Hi Socrates,
Eclosed is the latest fourth quarter financial statement for EXAR, I have requested more information from the Investor Relation Dept. Will post when receive the info in the next few days.
DaiTN
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Ronald W. Guire,
Exec. VP, CFO
Linda Prosser,
VP, Marketing Communications
(510) 668-7000
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Exar Corporation Reports Fourth Quarter Fiscal 1999 Operating Results
Fremont, California, April 20, 1999 - Exar Corporation (NASDAQ: EXAR) today reported fourth quarter fiscal 1999 operating results. Revenue for the fourth quarter was $15.1 million, compared to fourth quarter fiscal 1998 revenue of $25.1 million. Net income for the fourth fiscal quarter was $0.7 million or $0.08 per diluted share, compared to net income of $1.8 million, or $0.18 per diluted share for the fourth quarter of fiscal 1998. Gross margin in the fourth quarter of fiscal 1999 was 54.4%, compared to 53.9% in the preceding quarter, and 51.4% in the fourth quarter of fiscal 1998.
Revenue for the fiscal year ended March 31, 1999 was $71.9 million, compared to revenue of $102.0 million for fiscal 1998. Net income for fiscal year 1999 was $5.4 million, or $0.57 per diluted share, compared to net income of $7.5 million, or $0.77 per diluted share, for the fiscal year 1998. Gross margin for fiscal year 1999 was 53.6% compared to 49.1% for fiscal year 1998.
Fiscal fourth quarter 1999 revenue decreased 4.5% from $15.8 million in the fiscal third quarter 1999, while net income increased 22.9% from $0.58 million in the preceding quarter. Revenue from communications business rose 20% from the third quarter, serving to offset a majority of the 50% decline in revenue from legacy products.
"Exar made significant progress toward completing our product transition in the fourth quarter with revenue growth in communications largely offsetting the decline in legacy businesses from the third quarter. Bookings also improved over the fiscal third quarter, and gross margins were on target," said Donald L. Ciffone, president and chief executive officer, Exar Corporation. "We are encouraged by the progress in performance during the fourth quarter. The communications business comprises two-thirds of revenue as we enter fiscal year 2000, and we expect the momentum in that division to continue."
During the quarter, design win activity for Exar's new broadband communications products included designs at Lucent Technologies and Alcatel. The Communications Division recently announced two E1 line interface units (LIUs), the single-channel XRT59L91 and seven-channel XRT5997. In addition, design activity for UART products ended a strong year with over 14 new designs in the quarter for the 16C850 family of proprietary devices.
The Video & Imaging Division saw signs of recovery from the overall difficult market conditions in the imaging market with improvements in new design activity in Asia. Design wins in the quarter included two programs with Hewlett-Packard, and two scanner programs with leading suppliers in Japan.
As a result of the recent merger of IC Works, Inc. and Cypress Semiconductor, Exar is to receive in excess of 1.1 million shares of Cypress Semiconductor (CY: NYSE) common stock in exchange for Exar's IC Works holdings purchased in 1996 and 1997. The merger was completed on April 1, 1999 and will be accounted for in Exar's next fiscal year.
Except for the historical information contained herein, this news release may contain forward-looking statements that involve risks and uncertainties, including industry and market conditions impacting price, availability of raw materials and inventory, manufacturing costs and yields, transition issues related to transfer of the Company's test operations, competitive factors and the Company's successful execution of internal performance plans, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended March 31, 1998, and Form 10-Q for the quarter ended December 31, 1998.
Exar Corporation designs, develops and markets innovative, system-oriented analog and mixed-signal integrated circuits for communications and video and imaging markets. The Company, based in Fremont, CA, had fiscal 1999 revenues of $71.9 million and employs approximately 250 people worldwide.
EXAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Year Ended
March 31, March 31,
1999 1998 1999 1998
(Unaudited)
NET SALES $15,098 $25,105 $71,868 $102,015
COSTS AND EXPENSES:
Cost of sales 6,882 12,201 33,386 51,937
Research and development 3,211 3,906 13,560 15,581
Selling, general and
administrative 4,710 5,880 19,499 23,273
Goodwill amortization 126 184 641 1,062
Restructuring and other
charges -- -- 731 --
Other acquisition related
expenses -- 1,176 -- 1,176
14,929 23,347 67,817 93,029
INCOME FROM OPERATIONS 169 1,758 4,051 8,986
OTHER INCOME, NET 1,016 1,175 4,713 3,313
INCOME BEFORE INCOME TAXES 1,185 2,933 8,764 12,299
INCOME TAXES 467 1,145 3,340 4,781
NET INCOME $718 $1,788 $5,424 $7,518
NET INCOME PER SHARE:
BASIC $0.08 $0.19 $0.58 $0.81
DILUTED $0.08 $0.18 $0.57 $0.77
SHARES USED IN COMPUTATION
OF NET INCOME PER SHARE:
BASIC 9,311 9,437 9,392 9,326
DILUTED 9,377 9,749 9,600 9,730
EXAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, March 31,
1999 1998
ASSETS
Current assets:
Cash and short-term investments $81,154 $79,307
Accounts receivable, net 11,450 16,764
Inventories 5,873 6,781
Other current assets 4,986 6,738
Total current assets 103,463 109,590
Property and equipment, net 27,684 26,746
Other assets 7,149 7,333
$138,296 $143,669
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $11,578 $19,195
Non-current liabilities 961 745
Stockholders' equity 125,757 123,729
$138,296 $143,669 |
