Montage Technology Group Ltd (MONT) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2013

Exhibit 99.1

 

Montage Technology Reports Third Quarter 2013 Financial Results

Achieves Record Revenue of $30.1 Million, 63.7% Gross Margin

and 28.8% Operating Margin

SHANGHAI, China – November 7, 2013

– Montage Technology Group Limited (Nasdaq: MONT) (“Montage”), a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets, today announced financial results for the third quarter ended September 30, 2013.

Third Quarter 2013 Highlights:

 

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Attained record revenue of $30.1 million, an increase of 18.8 percent sequentially and 45.9 percent year-over-year;

 

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Reported 63.7 percent gross margin and 28.8 percent operating margin;

 

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Achieved GAAP net income per diluted share of $0.31, and non-GAAP net income of per diluted share of $0.38;

 

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Increased set-top box product revenue by 46 percent and memory interface product revenue by 44 percent over the prior year period; and

 

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Generated cash from operations of $11.2 million.

Third Quarter 2013 Results

Commenting on the quarter, Howard Yang, Montage Technology’s chairman and chief executive officer, stated, “We are pleased to report third quarter revenue increased 19% sequentially and 46% year-over-year, driven by strong growth in the set-top box market combined with improving revenue from our memory interface products. We continued to convert set-top box customers to our SoC chipset, which offers a complete solution of integrated hardware and software. The pace of set-top box adoption in emerging markets has been accelerating as disposable income and consumer demand for better entertainment are increasing. Additionally, digital transmission and HD television are only in the early stages of adoption, which we believe provides significant future growth opportunities for Montage.

“In the memory interface market, during the quarter we introduced the industry’s first production ready dual-mode DDR4 Registering Clock Driver that supports both RDIMM and LRDIMM modules for use in next generation server platforms. This product complements our existing DDR3 solutions and enhances our current product offerings. With this market in its early stages of growth and development, Montage is well established as a primary supplier to all of the largest OEMs.”

Stephen Tai, Montage Technology’s president added, “The successful completion of our initial public offering on October 1st represented a significant milestone for the Company. We believe that Montage is well positioned for growth in the coming quarters as we continue to gain market share with our existing products as well as our newly released products in both the set-top box and memory interface markets.”

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The following information was filed by Montage Technology Group Ltd (MONT) on Thursday, November 7, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.