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EXAR ANNOUNCES SECOND QUARTER RESULTS -- REVENUE UP 20 PERCENT NET INCOME UP 20 PERCENT EPS GAIN 14 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 1994 which ended Sept. 30, 1993. Net income of $4,076,000 ($0.57 per share) reported in the second quarter of fiscal 1994 compared with $3,393,000 ($0.50 per share) reported in the second quarter of fiscal 1993. Income (before cumulative effect of accounting change) of $7,948,000 ($1.12 per share) for the first six months of fiscal 1994 compared with $6,430,000 ($0.96 per share) for the comparable period of the prior year.
 EXAR reported net sales for the second quarter of fiscal 1994 of $43,316,000, a 20 percent increase from the $36,211,000 recorded during the second quarter a year ago. Sales for the six months of fiscal 1994 totaled $85,951,000, a 22-percent increase from the $70,615,000 reported in the comparable period of fiscal 1993.
 The company experienced significant increases in sales of products used in telecommunications applications, multimedia, and advanced consumer electronics. These sales increases more than offset decreases in sales of products to hard disk drive and modem manufacturers. A temporary increase in volume requirements from Rohm resulted in an increase in sales of wafer services of approximately 74 percent. Wafer service activity is expected to return to normal levels during the third quarter of fiscal 1994. Sales of integrated circuits for use in consumer electronics products in Japan increased approximately 41 percent during the quarter.
 "We were able to continue our sales momentum during the three and six months ended Sept. 30, 1993, despite the softness in the hard disk drive market and increased competition in the modem market," said George Wells, president of Exar. "Strong sales in telecommunication, multimedia, and specialty audio applications contributed to a 14 percent earnings per share gain on increased shares," continued Wells.
 EXAR Corp. designs, manufactures and markets analog and mixed-signal integrated circuits for use in telecommunications, personal communications, mass storage and consumer electronics 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 CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 (In thousands, except per share amounts)
 Three months ended Six months ended
 September 30, September 30,
 1993 1992 1993 1992
 Sales $43,316 $36,211 $85,951 $70,615
 Costs and Expenses:
 Cost of sales 29,343 24,053 58,540 46,688
 Research and development 2,990 2,823 5,997 5,710
 Selling, general and
 administrative 5,219 4,807 10,207 9,365
 Total 37,552 31,683 74,744 61,763
 Income from Operations 5,764 4,528 11,207 8,852
 Other Income, Net 830 622 1,502 1,200
 Income before Income Taxes
 and Cumulative Effect of
 Accounting Change 6,594 5,150 12,709 10,052
 Income Taxes 2,518 1,757 4,761 3,622
 Income before Cumulative
 Effect of Accounting Change 4,076 3,393 7,948 6,430
 Cumulative Effect of
 Accounting Change -- -- 200 --
 Net Income $ 4,076 $ 3,393 $ 8,148 $ 6,430
 Income per common and common
 equivalent share before
 cumulative effect of
 accounting change 0.57 0.50 1.12 0.96
 Cumulative effect of
 accounting change -- -- 0.03 --
 Net income per common and
 common equivalent share $ 0.57 $ 0.50 $ 1.15 $ 0.96
 Common and common equivalent
 shares outstanding 7,198 6,710 7,109 6,678
 EXAR CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands, except share amounts)
 September 30, March 31,
 1993 1993
 (Unaudited)
 ASSETS
 Current assets:
 Cash and marketable securities $ 85,363 $ 81,033
 Accounts receivable, net 29,157 23,949
 Inventories 12,975 11,679
 Other current assets 4,247 3,272
 Total Current Assets 131,742 119,933
 Land, equipment and leasehold
 improvements, net 16,134 15,352
 Other assets 2,885 3,613
 Total $150,761 $138,898
 LIABILITIES AND STOCKHOLDERS'
 EQUITY
 Current liabilities:
 Accounts payable and accrued
 expenses $ 27,346 $ 24,150
 Income taxes payable 2,156 4,956
 Total Current Liabilities 29,502 29,106
 Deferred income taxes 1,518 1,019
 Stockholders' equity:
 Common stock -- 6,868,048 and 6,660,644
 shares issued and outstanding 76,077 72,988
 Translation adjustment 300 569
 Retained earnings 43,364 35,216
 Subtotal 119,741 108,773
 Total $150,761 $138,898
 -0- 10/21/93R
 /CONTACT: Linda Clements of EXAR Corp., 408-434-6400/
 (EXAR)


CO: EXAR Corp. ST: California IN: CPR SU: ERN

939

CJ-TM -- SJ008R -- 5276 10/21/93 13:28 EDT
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Date:Oct 21, 1993
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