Exar Corporation Announces Fiscal 2017 Third Quarter Financial Results
FREMONT, Calif., Feb. 1, 2017 /PRNewswire/ -- Exar Corporation (NYSE: EXAR) a leading supplier of analog mixed-signal application specific technology solutions serving the Industrial, Infrastructure, Automotive, and Audio/Video markets, today announced financial results for the Company's fiscal year 2017 third quarter, which ended on January 1, 2017. Unless otherwise indicated, all non-GAAP financial results exclude the financial results of the iML Display business, which the Company has divested, and are presented in the GAAP results as discontinued operations.
Fiscal 2017 Third Quarter Highlights
- Net sales of $27.2 million, down 1% sequentially
- GAAP gross margin of 49.4% (Non-GAAP gross margin of 53.4%)
- GAAP operating loss of $0.6 million (Non-GAAP operating income of $3.5 million)
- GAAP EPS from continuing operations of $(0.01) (Non-GAAP EPS of $0.07)
- GAAP EPS from discontinued operations of $0.89 (Non-GAAP EPS of $0.02)
- iML divestiture completed
- Cash and equivalents, and short-term marketable securities of $228 million
Ryan Benton, Exar's Chief Executive Officer, commented, "Exar again delivered solid results for the third fiscal quarter of 2017. Sales grew 7.6% compared to the third quarter of fiscal 2016. Our financial results include reaching a non-GAAP gross margin of 53.4%, up 730 basis points from the same period a year ago, and at a level not seen at Exar in almost a decade."
Mr. Benton added, "Our financial results reflect the success we are having in executing on our strategy. We are seeing the benefits of partnering with tier-one technology leaders to deliver high-value advanced power management and interface technology solutions. At the same time we have made tremendous improvements in our competitiveness by increasing the efficiency of our Company's supply chain. Both of these efforts offer additional efficiencies going forward, and I am pleased with our continued progress."
Fiscal 2017 Third Quarter Highlights (Continuing Operations Only):
The following highlights the Company's financial performance on both a GAAP and supplemental non-GAAP basis. The Company provides supplemental information regarding its operating performance on a non-GAAP basis that excludes certain gains, losses, and charges, which either occur relatively infrequently or which management considers to be outside our core operating results. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to, not a substitute for, financial statements prepared in accordance with GAAP. A complete reconciliation of GAAP to non-GAAP results is attached to this press release.
- Net Sales
- Third quarter net sales of $27.2 million decreased $0.4 million, or 1.4%, from the previous quarter's $27.6 million, and increased 7.6% from the $25.3 million from the same period a year ago.
- Gross Margin
- GAAP gross margin of 49.4% increased from 47.8% reported in the previous quarter and the 43.4% reported in the third quarter last year.
- Non-GAAP gross margin of 53.4% increased from 51.9% reported in the previous quarter and the 46.1% reported in the third quarter last year.
- Operating Expenses
- GAAP operating expenses of $14.1 million increased $1.0 million and decreased $0.1 million from the previous quarter's expenses of $13.1 million and the same period a year ago expenses of $14.2 million, respectively. Fiscal 2017 third quarter operating expenses included a charge of $3.2 million stock-based compensation expense.
- Non-GAAP operating expenses of $11.0 million increased by $0.4 million and $0.3 million from the previous quarter's operating expenses of $10.6 million and from the same quarter in the prior year's expenses of $10.7 million, respectively.
- Net Income/Loss
- GAAP net loss was $0.3 million, compared to net income of $0.1 million reported in the previous quarter, and compared to a net loss of $2.0 million reported in the third quarter of fiscal 2016. Note that the continuing operations do not include a gain of $45.4 million related to the divestiture of our iML subsidiary, which is classified as part of discontinued operations.
- Non-GAAP net income of $3.4 million decreased $0.4 million from the previous quarter's net income of $3.8 million and increased $2.5 million from the $0.9 million reported in the third quarter of fiscal 2016.
- Earnings/Loss Per Share
- GAAP loss per share was $0.01, compared to $0.00 reported in the previous quarter and a loss per share of $0.04 reported in the same period a year ago.
- Non-GAAP diluted earnings per share were $0.07, compared to $0.08 reported in the previous quarter, and the $0.02 reported in the third period a year ago.
Keith Tainsky, Exar's Chief Financial Officer, stated, "We remain committed to our goal of delivering predictable operating results and increasing shareholder value. Our continued efforts to drive efficiency and increased competitiveness through the supply chain are paying enormous dividends." Mr. Tainsky continued, "Even as the funnel of advanced product design wins grows, we will keep the pressure and focus on continual improvement in our supply chain."
Fiscal 2017 Fourth Quarter Guidance:
For the fiscal 2017 fourth quarter ending April 2, 2017, the Company expects results to be as follows:
- Net sales: $27.7 million, plus or minus $0.5 million
- GAAP gross margin: 50.0% to 52.0% (Non-GAAP 53.0% to 55.0%)
- GAAP operating expenses: $13.0 million to $14.0 million (Non-GAAP $11.0 million to $11.5 million)
- GAAP EPS: $0.00 to $0.03 (Non-GAAP $0.07 to $0.09)
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 this press release.
As previously scheduled, the conference call will begin today, February 1, 2017 at 4:45 p.m. EST (1:45 p.m. PST). To access the conference call, please dial (918) 534-8424 or (844) 359-0802. The passcode for the live call is 49098807. 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's mission is to leverage our extensive analog and mixed-signal portfolio, experience and IP to deliver leading-edge application specific technology solutions to target markets where operational excellence and reliability are valued. We service the Industrial, Infrastructure, Automotive, and Audio/Video markets by acting as an extension of the customer's own technology organization and singularly focusing on exceeding customer expectations. For more information, visit http://www.exar.com.
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, including statements that the Company will continue to execute on its strategies, increase design wins, and keeping pressure and focus on continual improvements in our supply chain and the Company's financial outlook expectations for the fourth quarter ending April 2, 2017. 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. 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 annual report on Form 10-K filed with the SEC on May 27, 2016 and our Form 10-Q filed with the SEC on August 10, 2016, and available on our Investor webpage and on the SEC website at www.sec.gov.
Discussion of Non-GAAP Financial Measures
The Company's non-GAAP measures exclude charges related to stock-based compensation, amortization of acquired intangible assets, impairment charges, gain upon closing sale-leaseback of our corporate headquarters, restructuring charges and exit costs which include costs for personnel whose positions have been eliminated as part of a restructuring or are in the process of being eliminated as part of the discontinuation of a product line, severance costs associated with the former CEO, the financial results of the iML Display business as well as the gain recognized from the sale of the iML business, accruals for and proceeds received from dispute resolutions and patent litigation, merger and acquisition and related integration costs, certain income tax benefits and credits, and related income tax effects on certain excluded items. The Company excludes these items primarily because they are significant special expense and gain estimates, which management separates for consideration when evaluating and managing business operations. The Company's management uses non-GAAP net income and non-GAAP earnings per share to evaluate its current operating results and financial results and to compare them against historical financial results. Management believes these non-GAAP measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in evaluating the Company and provide further clarity on its profitability.
Unless otherwise indicated, all non-GAAP financial results exclude the financial results of the iML Display business, which the Company has divested, and are presented in the GAAP results as discontinued operations.
In addition, the Company believes that providing investors with these non-GAAP measurements enhances their ability to compare the Company's business against that of its competitors who employ and disclose similar non-GAAP measures. However, the manner in which we calculate these non-GAAP financial measures may be different from non-GAAP methods of accounting and reporting used by the Company's competitors to the extent their non-GAAP measures include or exclude other items. The material limitation associated with the use of the non-GAAP financial measures is that the non-GAAP measures may not reflect the full economic impact of Exar's activities. Accordingly, investors are cautioned not to place undue reliance on non-GAAP information. The presentation of this additional information should not be considered a substitute for net income or net income per diluted share or other measures prepared in accordance with GAAP.
Investors should refer to the reconciliation of Non-GAAP Results to GAAP Results, which is contained in this press release.
For more information, visit http://www.exar.com
For Press Inquiries Contact: [email protected]
| For Investor Relations Contact: |
|
| Keith Tainsky, CFO |
Laura Guerrant-Oiye, Investor Relations |
| Phone: (510) 668-7201 |
Phone: (510) 668-7201 |
| Email: [email protected] |
Email: [email protected] |
-Tables follow-
Unless otherwise indicated, all financial results presented in the following tables exclude the financial results of the iML Display business, which the Company has divested, and are presented as discontinued operations.
| FINANCIAL COMPARISON |
|||||||||||||||
| (In thousands, except per share amounts) (Unaudited) |
|||||||||||||||
| GAAP Results |
THREE MONTHS ENDED |
NINE MONTHS ENDED |
|||||||||||||
| JANUARY 1, 2017 |
OCTOBER 2, 2016 |
DECEMBER 27, 2015 |
JANUARY 1, 2017 |
DECEMBER 27, 2015 |
|||||||||||
| Industrial |
$ 19,141 |
70% |
$ 19,042 |
69% |
$ 16,851 |
66% |
$ 56,619 |
69% |
$ 53,450 |
70% |
|||||
| Infrastructure |
4,034 |
15% |
5,065 |
18% |
4,308 |
17% |
14,695 |
18% |
11,006 |
14% |
|||||
| Audio/Video |
2,721 |
10% |
1,840 |
7% |
2,764 |
11% |
6,413 |
8% |
6,726 |
9% |
|||||
| Automotive |
772 |
3% |
961 |
3% |
920 |
4% |
2,512 |
3% |
2,725 |
4% |
|||||
| Other |
554 |
2% |
693 |
3% |
467 |
2% |
1,720 |
2% |
2,341 |
3% |
|||||
| Net Sales |
$ 27,222 |
100% |
$ 27,601 |
100% |
$ 25,310 |
100% |
$ 81,959 |
100% |
$ 76,248 |
100% |
|||||
| Gross Profit |
$ 13,456 |
49% |
$ 13,193 |
48% |
$ 10,975 |
43% |
$ 40,011 |
49% |
$ 32,406 |
43% |
|||||
| Operating Expenses |
$ 14,073 |
52% |
$ 13,112 |
48% |
$ 14,154 |
56% |
$ 32,677 |
40% |
$ 44,087 |
58% |
|||||
| Income (loss) from operations |
$ (617) |
-2% |
$ 81 |
0% |
$ (3,179) |
-13% |
$ 7,334 |
9% |
$ (11,681) |
-15% |
|||||
| Net income (loss) from continuing operations |
$ (281) |
-1% |
$ 83 |
0% |
$ (2,045) |
-8% |
$ 7,345 |
9% |
$ (6,489) |
-9% |
|||||
| Net income (loss) per share from continuing operations |
|||||||||||||||
| Basic |
$ (0.01) |
$ 0.00 |
$ (0.04) |
$ 0.15 |
$ (0.13) |
||||||||||
| Diluted |
$ (0.01) |
$ 0.00 |
$ (0.04) |
$ 0.15 |
$ (0.13) |
||||||||||
| Non-GAAP Results |
THREE MONTHS ENDED |
NINE MONTHS ENDED |
|||||||||||||
| JANUARY 1, 2017 |
OCTOBER 2, 2016 |
DECEMBER 27, 2015 |
JANUARY 1, 2017 |
DECEMBER 27, 2015 |
|||||||||||
| Gross Profit |
$ 14,523 |
53% |
$ 14,331 |
52% |
$ 11,667 |
46% |
$ 42,924 |
52% |
$ 33,737 |
44% |
|||||
| Operating Expenses |
$ 11,040 |
41% |
$ 10,605 |
38% |
$ 10,677 |
42% |
$ 31,732 |
39% |
$ 34,685 |
45% |
|||||
| Income from operations |
$ 3,483 |
13% |
$ 3,726 |
13% |
$ 990 |
4% |
$ 11,192 |
14% |
$ (948) |
-1% |
|||||
| Net income (loss) from continuing operations |
$ 3,434 |
13% |
$ 3,839 |
14% |
$ 888 |
4% |
$ 11,071 |
14% |
$ (1,233) |
-2% |
|||||
| Net income (loss) per share from continuing operations |
|||||||||||||||
| Basic |
$ 0.07 |
$ 0.08 |
$ 0.02 |
$ 0.22 |
$ (0.03) |
||||||||||
| Diluted |
$ 0.07 |
$ 0.08 |
$ 0.02 |
$ 0.22 |
$ (0.03) |
||||||||||
| EXAR CORPORATION AND SUBSIDIARIES |
|||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||
| (In thousands, except per share amounts) |
|||||||||||
| (Unaudited) |
|||||||||||
| THREE MONTHS ENDED |
NINE MONTHS ENDED |
||||||||||
| JANUARY 1, |
OCTOBER 2, |
DECEMBER 27, |
JANUARY 1, |
DECEMBER 27, |
|||||||
| 2017 |
2016 |
2015 |
2017 |
2015 |
|||||||
| Net sales |
$ 18,845 |
$ 20,400 |
$ 16,884 |
$ 58,881 |
$ 47,740 |
||||||
| Net sales, related party |
8,377 |
7,201 |
8,426 |
23,078 |
28,508 |
||||||
| Total net sales |
27,222 |
27,601 |
25,310 |
81,959 |
76,248 |
||||||
| Cost of sales: |
|||||||||||
| Cost of sales (1) |
10,054 |
11,008 |
9,716 |
31,473 |
29,922 |
||||||
| Cost of sales, related party |
3,118 |
2,581 |
4,025 |
8,468 |
12,847 |
||||||
| Restructuring charges and exit costs |
- |
225 |
- |
225 |
740 |
||||||
| Proceeds from legal settlement |
- |
- |
- |
- |
(1,500) |
||||||
| Amortization of purchased intangible assets |
594 |
594 |
594 |
1,782 |
1,833 |
||||||
| Total cost of sales |
13,766 |
14,408 |
14,335 |
41,948 |
43,842 |
||||||
| Gross profit |
13,456 |
13,193 |
10,975 |
40,011 |
32,406 |
||||||
| Operating expenses: |
49.4% |
47.8% |
43.4% |
48.8% |
42.5% |
||||||
| Research and development(2) |
4,964 |
4,945 |
4,734 |
14,840 |
17,007 |
||||||
| Selling, general and administrative (3) |
9,109 |
7,752 |
6,781 |
23,425 |
21,690 |
||||||
| Restructuring charges and exit costs |
- |
- |
2,639 |
923 |
4,846 |
||||||
| Merger and acquisition costs |
- |
415 |
- |
1,270 |
544 |
||||||
| Impairment of design tools |
- |
- |
- |
1,519 |
- |
||||||
| Gain on disposal of property |
- |
- |
- |
(9,300) |
- |
||||||
| Total operating expenses |
14,073 |
13,112 |
14,154 |
32,677 |
44,087 |
||||||
| Income (loss) from operations |
(617) |
81 |
(3,179) |
7,334 |
(11,681) |
||||||
| Other income and expense, net: |
|||||||||||
| Interest income and other, net |
212 |
85 |
(12) |
299 |
(60) |
||||||
| Interest expense and other, net |
(80) |
(29) |
(65) |
(147) |
(158) |
||||||
| Total other income (expense), net |
132 |
56 |
(77) |
152 |
(218) |
||||||
| Income (loss) before income taxes |
(485) |
137 |
(3,256) |
7,486 |
(11,899) |
||||||
| Provision for (benefit from) income taxes |
(204) |
54 |
(1,211) |
141 |
(5,410) |
||||||
| Net income (loss) from continuing operations |
(281) |
83 |
(2,045) |
7,345 |
(6,489) |
||||||
| Net income (loss) from discontinued operations |
45,660 |
925 |
(5,092) |
47,982 |
(7,355) |
||||||
| Net income (loss) |
$ 45,379 |
$ 1,008 |
$ (7,137) |
$ 55,327 |
$ (13,844) |
||||||
| Income (loss) per share — basic |
|||||||||||
| From continuing operations |
$ (0.01) |
$ 0.00 |
$ (0.04) |
$ 0.15 |
$ (0.13) |
||||||
| From discontinued operations |
0.91 |
0.02 |
(0.11) |
0.97 |
(0.15) |
||||||
| Income (loss) per share — basic |
$ 0.90 |
$ 0.02 |
$ (0.15) |
$ 1.12 |
$ (0.28) |
||||||
| Income (loss) per share — diluted |
|||||||||||
| From continuing operations |
$ (0.01) |
$ 0.00 |
$ (0.04) |
$ 0.15 |
$ (0.13) |
||||||
| From discontinued operations |
0.89 |
0.02 |
(0.11) |
0.95 |
(0.15) |
||||||
| Income (loss) per share — diluted |
$ 0.88 |
$ 0.02 |
$ (0.15) |
$ 1.10 |
$ (0.28) |
||||||
| Shares used in the computation of net income (loss) per share: |
|||||||||||
| Basic |
50,409 |
49,614 |
48,386 |
49,548 |
48,146 |
||||||
| Diluted |
51,365 |
50,434 |
48,386 |
50,261 |
48,146 |
||||||
| (1)Stock-based compensation included in cost of sales |
$ 473 |
$ 301 |
$ 98 |
$ 888 |
$ 257 |
||||||
| (2)Stock-based compensation included in R&D |
926 |
524 |
116 |
1,696 |
508 |
||||||
| (3)Stock-based compensation included in SG&A |
2,234 |
1,579 |
597 |
4,546 |
3,045 |
||||||
| EXAR CORPORATION AND SUBSIDIARIES |
||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
| (In thousands) |
||||||
| (Unaudited) |
||||||
| JANUARY 1, |
OCTOBER 2, |
MARCH 27, |
||||
| 2017 |
2016 |
2016 |
||||
| ASSETS |
||||||
| Current assets: |
||||||
| Cash and cash equivalents |
$ 102,023 |
$ 96,382 |
$ 55,070 |
|||
| Short term marketable securities |
125,621 |
- |
- |
|||
| Accounts receivable, net |
12,842 |
15,693 |
16,130 |
|||
| Accounts receivable, related party, net |
4,977 |
3,184 |
3,247 |
|||
| Inventories |
24,221 |
23,245 |
20,807 |
|||
| Other current assets |
3,081 |
2,000 |
1,922 |
|||
| Assets held for sale |
- |
89,745 |
93,911 |
|||
| Total current assets |
272,765 |
230,249 |
191,087 |
|||
| Property, plant and equipment, net |
3,926 |
4,984 |
20,299 |
|||
| Goodwill |
31,613 |
31,613 |
31,613 |
|||
| Intangible assets, net |
9,602 |
10,307 |
11,735 |
|||
| Other non-current assets |
5,605 |
972 |
639 |
|||
| Total assets |
$ 323,511 |
$ 278,125 |
$ 255,373 |
|||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
| Current liabilities: |
||||||
| Accounts payable |
$ 9,558 |
$ 7,200 |
$ 11,258 |
|||
| Accrued compensation and related benefits |
2,276 |
2,839 |
2,984 |
|||
| Deferred income and allowances on sales to distributors |
3,221 |
3,017 |
3,053 |
|||
| Deferred income and allowances on sales to distributors, |
2,988 |
3,357 |
4,683 |
|||
| Other current liabilities |
10,200 |
11,800 |
10,669 |
|||
| Liabilities held for sale |
- |
7,376 |
3,470 |
|||
| Total current liabilities |
28,243 |
35,589 |
36,117 |
|||
| Long-term lease financing obligations |
- |
428 |
1,285 |
|||
| Other non-current obligations |
3,536 |
4,094 |
3,422 |
|||
| Total liabilities |
31,779 |
40,111 |
40,824 |
|||
| Stockholders' equity |
291,732 |
238,014 |
214,549 |
|||
| Total liabilities and stockholders' equity |
$ 323,511 |
$ 278,125 |
$ 255,373 |
|||
| EXAR CORPORATION AND SUBSIDIARIES |
|||||||||||||
| SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
|||||||||||||
| (In thousands, except per share amounts) |
|||||||||||||
| (Unaudited) |
|||||||||||||
| THREE MONTHS ENDED |
|||||||||||||
| Gross Margin |
Oper. Expenses |
Income/Loss from |
Net Income from |
Oper. Income from |
Net Income from |
Net Income |
|||||||
| GAAP amount |
$ 13,456 |
$ 14,073 |
$ (617) |
$ (281) |
$ 136 |
$ 45,660 |
$ 45,379 |
||||||
| Adjustments to GAAP amounts: |
|||||||||||||
| Amortization of purchased intangible assets |
594 |
(108) |
702 |
702 |
- |
- |
702 |
||||||
| Stock-based compensation |
473 |
(3,160) |
3,633 |
3,633 |
209 |
209 |
3,842 |
||||||
| Transition service and retention charges for disposal group |
- |
(163) |
163 |
163 |
621 |
621 |
784 |
||||||
| Gain on disposal of property |
- |
398 |
(398) |
(398) |
- |
- |
(398) |
||||||
| Gain on divestiture of Integrated Memory Logic |
- |
- |
- |
- |
- |
(45,384) |
(45,384) |
||||||
| Income tax effects |
- |
- |
- |
(385) |
- |
- |
(385) |
||||||
| Non-GAAP amount |
$ 14,523 |
$ 11,040 |
$ 3,483 |
$ 3,434 |
$ 966 |
$ 1,106 |
$ 4,540 |
||||||
| % of revenue |
53.4% |
40.6% |
12.8% |
12.6% |
N/A |
||||||||
| Non-GAAP net income per share |
$ 0.07 |
$ 0.02 |
|||||||||||
| Shares used in the computation of Non-GAAP net income per share |
52,394 |
52,394 |
|||||||||||
| THREE MONTHS ENDED |
|||||||||||||
| Gross Margin |
Oper. Expenses |
Income from Oper. |
Net Income from |
Oper. Income from |
Net Income from |
Net Income |
|||||||
| GAAP amount |
$ 13,193 |
$ 13,112 |
$ 81 |
$ 83 |
$ 1,034 |
$ 925 |
$ 1,008 |
||||||
| Adjustments to GAAP amounts: |
|||||||||||||
| Amortization of purchased intangible assets |
594 |
(108) |
702 |
702 |
- |
- |
702 |
||||||
| Restructuring charges and other non-GAAP exit costs, net |
243 |
- |
243 |
243 |
- |
- |
243 |
||||||
| Stock-based compensation |
301 |
(2,103) |
2,404 |
2,404 |
761 |
761 |
3,165 |
||||||
| Merger and acquisition costs |
- |
(415) |
415 |
415 |
- |
- |
415 |
||||||
| Transition service and retention charges for disposal group |
- |
(279) |
279 |
279 |
965 |
965 |
1,244 |
||||||
| Gain on disposal of property |
- |
398 |
(398) |
(398) |
- |
- |
(398) |
||||||
| Income tax effects |
- |
- |
- |
111 |
- |
112 |
223 |
||||||
| Non-GAAP amount |
$ 14,331 |
$ 10,605 |
$ 3,726 |
$ 3,839 |
$ 2,760 |
$ 2,763 |
$ 6,602 |
||||||
| % of revenue |
51.9% |
38.4% |
13.5% |
13.9% |
N/A |
||||||||
| Non-GAAP net income per share |
$ 0.08 |
$ 0.05 |
|||||||||||
| Shares used in the computation of Non-GAAP net income per share |
51,165 |
51,165 |
|||||||||||
| THREE MONTHS ENDED |
|||||||||||||
| Gross Margin |
Oper. Expenses |
Oper. Income |
Net Income (Loss) |
Oper. Income from |
Net Income (Loss) |
Net Income (Loss) |
|||||||
| GAAP amount |
$ 10,975 |
$ 14,154 |
$ (3,179) |
$ (2,045) |
$ (3,675) |
$ (5,092) |
$ (7,137) |
||||||
| Adjustments to GAAP amounts: |
|||||||||||||
| Amortization of purchased intangible assets |
594 |
(125) |
719 |
719 |
2,677 |
2,677 |
3,396 |
||||||
| Restructuring charges and other non-GAAP exit costs, net |
- |
(2,639) |
2,639 |
2,639 |
7 |
7 |
2,646 |
||||||
| Stock-based compensation |
98 |
(713) |
811 |
811 |
231 |
231 |
1,042 |
||||||
| Accruals for legal settlement and associated costs |
- |
- |
- |
- |
1,498 |
1,498 |
1,498 |
||||||
| Impairment of intangible assets |
- |
- |
- |
- |
1,807 |
1,807 |
1,807 |
||||||
| Income tax effects |
- |
- |
- |
(1,236) |
- |
1,361 |
125 |
||||||
| Non-GAAP amount |
$ 11,667 |
$ 10,677 |
$ 990 |
$ 888 |
$ 2,545 |
$ 2,489 |
$ 3,377 |
||||||
| % of revenue |
46.1% |
42.2% |
3.9% |
3.5% |
N/A |
||||||||
| Non-GAAP net income per share |
$ 0.02 |
$ 0.05 |
|||||||||||
| Shares used in the computation of Non-GAAP net income (loss) per share |
49,064 |
49,064 |
|||||||||||
| EXAR CORPORATION AND SUBSIDIARIES |
|||||||||||||
| SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
|||||||||||||
| (In thousands, except per share amounts) |
|||||||||||||
| (Unaudited) |
|||||||||||||
| NINE MONTHS ENDED |
|||||||||||||
| Gross Margin |
Oper. Expenses |
Oper. Income |
Net Income from |
Oper. Income from |
Net Income from |
Net Income |
|||||||
| GAAP amount |
$ 40,011 |
$ 32,677 |
$ 7,334 |
$ 7,345 |
$ 2,663 |
$ 47,982 |
$ 55,327 |
||||||
| Adjustments to GAAP amounts: |
|||||||||||||
| Amortization of purchased intangible assets |
1,782 |
(341) |
2,123 |
2,123 |
1,806 |
1,806 |
3,929 |
||||||
| Restructuring charges and other non-GAAP exit costs, net |
243 |
(923) |
1,166 |
1,166 |
109 |
109 |
1,275 |
||||||
| Stock-based compensation |
888 |
(6,242) |
7,130 |
7,130 |
918 |
918 |
8,048 |
||||||
| Merger and acquisition costs |
- |
(1,270) |
1,270 |
1,270 |
- |
- |
1,270 |
||||||
| Transition service and retention charges for disposal group |
- |
(746) |
746 |
746 |
1,586 |
1,586 |
2,332 |
||||||
| Impairment of design tools |
- |
(1,519) |
1,519 |
1,519 |
- |
- |
1,519 |
||||||
| Gain on disposal of property |
- |
10,096 |
(10,096) |
(10,096) |
- |
- |
(10,096) |
||||||
| Gain on divestiture of Integrated Memory Logic |
- |
- |
- |
- |
- |
(45,384) |
(45,384) |
||||||
| Income tax effects |
- |
- |
- |
(132) |
- |
272 |
140 |
||||||
| Non-GAAP amount |
$ 42,924 |
$ 31,732 |
$ 11,192 |
$ 11,071 |
$ 7,082 |
$ 7,289 |
$ 18,360 |
||||||
| % of revenue |
52.4% |
38.7% |
13.7% |
13.5% |
N/A |
||||||||
| Non-GAAP net income per share |
$ 0.22 |
$ 0.14 |
|||||||||||
| Shares used in the computation of Non-GAAP net income per share |
50,960 |
50,960 |
|||||||||||
| NINE MONTHS ENDED |
|||||||||||||
| Gross Margin |
Oper. Expenses |
Oper. Income |
Net Income (Loss) |
Oper. Income from |
Net Income (Loss) |
Net Income (Loss) |
|||||||
| GAAP amount |
$ 32,406 |
$ 44,087 |
$ (11,681) |
$ (6,489) |
$ (2,763) |
$ (7,355) |
$ (13,844) |
||||||
| Adjustments to GAAP amounts: |
|||||||||||||
| Amortization of purchased intangible assets |
1,833 |
(394) |
2,227 |
2,227 |
7,936 |
7,936 |
10,163 |
||||||
| Restructuring charges and other non-GAAP exit costs, net |
740 |
(4,869) |
5,609 |
5,609 |
752 |
752 |
6,361 |
||||||
| Stock-based compensation |
258 |
(3,552) |
3,810 |
3,810 |
621 |
621 |
4,431 |
||||||
| Accruals for legal settlement and associated costs |
(1,500) |
- |
(1,500) |
(1,500) |
1,699 |
1,699 |
199 |
||||||
| Impairment of intangible assets |
- |
- |
1,807 |
1,807 |
1,807 |
||||||||
| Merger and acquisition costs |
- |
(587) |
587 |
587 |
124 |
124 |
711 |
||||||
| Income tax effects |
- |
- |
- |
(5,477) |
- |
4,394 |
(1,083) |
||||||
| Non-GAAP amount |
$ 33,737 |
$ 34,685 |
$ (948) |
$ (1,233) |
$ 10,176 |
$ 9,978 |
$ 8,745 |
||||||
| % of revenue |
44.2% |
45.5% |
-1.2% |
-1.6% |
N/A |
||||||||
| Non-GAAP net income (loss) per share |
$ (0.03) |
$ 0.20 |
|||||||||||
| Shares used in the computation of Non-GAAP net income (loss) per share |
48,146 |
49,512 |
|||||||||||
SOURCE Exar Corporation
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