Exar Corporation Announces 2016 Fourth Quarter and Fiscal Year-End Financial Results

Conference Call and Prepared Remarks
Exar is providing a copy of prepared remarks in conjunction with its press release.  These remarks are offered to provide stockholders and analysts with additional time and detail for analyzing results in advance of the Company's quarterly conference call.  The remarks will be available at Exar's Investor webpage in conjunction with the press release.

As previously scheduled, the conference call will begin today, May 11, 2016 at 4:45 p.m. EDT (1:45 p.m. PDT). To access the conference call, please dial (918) 534-8424 or (844) 359-0802.  The passcode for the live call is 89428379.  In addition, a live webcast will be available on Exar's Investor webpage.

An archive of the conference call webcast will be available on Exar's Investor webpage after the conference call's conclusion.

About Exar
Exar Corporation designs, develops and markets high performance integrated circuits and system solutions for the industrial, high-end consumer and infrastructure markets.  Exar's broad product portfolio includes analog, display, LED lighting, mixed-signal, power management, connectivity, data management and video processing solutions.  Exar has locations worldwide providing real-time customer support.

Forward-Looking Statements Safe Harbor Disclosure
Except for historical information contained herein, this press release and matters discussed on the conference call contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, the statements regarding the Company entering fiscal year 2017 with strong momentum on multiple fronts, and the Company's financial outlook expectations for the first quarter ending July 3, 2016, respectively, are forward-looking statements. The forward-looking statements are subject to certain risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed herein. For a discussion of these risks and uncertainties, the Company urges investors to review in detail the risks and uncertainties and other factors described in its Securities and Exchange Commission (SEC) filings, including, but not limited to, the "Risk Factors", "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our public reports filed with the SEC, including our periodic reports on Form 10-K and Form 10-Q, which are on file with the SEC and available on our Investor webpage and on the SEC website at www.sec.gov.  Additional risks include uncertainties of whether any strategic alternative will be identified by the Board of Directors, whether it will be pursued, whether it will receive Board of Directors and stockholder approval if necessary, whether it will be consummated and, if consummated, whether it will enhance value for all stockholders of Exar.  The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

There can be no assurance that Exar's review of strategic alternatives will result in any specific action.  Exar does not currently intend to disclose further developments with respect to this process unless and until its Board of Directors approves a specific action or otherwise concludes the review of strategic alternatives.

For more information, visit http://www.exar.com
For Press Inquiries Contact: Email Contact

For Investor Relations Contact: 

Ryan Benton, SVP and CFO
Phone: (510) 668-7201
Email: Email Contact

Laura Guerrant-Oiye, Investor Relations
Phone: (510) 668-7201
Email: Email Contact

-Tables follow-

 

FINANCIAL COMPARISON

(In thousands, except per share amounts) (Unaudited)
















Non-GAAP Results

THREE MONTHS ENDED


TWELVE MONTHS ENDED


 MARCH 27, 2016 


 DECEMBER 27, 2015 


 MARCH 29, 2015 


 MARCH 27, 2016 


 MARCH 29, 2015 

Industrial

$ 17,453

47%


$ 18,339

49%


$ 20,021

46%


$   74,292

49%


$   79,050

48%

High-End Consumer

12,085

33%


13,207

35%


16,072

36%


51,991

34%


53,968

33%

Infrastructure

7,237

20%


5,893

16%


7,764

18%


25,595

17%


31,103

19%

Net Sales

$ 36,775

100%


$ 37,439

100%


$ 43,857

100%


$ 151,878

100%


$ 164,121

100%
















Gross Profit

$ 17,489

47.6%


$ 17,264

46.1%


$ 21,348

48.7%


$   71,719

47.2%


$   79,334

48.3%

Operating Expenses

$ 13,609

37.0%


$ 13,728

36.7%


$ 15,490

35.3%


$   56,132

37.0%


$   64,730

39.4%

Income from operations

$   3,880

10.6%


$   3,536

9.4%


$   5,858

13.4%


$   15,587

10.3%


$   14,604

8.9%

Net income

$   3,819

10.4%


$   3,399

9.1%


$   5,642

12.9%


$   15,064

9.9%


$   14,420

8.8%

Net income per share















  Basic 

$     0.08



$     0.07



$     0.12



$       0.31



$       0.31


  Diluted 

$     0.08



$     0.07



$     0.11



$       0.31



$       0.29
































GAAP Results

THREE MONTHS ENDED


TWELVE MONTHS ENDED


 MARCH 27, 2016 


 DECEMBER 27, 2015 


 MARCH 29, 2015 


 MARCH 27, 2016 


 MARCH 29, 2015 

Industrial

$ 17,453

47%


$ 18,339

49%


$ 20,021

46%


$   71,792

48%


$   79,050

49%

High-End Consumer

12,085

33%


13,207

35%


16,072

36%


51,991

35%


$   51,897

32%

Infrastructure

7,237

20%


5,893

16%


7,764

18%


25,595

17%


$   31,103

19%

Net Sales

$ 36,775

100%


$ 37,439

100%


$ 43,857

100%


$ 149,378

100%


$ 162,050

100%
















Gross Profit

$ 14,773

40.2%


$ 14,692

39.2%


$ 17,948

40.9%


$   59,558

39.9%


$   49,926

30.8%

Operating Expenses

$ 16,863

45.9%


$ 21,545

57.5%


$ 20,294

46.3%


$   76,091

50.9%


$   92,989

57.4%

Loss from operations

$ (2,090)

-5.7%


$ (6,853)

-18.3%


$ (2,346)

-5.3%


$ (16,533)

-11.1%


$ (43,063)

-26.6%

Net loss

$ (2,182)

-5.9%


$ (7,137)

-19.1%


$ (2,914)

-6.6%


$ (16,026)

-10.7%


$ (44,970)

-27.8%

Net loss per share















  Basic 

$   (0.04)



$   (0.15)



$   (0.06)



$     (0.33)



$     (0.95)


  Diluted 

$   (0.04)



$   (0.15)



$   (0.06)



$     (0.33)



$     (0.95)



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