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EXAR ANNOUNCES FIRST-QUARTER RESULTS -- NET INCOME UP 36 PERCENT

 EXAR ANNOUNCES FIRST-QUARTER RESULTS -- NET INCOME UP 36 PERCENT
 SAN JOSE, Calif., July 22 /PRNewswire/ -- EXAR Corp. (NASDAQ: EXAR) today reported net sales for the first quarter ended June 30, 1992, of $34,404,000, a 2-percent increase from the $33,683,000 recorded during the first quarter a year ago. The company recorded an after-tax profit of $3,037,000 during the quarter (46 cents per share), compared to $2,226,000 (42 cents per share) during the same period in the previous year.
 While the company experienced increased sales in most product lines during the quarter, a significant increase was reported in sales of microperipheral products. The erosion of pricing for the company's fax/data modem chip sets contributed to an 8-percent decrease in sales of data communications products. Sales of products for use in consumer electronics in Japan through Exar's wholly owned subsidiary, Exar Japan Corp., increased slightly while sales of all other integrated circuits increased approximately 13 percent.
 "We are very pleased with the quarterly results," said George D. Wells, president of Exar. "We were able to report modest sales growth overall despite the softness in the Japanese market and pricing pressures in the data communications market. The 36-percent increase in net income reflects our commitment to continued profitability," added Wells.
 "Net sales of wafer services to Rohm decreased approximately 31 percent, primarily due to a decline in production volume and a reduction in net prices resulting from the fact that a portion of the sales price charged to Rohm now represents a recovery of facilities rent paid to Rohm Corp.," said Ronald W. Guire, senior vice president and chief financial officer of Exar.
 "This change is a result of the transaction whereby Exar transferred certain manufacturing equipment to Rohm in exchange for all of the outstanding redeemable preferred stock and cash consideration of approximately $1.5 million. Effective April 1, 1992, Exar no longer bears significant financial risk with respect to the capacity utilization of the epitaxial and bipolar facilities," explained Guire.
 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
 (Unaudited, in thousands, except per-share amounts)
 Three months ended June 30: 1992 1991
 Sales $34,404 $33,683
 Costs and expenses:
 Cost of sales 22,635 23,441
 Research and development 2,887 2,741
 Selling, general and administrative 4,558 4,509
 Total 30,080 30,691
 Income from operations 4,324 2,992
 Other income, net 578 589
 Income before income taxes 4,902 3,581
 Income taxes 1,865 1,355
 Net income $ 3,037 $ 2,226
 Net income per common and common
 equivalent share $ 0.46 $ 0.42
 EXAR CORP. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands, except share amounts)
 June 30, March 31,
 1992 1992
 (unaudited)
 ASSETS
 Current assets:
 Cash and marketable securities $ 75,034 $ 68,267
 Accounts receivable, net 24,275 23,601
 Inventories 13,069 14,678
 Other current assets 1,977 1,927
 Total current assets 114,355 108,473
 Land, equipment and leasehold
 improvements, net 15,248 29,762
 Total $129,603 $138,235
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Notes payable to banks $ 4,966 $ --
 Accounts payable and accrued expenses 23,905 28,751
 Income taxes payable 2,715 1,680
 Total current liabilities 31,586 30,431
 Deferred income taxes 3,030 3,030
 Redeemable preferred stock -- 13,135
 Stockholders' equity:
 Common stock - 6,494,200 and
 6,460,264 shares issued and
 outstanding 70,421 70,110
 Retained earnings 24,566 21,529
 Subtotal 94,987 Guire of Exar, 408-434-6400/
 (EXAR) CO: EXAR Corp. ST: California IN: CPR SU: ERN


SC-MC -- SJ002 -- 1682 07/22/92 08:30 EDT
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Date:Jul 22, 1992
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