Exar Corporation Reports Fiscal 2012 First Quarter Results
FREMONT, Calif. July 26, 2011 July 3, 2011
$37.0 million $33.8 million $39.6 million
The GAAP gross margin for the first quarter of fiscal 2012 was 45.5% compared to 35.0 % for the prior quarter and 47.5% in the first quarter of fiscal 2011.
On a non-GAAP basis, the gross margin for the first quarter of fiscal 2012 was 48.6% compared to 46.1% for the prior quarter and 52.1% in the first quarter of fiscal 2011.
$1.4 million $0.03 $18.8 million $0.42 $7.4 million $0.17
$0.7 million $0.02 $4.6 million $0.10 $0.8 million $0.02
$2.0 million $202.4 million
Pete Rodriguez MXP2
October 2, 2011 $37 million and $39 million $17 million and $18 million $18.5 million and $20.5 million
The Company’s statements about its future financial performance or operating plans are based on current information and expectations and the Company undertakes no duty to update such statements. These statements are forward-looking and actual results could differ materially due to various risks and uncertainties, some of which are described herein.
Results Conference Call
Tuesday, July 26, 2010 1:30 p.m. PDT 1:20 p.m. PDT
http://www.exar.com/news/investornews.aspx 3:00 p.m. PDT July 26, 2011 11:59 p.m. PDT August 2, 2011
Product Line Highlights:
DataCom and Storage
http://www.exar.com/Common/Content/News.aspx?id=9356
http://www.exar.com/Common/Content/News.aspx?id=9292
Power Management
http://www.exar.com/Common/Content/News.aspx?id=9418
Safe Harbor Statement
March 27, 2011
Generally Accepted Accounting Principles
http://www.exar.com http://www.sec.gov
About Exar
EXAR CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands, except share amounts) |
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(Unaudited) |
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JULY 3, |
MARCH 27, |
||||
2011 |
2011 |
||||
ASSETS |
|||||
Current assets: |
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Cash and cash equivalents |
$ 23,352 |
$ 15,039 |
|||
Short-term marketable securities |
179,070 |
185,960 |
|||
Accounts receivable (net of allowances of $926 and $1,165) |
11,236 |
9,776 |
|||
Accounts receivable, related party (net of allowances of $154 and $358) |
5,991 |
3,194 |
|||
Inventories |
20,165 |
21,962 |
|||
Other current assets |
4,510 |
3,562 |
|||
Total current assets |
244,324 |
239,493 |
|||
Property, plant and equipment, net |
24,509 |
38,009 |
|||
Goodwill |
3,184 |
3,184 |
|||
Intangible assets, net |
13,969 |
15,390 |
|||
Other non-current assets |
1,922 |
2,139 |
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Total assets |
$ 287,908 |
$ 298,215 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
$ 10,312 |
$ 8,794 |
|||
Accrued compensation and related benefits |
5,649 |
6,069 |
|||
Deferred income and allowances on sales to distributors |
4,306 |
4,632 |
|||
Deferred income and allowances on sales to distributors, related party |
13,148 |
10,680 |
|||
Other accrued expenses |
6,055 |
7,062 |
|||
Total current liabilities |
39,470 |
37,237 |
|||
Long-term lease financing obligations |
– |
12,558 |
|||
Other non-current obligations |
3,865 |
3,841 |
|||
Total liabilities |
43,335 |
53,636 |
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Total stockholders’ equity |
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Preferred stock, $.0001 par value; 2,250,000 shares authorized; no shares outstanding |
– |
– |
|||
Common stock, $.0001 par value; 100,000,000 shares authorized; 44,681,870 and |
|||||
44,519,663 shares issued and outstanding at July 3, 2011 and March 27, 2011, |
|||||
respectively (net of treasury shares) |
4 |
4 |
|||
Additional paid-in capital |
729,259 |
728,139 |
|||
Accumulated other comprehensive income (loss) |
13 |
(287) |
|||
Treasury stock at cost, 19,924,369 shares at July 3, 2011 and March 27, 2011 |
(248,983) |
(248,983) |
|||
Accumulated deficit |
(235,720) |
(234,294) |
|||
Total stockholders’ equity |
244,573 |
244,579 |
|||
Total liabilities and stockholders’ equity |
$ 287,908 |
$ 298,215 |
|||
EXAR CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In thousands, except per share amounts) |
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(Unaudited) |
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THREE MONTHS ENDED |
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JULY 3, |
MARCH 27, |
JUNE 27, |
||||||
2011 |
2011 |
2010 |
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Net sales |
$ 25,073 |
$ 22,579 |
$ 28,365 |
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Net sales, related party |
11,905 |
11,192 |
11,271 |
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Total net sales |
36,978 |
33,771 |
39,636 |
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Cost of sales: |
||||||||
Cost of sales |
13,489 |
14,966 |
14,079 |
|||||
Cost of sales, related party |
5,743 |
5,555 |
5,188 |
|||||
Amortization of purchased intangible assets |
905 |
1,443 |
1,553 |
|||||
Total cost of sales |
20,137 |
21,964 |
20,820 |
|||||
Gross profit |
16,841 |
11,807 |
18,816 |
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Operating expenses: |
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Research and development |
9,395 |
12,744 |
14,443 |
|||||
Selling, general and administrative |
9,600 |
11,094 |
12,957 |
|||||
Impairment of purchased intangible assets |
– |
7,485 |
– |
|||||
Total operating expenses |
18,995 |
31,323 |
27,400 |
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Loss from operations |
(2,154) |
(19,516) |
(8,584) |
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Other income and expense, net: |
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Interest income and other, net |
711 |
1,157 |
1,613 |
|||||
Interest expense |
(60) |
(311) |
(318) |
|||||
Total other income and expense, net |
651 |
846 |
1,295 |
|||||
Loss before income taxes |
(1,503) |
(18,670) |
(7,289) |
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Provision for (benefit from) income taxes |
(77) |
166 |
125 |
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Net loss |
$ (1,426) |
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