Exar Reports Second Quarter Fiscal 2015 Financial Results
Record Revenue of $43.3 Million Increased 33 Percent Sequentially
FREMONT, Calif., Nov. 5, 2014 /PRNewswire/ -- Exar Corporation (NYSE: EXAR) a leading provider of high-performance integrated circuits and system solutions, today reported financial results for the second quarter of fiscal year 2015, ended September 28, 2014. Non-GAAP revenue for the second quarter of fiscal year 2015 was a record $43.3 million, exceeding the top end of prior expectations, and an increase of 33% from $32.6 million in the prior quarter. Revenue has been adjusted to eliminate the impact of the deferred revenue write-down under business combination accounting. GAAP revenue for the second quarter fiscal 2015 was $43.2 million.
On a non-GAAP basis, gross margin was 47%; operating income was $2.5 million, or 6%; and net income was $2.5 million, or $0.05 per diluted share.
GAAP results include impairment charges for non-cash write-down of intangibles, restructuring costs, and mergers and acquisition costs. These charges were offset by a credit for the reduction in the fair value of contingent consideration of $3.9 million. As a result, GAAP gross margin was 10%; operating loss was $22.8 million; and net loss was $23.4 million, or $0.50 loss per share.
Cash at the end of the quarter was $104 million. The iML merger closed in September; however, payment of the non-controlling interest and repayment of the bridge loan financing occurred in October. Currently, the Company has approximately $55 million in cash and equivalents and no debt.
Louis DiNardo, Exar president and CEO, commented, "During our fiscal second quarter and early in our fiscal third quarter we completed a restructuring to focus on our core competency as a leading provider of analog mixed-signal and power management components. Our goal is to provide innovative solutions for the wide markets served by leading high performance analog mixed-signal and power management integrated circuit providers, while driving industry leading revenue growth by focusing on specific vertical markets including video surveillance, enterprise and server power, LCD displays and LED lighting."
Mr. DiNardo continued, "Our recent restructuring was across all disciplines and is estimated to save approximately $6.5 million in operational and other costs. As a result, these measures will favorably impact COGS in our fiscal year 2016 beginning March 30, 2015. However, a portion of these savings will be invested in the expansion of our sales force. We continue to grow organically and through acquisition while containing cost, thereby providing exceptional operating leverage."
On a non-GAAP basis, for the third fiscal quarter of 2015, ending December 28, 2014, the Company is expecting revenue to be in the range of $43.0 million to $45.0 million, and non-GAAP EPS of $0.04 to $0.06.
Webcast and Conference Call Details
Company officials will be discussing these results in greater detail in a conference call today, Wednesday, November 5, 2014 at 1:45 p.m. PST (4:45 p.m. EST). To access the conference call, please dial (719) 325-2464 or (888) 287-5563. In addition, a live webcast will be available on Exar's Investor webpage. An archive of the webcast will be available on Exar's Investor webpage after its conclusion.
About Exar
Exar Corporation designs, develops and markets high-performance integrated circuits and system solutions for the Industrial & Embedded Systems, 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.
For more information about Exar, visit http://www.exar.com.
-Tables follow-
| FINANCIAL COMPARISON |
|||||||||||||||
| (In thousands, except per share amounts) (Unaudited) |
|||||||||||||||
| Non-GAAP Results |
THREE MONTHS ENDED |
SIX MONTHS ENDED |
|||||||||||||
| September 28, 2014 |
JUNE 29, 2014 |
September 29, 2013 |
September 28, 2014 |
September 29, 2013 |
|||||||||||
| Industrial & Embedded Systems |
$ 19,656 |
45% |
$ 18,867 |
58% |
$ 17,943 |
53% |
$ 38,523 |
51% |
$ 34,441 |
52% |
|||||
| High-End Consumer |
16,362 |
38% |
5,332 |
16% |
105 |
0% |
21,694 |
29% |
351 |
1% |
|||||
| Infrastructure |
7,304 |
17% |
8,428 |
26% |
15,970 |
47% |
15,732 |
21% |
31,853 |
48% |
|||||
| Net Sales |
$ 43,322 |
100% |
$ 32,627 |
100% |
$ 34,018 |
100% |
$ 75,949 |
100% |
$ 66,645 |
100% |
|||||
| Gross Profit |
$ 20,283 |
46.8% |
$ 15,732 |
48.2% |
$ 17,703 |
52.0% |
$ 36,015 |
47.4% |
$ 34,753 |
52.1% |
|||||
| Operating Expenses |
$ 17,797 |
41.1% |
$ 15,040 |
46.1% |
$ 12,854 |
37.8% |
$ 32,837 |
43.2% |
$ 25,336 |
38.0% |
|||||
| Income from operations |
$ 2,486 |
5.7% |
$ 692 |
2.1% |
$ 4,849 |
14.3% |
$ 3,178 |
4.2% |
$ 9,417 |
14.1% |
|||||
| Net income |
$ 2,496 |
5.8% |
$ 860 |
2.6% |
$ 5,135 |
15.1% |
$ 3,356 |
4.4% |
$ 9,932 |
14.9% |
|||||
| Net income per share |
|||||||||||||||
| Basic |
$ 0.05 |
$ 0.02 |
$ 0.11 |
$ 0.07 |
$ 0.21 |
||||||||||
| Diluted |
$ 0.05 |
$ 0.02 |
$ 0.10 |
$ 0.07 |
$ 0.20 |
||||||||||
| GAAP Results |
THREE MONTHS ENDED |
SIX MONTHS ENDED |
|||||||||||||
| September 28, 2014 |
JUNE 29, 2014 |
September 29, 2013 |
September 28, 2014 |
September 29, 2013 |
|||||||||||
| Industrial & Embedded Systems |
$ 19,656 |
46% |
$ 18,867 |
61% |
$ 17,943 |
53% |
$ 38,523 |
52% |
$ 34,441 |
52% |
|||||
| High-End Consumer |
16,199 |
38% |
$ 3,424 |
11% |
$ 105 |
0% |
$ 19,623 |
27% |
$ 351 |
1% |
|||||
| Infrastructure |
7,304 |
17% |
$ 8,428 |
27% |
15,970 |
47% |
$ 15,732 |
21% |
$ 31,853 |
48% |
|||||
| Net Sales |
$ 43,159 |
100% |
$ 30,719 |
100% |
$ 34,018 |
100% |
$ 73,878 |
100% |
$ 66,645 |
100% |
|||||
| Gross Profit |
$ 4,132 |
9.6% |
$ 10,956 |
35.7% |
$ 13,929 |
40.9% |
$ 15,088 |
20.4% |
$ 29,406 |
44.1% |
|||||
| Operating Expenses |
$ 26,962 |
62.5% |
$ 22,308 |
72.6% |
$ 14,545 |
42.8% |
$ 49,270 |
66.7% |
$ 29,475 |
44.2% |
|||||
| Income (loss) from operations |
$ (22,830) |
-52.9% |
$ (11,352) |
-37.0% |
$ (616) |
-1.8% |
$ (34,182) |
-46.3% |
$ (69) |
-0.1% |
|||||
| Net income (loss) |
$ (23,352) |
-54.1% |
$ (12,105) |
-39.4% |
$ 6,482 |
19.1% |
$ (35,457) |
-48.0% |
$ 7,288 |
10.9% |
|||||
| Net income (loss) per share |
|||||||||||||||
| Basic |
$ (0.50) |
$ (0.26) |
$ 0.14 |
$ (0.75) |
$ 0.15 |
||||||||||
| Diluted |
$ (0.50) |
$ (0.26) |
$ 0.13 |
$ (0.75) |
$ 0.15 |
||||||||||
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 demand for our products and the anticipated trends in our sales and profits are forward-looking statements. The forward-looking statements are dependent on certain risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed herein. The Company urges investors to review in detail the risks and uncertainties and other factors described in its Securities and Exchange Commission, or SEC, filings, including, but not limited to, under the captions "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 for the fiscal year ended March 30, 2014 and the Quarterly Report on Form 10-Q for the quarter ended June 29, 2014 which are on file with the SEC and are available on our Investor webpage and on the SEC website at www.sec.gov. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
The Company's non-GAAP measures exclude charges related to stock-based compensation, amortization of acquired intangible assets and inventory step-up, impairment charges, restructuring charges and exit costs, provisions for dispute resolutions, merger and acquisition and related integration costs, certain income tax benefits and credits, certain warranty charges, net change in the fair value of contingent consideration, the write-down of deferred revenue under business combination accounting, 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. Additionally, we disclose below the non-GAAP measure of free cash flow, which is derived from our net cash provided (used) by operations, less purchases of fixed assets and IP, plus proceeds from the sale of IP. 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 provides further clarity on its profitability.
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 many competitors who employ and disclose similar non-GAAP measures. This financial measure 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 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.
| EXAR CORPORATION AND SUBSIDIARIES |
||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||
| (In thousands, except per share amounts) |
||||||||||
| (Unaudited) |
||||||||||
| THREE MONTHS ENDED |
SIX MONTHS ENDED |
|||||||||
| SEPTEMBER 28, |
JUNE 29, |
SEPTEMBER 29, |
SEPTEMBER 28, |
SEPTEMBER 29, |
||||||
| 2014 |
2014 |
2013 |
2014 |
2013 |
||||||
| Net sales |
$ 34,369 |
$ 21,698 |
$ 24,978 |
$ 56,067 |
$ 48,836 |
|||||
| Net sales, related party |
8,790 |
9,021 |
9,040 |
17,811 |
17,809 |
|||||
| Total net sales |
43,159 |
30,719 |
34,018 |
73,878 |
66,645 |
|||||
| Cost of sales: |
||||||||||
| Cost of sales (1) |
19,747 |
12,353 |
12,371 |
32,100 |
24,183 |
|||||
| Cost of sales, related party |
3,471 |
3,838 |
4,156 |
7,309 |
8,063 |
|||||
| Impairment of Intangibles |
8,367 |
- |
- |
8,367 |
- |
|||||
| Amortization of purchased intangible assets and inventory step-up cost |
3,137 |
3,545 |
2,098 |
6,682 |
3,448 |
|||||
| Warranty Reserve |
- |
- |
1,440 |
- |
1,440 |
|||||
| Restructuring charges and exit costs |
4,305 |
27 |
24 |
4,332 |
105 |
|||||
| Total cost of sales |
39,027 |
19,763 |
20,089 |
58,790 |
37,239 |
|||||
| Gross profit |
4,132 |
10,956 |
13,929 |
15,088 |
29,406 |
|||||
| Operating expenses: |
||||||||||
| Research and development(2) |
10,369 |
8,243 |
7,136 |
18,612 |
13,316 |
|||||
| Selling, general and administrative (3) |
11,597 |
10,077 |
9,376 |
21,674 |
16,730 |
|||||
| Impairment of Intangibles |
3,917 |
- |
- |
3,917 |
- |
|||||
| Merger and acquisition costs |
2,726 |
4,050 |
144 |
6,776 |
609 |
|||||
| Restructuring charges and exit costs |
2,265 |
369 |
384 |
2,634 |
1,315 |
|||||
| Net change in fair value of contingent consideration |
(3,912) |
(431) |
(2,495) |
(4,343) |
(2,495) |
|||||
| Total operating expenses |
26,962 |
22,308 |
14,545 |
49,270 |
29,475 |
|||||
| Income (loss) from operations |
(22,830) |
(11,352) |
(616) |
(34,182) |
(69) |
|||||
| Other income and expense, net: |
||||||||||
| Interest income and other, net |
177 |
290 |
372 |
467 |
659 |
|||||
| Interest expense |
(494) |
(486) |
(41) |
(980) |
(78) |
|||||
| Total other income and expense, net |
(317) |
(196) |
331 |
(513) |
581 |
|||||
| Income (loss) before income taxes |
(23,147) |
(11,548) |
(285) |
(34,695) |
512 |
|||||
| Provision for (benefit from) income taxes |
107 |
692 |
(6,767) |
799 |
(6,776) |
|||||
| Net income (loss) before noncontrolling interests |
(23,254) |
(12,240) |
6,482 |
(35,494) |
7,288 |
|||||
| Net income (loss) attributable to noncontrolling interests |
98 |
(135) |
- |
(37) |
- |
|||||
| Net income (loss) attributable to Exar |
$ (23,352) |
$ (12,105) |
$ 6,482 |
$ (35,457) |
$ 7,288 |
|||||
| Net income (loss) per share: |
||||||||||
| Basic |
$ (0.50) |
$ (0.26) |
$ 0.14 |
$ (0.75) |
$ 0.15 |
|||||
| Diluted |
$ (0.50) |
$ (0.26) |
$ 0.13 |
$ (0.75) |
$ 0.15 |
|||||
| Shares used in the computation of net income (loss) per share: |
||||||||||
| Basic |
47,139 |
47,236 |
47,496 |
47,188 |
47,151 |
|||||
| Diluted |
47,139 |
47,236 |
49,150 |
47,188 |
48,647 |
|||||
| (1)Equity compensation included in cost of sales |
$ 227 |
$ 260 |
$ 212 |
$ 487 |
$ 354 |
|||||
| (2)Equity compensation included in R&D |
870 |
812 |
689 |
1,682 |
829 |
|||||
| (3) Equity compensation included in SG&A |
2,503 |
2,055 |
2,722 |
4,558 |
3,527 |
|||||
| EXAR CORPORATION AND SUBSIDIARIES |
|||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
| (In thousands, except share amounts) |
|||||||
| (Unaudited) |
|||||||
| SEPTEMBER 28, |
JUNE 29, |
MARCH 30, |
|||||
| 2014 |
2014 |
2014 |
|||||
| ASSETS |
|||||||
| Current assets: |
|||||||
| Cash and cash equivalents |
$ 78,377 |
$ 123,161 |
$ 14,614 |
||||
| Restricted cash |
26,000 |
26,000 |
- |
||||
| Short-term marketable securities |
- |
- |
152,420 |
||||
| Accounts receivable, net |
25,828 |
26,596 |
15,023 |
||||
| Accounts receivable, net related party |
2,108 |
2,524 |
3,309 |
||||
| Inventories |
31,223 |
31,988 |
28,982 |
||||
| Assets held for sale |
- |
- |
- |
||||
| Other current assets |
5,323 |
5,717 |
3,549 |
||||
| Total current assets |
168,859 |
215,986 |
217,897 |
||||
| Property, plant and equipment, net |
17,212 |
20,644 |
21,280 |
||||
| Goodwill |
45,106 |
45,017 |
30,410 |
||||
| Intangible assets, net |
93,136 |
109,041 |
31,390 |
||||
| Other non-current assets |
1,408 |
1,448 |
1,240 |
||||
| Total assets |
$ 325,721 |
$ 392,136 |
$ 302,217 |
||||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
| Current liabilities: |
|||||||
| Accounts payable |
$ 17,737 |
$ 15,883 |
$ 15,488 |
||||
| Accrued compensation and related benefits |
5,175 |
6,271 |
4,174 |
||||
| Deferred income to distributors |
4,052 |
3,737 |
1,765 |
||||
| Deferred income to distributors, related party |
10,342 |
9,962 |
9,349 |
||||
| Short-term debt financing |
26,000 |
65,000 |
- |
||||
| Liability for acquisition of non-controlling interest |
18,883 |
- |
- |
||||
| Other current liabilities |
14,798 |
16,257 |
11,370 |
||||
| Total current liabilities |
96,987 |
117,110 |
42,146 |
||||
| Long-term lease financing obligations |
19 |
40 |
70 |
||||
| Other non-current obligations |
5,476 |
10,651 |
6,626 |
||||
| Total liabilities |
102,482 |
127,801 |
48,842 |
||||
| Stockholders' equity |
|||||||
| Exar Corporation stockholders' equity |
223,239 |
246,598 |
253,375 |
||||
| Noncontrolling interests |
- |
17,737 |
- |
||||
| Total stockholders' equity |
223,239 |
264,335 |
253,375 |
||||
| Total liabilities and stockholders' equity |
$ 325,721 |
$ 392,136 |
$ 302,217 |
||||
| EXAR CORPORATION AND SUBSIDIARIES |
||||||||||
| SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
||||||||||
| (In thousands, except per share amounts) |
||||||||||
| (Unaudited) |
||||||||||
| THREE MONTHS ENDED |
SIX MONTHS ENDED |
|||||||||
| SEPTEMBER 28, |
JUNE 29, |
SEPTEMBER 29, |
SEPTEMBER 28, |
SEPTEMBER 29, |
||||||
| 2014 |
2014 |
2013 |
2014 |
2013 |
||||||
| GAAP net sales |
$ 43,159 |
$ 30,719 |
$ 34,018 |
$ 73,878 |
$ 66,645 |
|||||
| Deferred revenue write-down |
163 |
1,908 |
$ - |
2,071 |
- |
|||||
| Non-GAAP net sales |
$ 43,322 |
$ 32,627 |
$ 34,018 |
$ 75,949 |
$ 66,645 |
|||||
| GAAP gross profit |
$ 4,132 |
$ 10,956 |
$ 13,929 |
$ 15,088 |
$ 29,406 |
|||||
| GAAP gross margin |
9.6% |
35.7% |
40.9% |
20.4% |
44.1% |
|||||
| Stock-based compensation |
227 |
260 |
212 |
487 |
354 |
|||||
| Amortization of purchased intangible assets and |
3,137 |
3,545 |
2,098 |
6,682 |
3,448 |
|||||
| Warranty Reserve |
- |
- |
1,440 |
- |
1,440 |
|||||
| Deferred revenue write-down and associated costs |
115 |
944 |
- |
1,059 |
- |
|||||
| Impairment of Intangibles |
8,367 |
- |
- |
8,367 |
- |
|||||
| Restructuring charges and exit costs |
4,305 |
27 |
24 |
4,332 |
105 |
|||||
| Non-GAAP gross profit |
$ 20,283 |
$ 15,732 |
$ 17,703 |
$ 36,015 |
$ 34,753 |
|||||
| Non-GAAP gross margin |
46.8% |
48.2% |
52.0% |
47.4% |
52.1% |
|||||
| GAAP operating expenses |
$ 26,962 |
$ 22,308 |
$ 14,545 |
$ 49,270 |
$ 29,475 |
|||||
| Stock-based compensation - R&D |
870 |
812 |
689 |
1,682 |
829 |
|||||
| Stock-based compensation - SG&A |
2,503 |
2,055 |
2,722 |
4,558 |
3,527 |
|||||
| Amortization of purchased intangible assets |
796 |
413 |
247 |
1,209 |
354 |
|||||
| Impairment of Intangibles |
3,917 |
- |
- |
3,917 |
- |
|||||
| Restructuring charges and exit costs, net |
2,265 |
369 |
384 |
2,634 |
1,315 |
|||||
| Merger and acquisition costs |
2,726 |
4,050 |
144 |
6,776 |
609 |
|||||
| Net change in fair value of contingent consideration |
(3,912) |
(431) |
(2,495) |
(4,343) |
(2,495) |
|||||
| Non-GAAP operating expenses |
$ 17,797 |
$ 15,040 |
$ 12,854 |
$ 32,837 |
$ 25,336 |
|||||
| GAAP operating income (loss) |
$ (22,830) |
$ (11,352) |
$ (616) |
$ (34,182) |
$ (69) |
|||||
| Stock-based compensation |
3,600 |
3,127 |
3,623 |
6,727 |
4,710 |
|||||
| Amortization of purchased intangible assets and |
3,933 |
3,958 |
2,345 |
7,891 |
3,802 |
|||||
| Warranty Reserve |
- |
- |
1,440 |
- |
1,440 |
|||||
| Deferred revenue write-down and associated costs |
115 |
944 |
- |
1,059 |
- |
|||||
| Impairment of Intangibles |
12,284 |
- |
- |
12,284 |
- |
|||||
| Restructuring charges and exit costs, net |
6,570 |
396 |
408 |
6,966 |
1,420 |
|||||
| Merger and acquisition costs |
2,726 |
4,050 |
144 |
6,776 |
609 |
|||||
| Net change in fair value of contingent consideration |
(3,912) |
(431) |
(2,495) |
(4,343) |
(2,495) |
|||||
| Non-GAAP operating income |
$ 2,486 |
$ 692 |
$ 4,849 |
$ 3,178 |
$ 9,417 |
|||||
| GAAP net income (loss) |
$ (23,352) |
$ (12,105) |
$ 6,482 |
$ (35,457) |
$ 7,288 |
|||||
| Stock-based compensation |
3,600 |
3,127 |
3,623 |
6,727 |
4,710 |
|||||
| Amortization of purchased intangible assets and |
3,933 |
3,958 |
2,345 |
7,891 |
3,802 |
|||||
| Warranty Reserve |
- |
- |
1,440 |
- |
1,440 |
|||||
| Deferred revenue write-down and associated costs |
115 |
944 |
- |
1,059 |
- |
|||||
| Impairment of Intangibles |
12,284 |
- |
- |
12,284 |
- |
|||||
| Restructuring charges and exit costs, net |
6,570 |
396 |
408 |
6,966 |
1,420 |
|||||
| Merger and acquisition costs |
3,181 |
4,497 |
144 |
7,678 |
609 |
|||||
| Net change in fair value of contingent consideration |
(3,912) |
(431) |
(2,495) |
(4,343) |
(2,495) |
|||||
| Net income attributable to nocontrolling interest |
98 |
(135) |
- |
(37) |
- |
|||||
| Income tax effects |
(21) |
609 |
(6,812) |
588 |
(6,842) |
|||||
| Non-GAAP net income attribute to Exar |
$ 2,496 |
$ 860 |
$ 5,135 |
$ 3,356 |
$ 9,932 |
|||||
| GAAP net income (loss) per share |
||||||||||
| Basic |
$ (0.50) |
$ (0.26) |
$ 0.14 |
$ (0.75) |
$ 0.15 |
|||||
| Diluted |
$ (0.50) |
$ (0.26) |
$ 0.13 |
$ (0.75) |
$ 0.15 |
|||||
| Non-GAAP net income (loss) per share |
||||||||||
| Basic |
$ 0.05 |
$ 0.02 |
$ 0.11 |
$ 0.07 |
$ 0.21 |
|||||
| Diluted |
$ 0.05 |
$ 0.02 |
$ 0.10 |
$ 0.07 |
$ 0.20 |
|||||
| Shares used in the computation of Non-GAAP net income (loss) per share |
||||||||||
| Basic |
47,139 |
47,236 |
47,496 |
47,188 |
47,151 |
|||||
| Diluted |
49,520 |
49,826 |
50,548 |
49,850 |
49,965 |
|||||
| Net cash provided (used) by operations |
$ (1,960) |
$ (8,137) |
$ 3,569 |
$ (10,097) |
$ 4,552 |
|||||
| Less purchases of fixed assets and IP |
(105) |
(551) |
(400) |
(656) |
(749) |
|||||
| Add proceeds from sale of IP |
- |
- |
- |
- |
125 |
|||||
| Free cash flow |
$ (2,065) |
$ (8,688) |
$ 3,169 |
$ (10,753) |
$ 3,928 |
|||||
SOURCE Exar Corporation
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