MaxLinear (MXL) Misses Q4 EPS by 1c; to Conduct Internal Review
MaxLinear (NYSE: MXL) reported Q4 EPS of ($0.05), $0.01 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $19.3 million versus the consensus estimate of $18.68 million.
In the first quarter of 2012, we discovered that we may have been involved in facilitating shipments of foreign produced products to Iran. While the underlying shipments of the foreign produced products may have been lawful, our actions may have violated applicable sanctions/export control laws. Upon discovering these potential sanctions/export controls issues, our audit committee promptly retained outside counsel to conduct a thorough internal review of these potential violations and our export compliance. That review is on-going. We have made voluntary initial filings with the Office of Foreign Assets Control of the United States Department of the Treasury and with the Bureau of Industry and Security of the United States Department of Commerce, notifying these regulatory agencies that we are conducting a review of these export control matters and that we will submit any supplemental Voluntary Self Disclosures once our internal review is complete. Our preliminary, unaudited operating results for the fourth quarter of fiscal 2011 include a reserve of $0.8 million relating to estimated civil penalties associated with the potential violations of United States export control laws involving Iran. Management has based its current reserve estimates on information available as of the date of this announcement. Management will reevaluate this reserve following completion of the audit committee’s review, and the reserve in our audited financial statements could differ materially from the current reserve.
For earnings history and earnings-related data on MaxLinear (MXL) click here.
In the first quarter of 2012, we discovered that we may have been involved in facilitating shipments of foreign produced products to Iran. While the underlying shipments of the foreign produced products may have been lawful, our actions may have violated applicable sanctions/export control laws. Upon discovering these potential sanctions/export controls issues, our audit committee promptly retained outside counsel to conduct a thorough internal review of these potential violations and our export compliance. That review is on-going. We have made voluntary initial filings with the Office of Foreign Assets Control of the United States Department of the Treasury and with the Bureau of Industry and Security of the United States Department of Commerce, notifying these regulatory agencies that we are conducting a review of these export control matters and that we will submit any supplemental Voluntary Self Disclosures once our internal review is complete. Our preliminary, unaudited operating results for the fourth quarter of fiscal 2011 include a reserve of $0.8 million relating to estimated civil penalties associated with the potential violations of United States export control laws involving Iran. Management has based its current reserve estimates on information available as of the date of this announcement. Management will reevaluate this reserve following completion of the audit committee’s review, and the reserve in our audited financial statements could differ materially from the current reserve.
For earnings history and earnings-related data on MaxLinear (MXL) click here.