GAAP

   $ 45,073        39.2   $ 39,423        34.5   $ 44,903        53.4

Nitronex prior to acquisition

     —          —          —          —          (1,479     (1.3

Amortization expense

     (1,053     (0.9     (432     (0.4     (366     (0.4

Non-cash compensation expense

     (3,443     (3.0     (2,336     (2.0     (1,562     (1.9

Equity-based compensation

     (836     (0.7     (218     (0.2     —          —     

Acquisition FMV step-up

     (232     (0.2     (232     (0.2     (83     (0.1

Restructuring charges

     —          —          902        0.8        (13,090     (15.7

Integration costs and synergy savings

     (467     (0.4     (1,383     (1.2     (451     (0.5

Litigation costs

     (717     (0.6     (1,035     (0.9     (964     (1.2

Transaction expenses

     (4,636     (4.0     —          —          (4,222     (5.1

Third-party engineering

     924        0.8        493        0.4        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses - non-GAAP

   $ 34,613        30.1   $ 35,182        30.8   $ 22,686        27.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations - GAAP

   $ 9,128        7.9   $ 16,766        14.7   $ (9,181     (10.9 )% 

Nitronex prior to acquisition

     —          —          —          —          2,422        2.9   

Amortization expense

     6,412        5.6        4,927        4.3        1,613        1.9   

Non-cash compensation expense

     3,797        3.3        2,752        2.4        1,845        2.2   

Equity-based compensation

     894        0.8        231        0.2        —          —     

Restructuring charges

     —          —          (902     (0.8     13,090        15.7   

Acquisition FMV step-up

     1,067        0.8        400        0.3        619        0.7   

Litigation costs

     717        0.6        1,035        0.9        964        1.2   

Transaction expenses

     4,636        4.0        —          —          4,222        5.1   

Integration costs and synergy savings

     463        0.6        1,483        1.3        590        0.7   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations - non-GAAP

   $ 27,114        23.6   $ 26,692        23.3   $ 16,184        19.4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) - GAAP

   $ (6,306     (5.5 )%    $ 14,537        12.7   $ (8,921     (10.6 )% 

Nitronex prior to acquisition

     —          —          —          —          2,422        2.8   

Amortization expense

     5,258        4.6        3,769        3.3        1,234        1.5   

Non-cash compensation expense

     3,113        2.7        2,105        1.8        1,411        1.7   

Equity-based compensation

     733        0.6        177        0.2        —          —     

Restructuring charges

     —          —          (690     (0.6     10,014        12.0   

Warrant liability (gain) expense

     10,608        9.2        (1,638     (1.4     (1,282     (1.5

Non-cash interest expense

     360        0.3        291        0.3        91        0.1   

Acquisition FMV step-up

     875        0.8        306        0.3        474        0.6   

Litigation costs

     588        0.5        792        0.7        737        0.9   

Integration costs and synergy savings

     380        0.3        1,134        1.0        451        0.5   

Transaction expenses

     3,420        3.0        —          —          3,346        4.0   

Tax effect of non-GAAP adjustments

     —          —          (2,944     (2.6     —          —     

Transition services for divested business

     (308     (0.3     (593     (0.5     —          —     

Discontinued operations

     —          —          —          —          2,105        2.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income - non-GAAP

   $ 18,721        16.3   $ 17,246        15.1   $ 12,082        14.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


Income from operations – non-GAAP

   $ 27,114                    $ 26,692                    $ 16,184                 

Depreciation expense

     3,453          3,273          2,921     

Other income, net

     —            —            78     
  

 

 

     

 

 

     

 

 

   

EBITDA

   $ 30,567        $ 29,965        $ 19,183     
  

 

 

     

 

 

     

 

 

   

Interest expense GAAP

   $ 4,723        $ 4,529        $ 586     

Non cash interest expense

     (439       (361       (119  
  

 

 

     

 

 

     

 

 

   

Interest expense non-GAAP

   $ 4,284        $ 4,168        $ 467     
  

 

 

     

 

 

     

 

 

   

 

     Three Months Ended  
     January 2, 2015     October 3, 2014      January 3, 2014  
     Amount     Income
(loss) per
diluted
share
    Amount      Income
per
diluted
share
     Amount     Income
(loss) per
diluted
share
 

Net income (loss) - GAAP

   $ (6,306   $ (0.13   $ 14,537       $ 0.30       $ (8,921   $ (0.19
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Net income – non-GAAP

   $ 18,721      $ 0.38      $ 17,246       $ 0.35       $ 12,082      $ 0.25   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Diluted shares - GAAP

     47,606          47,480            46,517     

Incremental stock options, warrants, restricted stock and units

     1,599          1,393            2,064     
  

 

 

     

 

 

       

 

 

   

Diluted shares - non-GAAP

     49,206          48,873            48,581     
  

 

 

     

 

 

       

 

 

   


M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

 

 

 

     January 2,
2015
     October 3,
2014
 

ASSETS

     

Current assets:

     

Cash and cash equivalents

   $ 48,335       $ 173,895   

Accounts receivable, net

     79,452         75,156   

Inventories

     89,208         73,572   

Deferred income taxes

     35,956         79,257   

Other current assets

     25,851         14,769   
  

 

 

    

 

 

 

Total current assets

     278,802         416,649   

Property and equipment, net

     59,393         50,357   

Goodwill and intangible assets, net

     368,089         153,417   

Deferred income taxes

     46,381         41,329   

Other assets

     24,626         20,482   
  

 

 

    

 

 

 

TOTAL ASSETS

   $ 777,291       $ 682,234   
  

 

 

    

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Current liabilities:

     

Current portion of long-term debt

   $ 4,081       $ 3,478   

Accounts payable, accrued liabilities and other

     67,598         64,910   

Deferred revenue

     219         17,258   
  

 

 

    

 

 

 

Total current liabilities

     71,898         85,646   

Long-term debt, less current portion

     443,248         343,178   

Common stock warrant liability

     26,409         15,801   

Deferred income taxes and other long-term liabilities

     8,714         9,042   
  

 

 

    

 

 

 

Total liabilities

     550,269         453,667   

Commitments and contingencies

     

Stockholders’ equity

     227,022         228,567   
  

 

 

    

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 777,291       $ 682,234   
  

 

 

    

 

 

 


M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

 

 

     Three Months Ended  
     January 2,
2015
    January 3
2014
 

CASH FLOWS FROM OPERATING ACTIVITIES:

    

Net (loss)

   $ (6,306   $ (8,921

Non-cash adjustments

     25,716        5,975   

Change in operating assets and liabilities

     (17,327     5,284   
  

 

 

   

 

 

 

Net cash from operating activities

     2,083        2,338   
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

    

Acquisition of businesses, net

     (223,070     (232,028

Purchases of property and equipment

     (2,956     (2,167

Acquisition of intellectual property

     (1,056     (2,983
  

 

 

   

 

 

 

Net cash used in investing activities

     (227,082     (237,178

CASH FLOWS FROM FINANCING ACTIVITIES:

    

Proceeds from revolving credit facility

     100,000        220,000   

Payment of assumed debt

     —          (32,864

Capital contributions

     —          2,100   

Financing activities

     1,395        1,584   

Payments on capital leases

     (1,081     —     

Term note payments

     (875     —     
  

 

 

   

 

 

 

Net cash from financing activities

     99,439        190,820   
  

 

 

   

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

     (125,560     (44,020

CASH AND CASH EQUIVALENTS — Beginning of period

     173,895        110,488   
  

 

 

   

 

 

 

CASH AND CASH EQUIVALENTS — End of period

   $ 48,335      $ 66,468   
  

 

 

   

 

 

 


*  *  *

Company Contact:

M/A-COM Technology Solutions Holdings, Inc.

Robert J. McMullan

Senior Vice President and Chief Financial Officer

P: 978-656-2753

E: bobmcmullan@macom.com

Investor Relations Contact:

Shelton Group

Leanne K. Sievers

EVP, Investor Relations

P: 949-224-3874

E: lsievers@sheltongroup.com