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EXAR ANNOUNCES YEAR END RESULTS -- REVENUES INCREASE 24 PERCENT, NET INCOME UP 51 PERCENT, EPS GAIN 23 PERCENT

 EXAR ANNOUNCES YEAR END RESULTS -- REVENUES INCREASE 24 PERCENT,
 NET INCOME UP 51 PERCENT, EPS GAIN 23 PERCENT
 SAN JOSE, Calif., May 11 /PRNewswire/ -- EXAR Corp. (NASDAQ: EXAR) today reported net income gains of 58 percent for the fourth quarter and 51 percent for the year ended March 31, 1992, on revenue gains of 10 percent and 24 percent respectively. Net income of $3,175,000 ($0.48 per share) and $10,819,000 ($1.72 per share), respectively, compared with $2,011,000 ($0.40 per share ) and $7,150,000 ($1.40 per share) for the comparable periods of the prior year, all such per share earnings are presented on a fully diluted basis.
 EXAR reported net sales for the fourth quarter of fiscal 1992 of $32,983,000, a 10 percent increase over the $29,867,000 recorded during the fourth quarter a year ago. Sales for the year ended March 31, 1992, totaled $139,775,000, a 24 percent increase over the $112,730,000 reported in fiscal 1991. The company experienced increased sales in most product lines during the year, including increases in sales of integrated circuits for use in data communications, mass storage and consumer electronics products. The increase in sales of data communications products reflects shipments of Exar's dedicated fax/data modem chip set for use in personal computers. Mass storage product sales reflect increased shipments of products used in 3 1/2 and 2 1/2 inch form factor disk drives. The increase in sales of integrated circuits for use in consumer electronics products resulted from sales and marketing efforts in Japan through EXAR's wholly owned subsidiary, Exar Japan Corp.
 Sales of integrated circuits for use in consumer electronics products increased approximately 42 percent during the fourth quarter of fiscal 1992 as compared to the fourth quarter of fiscal 1991. There was, however, a weakening in the consumer electronics market in Japan during the fourth quarter of fiscal 1992 and Exar Japan experienced a 15 percent decrease in sales from the third quarter of fiscal 1992. EXAR's consumer oriented standard products include specialty audio components sold to major Japanese electronic companies.
 Exar recently announced the availability of the XR-29V00 Fax/Data modem with Voice and Caller Identification (ID) capabilities. "Exar is the first to produce a chip set integrating fax, data, voice, caller ID and DTMF decoding," said Shyam Dujari, director Datacom Products of Exar. "This chip set opens a variety of applications and Exar will announce several new modem products this year," continued Dujari.
 Ron Guire, senior vice president and chief financial officer of Exar commented, "Although the downturn in Japan resulted in a decline in sales from third quarter, profitability was not affected. The reduced demand for lower margin consumer electronics product was more than offset by profit from other Exar proprietary products."
 EXAR Corp. designs, manufactures and markets analog and mixed- signal integrated circuits for use in telecommunications, data 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 CORP. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (In thousands, except per share amounts)
 Three Months Ended Year Ended
 March 31, March 31,
 1992 1991 1992 1991
 Sales $32,983 $29,867 $139,775 $112,730
 Costs and Expenses:
 Cost of sales 21,937 20,167 97,805 79,269
 Research and
 development 2,692 2,870 10,732 9,570
 Selling, general and
 administrative 4,482 4,139 17,988 15,657
 Income from operations 3,872 2,691 13,250 8,234
 Other income 1,094 843 3,748 3,216
 Income before income
 taxes 4,966 3,534 16,998 11,450
 Income taxes 1,791 1,523 6,179 4,300
 Net income $3,175 $2,011 $10,819 $7,150
 Net income per common and
 common equivalent share
 Primary $.48 $.41 $1.72 $1.44
 Fully diluted $.48 $.40 $1.72 $1.40
 EXAR CORP. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (In thousands, except share amounts)
 March 31, March 31,
 1992 1991
 Assets
 Current assets:
 Cash and marketable securities $68,267 $27,236
 Accounts receivable, net 23,601 21,915
 Inventories 14,678 17,333
 Other current assets 1,927 2,483
 Total Current Assets 108,473 68,967
 Property and equipment, net 29,762 36,707
 Total assets $138,235 $105,674
 Liabilities and shareholders'
 equity
 Current liabilities:
 Accounts payable and accrued
 liabilities 28,751 25,451
 Income taxes payable 1,680 2,179
 Total current liabilities 30,431 27,630
 Deferred income taxes 3,030 3,171
 Redeemable preferred stock 13,135 21,075
 Shareholders' equity:
 common stock -- 6,460,264 and
 4,801,353 shares issued and
 outstanding 70,110 43,028
 Retained earnings 21,529 10,770
 Total shareholders' equity 91,639 53,798
 Total liabilities and shareholders'
 equity $138,235 $105,674
 -0- 5/11/92
 /CONTACT: Ronald W. Guire of EXAR, 408-434-6400/
 (EXAR) CO: EXAR Corp. ST: California IN: CPR SU: ERN


MC-RM -- SJ010 -- 8762 05/11/92 16:05 EDT
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