Printer Friendly

EXAR ANNOUNCES YEAR-END RESULTS - NET INCOME UP 26 PERCENT; EPS GAIN 16 PERCENT

 SAN JOSE, Calif., May 5 /PRNewswire/ -- EXAR Corporation (NASDAQ-NMS: EXAR) today reported net income gains of 17 percent for the fourth quarter and 26 percent for the year ended March 31, 1993, on revenue gains of 14 percent and 5 percent, respectively. Net income of $3,702,000 ($0.53 per share) and $13,687,000 ($2.00 per share), respectively, compared with $3,175,000 ($0.48 per share) and $10,819,000 ($1.72 per share) for the comparable periods of the prior year.
 EXAR reported net sales for the fourth quarter of fiscal 1993 of $37,463,000, a 14 percent increase from the $32,983,000 recorded during the fourth quarter a year ago. Sales for the year ended March 31, 1993, totaled $146,096,000, a 5 percent increase from the $139,775,000 reported in fiscal 1992.
 The company's results during the most recent quarter reflected its emphasis on product development for new applications. Product areas showing the greatest increase in revenue compared to the fourth quarter of fiscal 1992 included advanced consumer products shipped to Japan, telecommunications circuits including multimedia applications, and products for other new markets. Increases in these product categories more than offset weaker demand for microperipheral products sold to disk drive manufacturers. The company also experienced revenue growth in most of its other product categories, including increased sales of the company's fax/data modem chip set, where sales recovered somewhat from previous declines due to price erosion.
 The company's results for the full fiscal year included profit margin improvements resulting from an emphasis on higher-margin products and ongoing cost controls. The company's profit margin in the quarter ended March 31, 1993, was essentially unchanged from the fourth quarter of fiscal 1992, as a slight shift in product mix towards foundry services to Rohm offset a small improvement in the margins.
 Geographically, the company experienced significant increases in sales within the United States and Europe, compared to fiscal 1992. In Japan, the effects of the recession reduced demand for the company's second source products. However, as a result of the increased demand for advanced consumer products, the net decrease in sales of semiconductor products to Japan was less than 5 percent.
 EXAR Corporation designs, manufactures and markets analog and mixed- signal integrated circuits for use in telecommunications, data communications, microperipherals and consumer electronics products. EXAR's mixed signal circuits may incorporate features such as non- volatile 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
 (In thousands, except per share amounts)
 Periods Ended Three Months Year
 March 31 1993 1992 1993 1992
 Sales $37,463 $32,983 $146,096 $139,775
 Costs and expenses:
 Cost of sales 24,847 21,937 96,799 97,805
 Research & development 2,573 2,692 11,351 10,732
 SG&A 4,787 4,482 19,088 17,988
 Income from operations 5,256 3,872 18,858 13,250
 Other income, net 387 1,094 2,247 3,748
 Income before income taxes 5,643 4,966 21,105 16,998
 Income taxes 1,941 1,791 7,418 6,179
 Net income 3,702 3,175 13,687 10,819
 Net income per common and
 common equivalent share $.53 $.48 $2.00 $1.72
 Common and common equivalent
 shares outstanding 6,935 6,630 6,840 6,290
 EXAR CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (In thousands, except per share amounts)
 3/31/93 3/31/92
 ASSETS
 Current assets:
 Cash and marketable securities $ 81,034 $ 63,667
 Accounts receivable, net 24,854 23,601
 Inventories 11,679 14,678
 Other current assets 3,272 1,927
 Total current assets 120,839 103,873
 Property and equipment, net 15,351 29,762
 Other assets 3,613 4,600
 Total 139,803 138,235
 LIABILITIES & STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable & accrued liabilities $ 25,442 $ 28,767
 Income taxes payable 4,956 1,680
 Total current liabilities 30,398 30,447
 Deferred income taxes 1,019 3,030
 Redeemable preferred stock -- 13,135
 Stockholders' equity:
 Common stock - 6,660,644 and 6,460,264
 shares issued and outstanding 72,991 70,110
 Translation adjustment 179 (16)
 Retained earnings 35,216 21,529
 108,386 91,623
 Total 139,803 138,235
 -0- 5/5/93
 /CONTACT: Ronald W. Guire of EXAR Corp., 408-434-6400/
 (EXAR)


CO: EXAR Corporation ST: California IN: CPR SU: ERN

SH-PS -- NY013 -- 4704 05/05/93 08:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 5, 1993
Words:763
Previous Article:MCI SELECTED TO MANAGE GLOBAL COMMUNICATIONS NETWORK FOR J.P. MORGAN
Next Article:B.A.T. INDUSTRIES PLC ANNOUNCES QUARTERLY RESULTS
Topics:


Related Articles
EXAR ANNOUNCES SECOND QUARTER RESULTS -- REVENUE UP 20 PERCENT NET INCOME UP 20 PERCENT EPS GAIN 14 PERCENT
EXAR ANNOUNCES SECOND QUARTER RESULTS -- REVENUE UP 20 PERCENT NET INCOME UP 20 PERCENT EPS GAIN 14 PERCENT
Record Sales, Profits Achieved in 3rd Quarter and Nine Months by AFC Cable Systems, Inc.
QUALCOMM Announces Fourth Quarter and Fiscal 2005 Results.
QUALCOMM Announces Record Second Quarter Fiscal 2007 Results.
QUALCOMM Announces Record Second Quarter Fiscal 2007 Results.
QUALCOMM Announces Record Third Quarter Fiscal 2007 Results.
QUALCOMM Announces Record Third Quarter Fiscal 2007 Results.
Qualcomm Announces Fourth Quarter and Fiscal 2008 Results.
Qualcomm Announces First Quarter Fiscal 2010 Results; - Revenues US$2.7 Billion, EPS US$0.50; - Pro Forma EPS US$0.62; - Reaffirms Fiscal 2010...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters