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EXAR ANNOUNCES SECOND QUARTER RESULTS -- NET INCOME UP 24 PERCENT; EPS GAIN 19 PERCENT

 EXAR ANNOUNCES SECOND QUARTER RESULTS -- NET INCOME UP 24 PERCENT;
 EPS GAIN 19 PERCENT
 SAN JOSE, Calif., Oct. 21 /PRNewswire/ -- Exar Corp. (NASDAQ: EXAR) today reported net income gains for the second quarter and first six months of fiscal 1993 which ended Sept. 30, 1992. Net income of $3,393,000 (50 cents per share) and $6,430,000 (96 cents per share), respectively, compared with $2,740,000 (42 cents per share) and $4,966,000 (84 cents per share) for the comparable periods of the prior year.
 Exar reported net sales for the second quarter of fiscal 1993 of $36,211,000, a three-percent decrease from the $37,276,000 recorded during the second quarter a year ago. Sales for the six months of fiscal 1993 totaled $70,615,000, a slight decrease from the $70,959,000 reported in the comparable period of fiscal 1992.
 The company experienced significant increases in sales of microperipheral and telecommunication products. Microperipheral product sales reflect increased shipments of products used in 2-1/2- and 3-1/2-inch form factor disk drives while the increase in sales of telecommunication products was due primarily to shipments of custom products.
 Erosion of pricing and increased competition contributed to a substantial decrease in sales of the company's fax/data modem chip sets. Sales of integrated circuits for use in consumer electronics products in Japan decreased approximately 10 percent during the quarter. Sales of proprietary products for use in specialty audio components continued to increase. However, the increase was more than offset by a decrease in sales of second source consumer electronics products.
 "The 24-percent increase in net income reflects a significant improvement in our gross margins which resulted from changes in the product mix as well as manufacturing efficiencies," said George Wells, president of Exar. "With our strong sales in telecommunication, microperipheral and specialty audio applications, we continue to ride out the softness in the Japanese market and increased competition in the data communications market," continued Wells.
 During the quarter, Exar announced the addition of two new low-power, read/write preamplifiers for thin film recording heads to its expanding line of hard disk drive products. In addition, the company began shipping preproduction quantities of product for use in video applications in the Japanese market.
 Exar Corp. designs, manufactures and markets analog and mixed-signal integrated circuits for use in telecommunications, data communications, microperipherals and consumer electonics products. Exar's mixed signal circuits may incorporate features such as nonvolatile EEPROM memory and switched capacitor filters. In addition to its core business, Exar sells epitaxial and bipolar wafers to Rohm Co. Ltd., Exar's largest customer.
 EXAR CORP. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Unaudited)
 (In thousands, except per share amounts)
 Three Months Six Months
 Ended Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 SALES $36,211 $37,276 $70,615 $70,959
 COSTS AND EXPENSES:
 Cost of sales 24,053 26,804 46,688 50,245
 Research and development 2,823 2,604 5,710 5,345
 Selling, general and
 administrative 4,807 4,614 9,365 9,123
 INCOME FROM OPERATIONS 4,528 3,254 8,852 6,246
 OTHER INCOME, NET 622 1,013 1,200 1,602
 INCOME BEFORE INCOME TAXES 5,150 4,267 10,052 7,848
 INCOME TAXES 1,757 1,527 3,622 2,882
 NET INCOME $3,393 $2,740 $6,430 $4,966
 Net income per common and
 common equivalent share $0.50 $0.42 $0.96 $0.84
 EXAR CORP. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (In thousands, except share amounts)
 Sept. 30, March 31,
 1992 1992
 ASSETS (Unaudited)
 Current assets:
 Cash and marketable securities $ 70,336 $ 68,267
 Accounts receivable, net 29,479 23,601
 Inventories 14,475 14,678
 Other current assets 2,588 1,927
 Total Current Assets 116,877 108,473
 Property and equipment, net 14,595 29,762
 Total $131,471 $138,235
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable and accrued
 liabilities $ 27,227 $ 28,751
 Income taxes payable 1,843 1,680
 Total current liabilities 29,070 30,431
 Deferred income taxes 3,028 3,030
 Redeemable preferred stock --- 13,135
 Stockholders' equity:
 Common stock -- 6,562,621 and 6,460,264
 Shares issued and outstanding 71,269 70,110
 Translation gain (loss) 145 (16)
 Retained earnings 27,959 21,529
 Subtotal 99,373 91,639
 Total $131,471 $138,235
 -0- 10/21/92 R
 /CONTACT: Ronald W. Guire of Exar, 408-434-6400/
 (EXAR) CO: Exar Corp. ST: California IN: CPR SU: ERN


GT-TM -- SJ007 -- 3322 10/22/92 08:57 EDT
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Date:Oct 22, 1992
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