Exar Corporation Announces Fiscal 2017 Second Quarter Financial Results

FREMONT, Calif., Nov. 2, 2016 /PRNewswire/ -- Exar Corporation (NYSE: EXAR) a leading supplier of analog mixed-signal application specific technology solutions serving the Industrial, Infrastructure, Automotive, and Audio/Video markets, today announced financial results for the Company's fiscal year 2017 second quarter, which ended on October 2, 2016.  Unless otherwise indicated, all non-GAAP financial results exclude the financial results of the iML Display business which the Company is in the process of divesting, and are presented in the GAAP results as discontinued operations.

Fiscal 2017 Second Quarter Highlights

  • Net sales of $27.6 million, up 2% sequentially
  • GAAP gross margin of 47.8% (Non-GAAP gross margin of 51.9%)
  • GAAP operating income of $0.1 million (Non-GAAP operating income of $3.7 million)
  • GAAP EPS from continuing operations of $0.00 (Non-GAAP EPS of $0.08)
  • GAAP EPS from discontinued operations of $0.02 (Non-GAAP EPS of $0.05)
  • IML divestiture cleared CFIUS and Taiwan regulatory reviews

Ryan Benton, Exar's Chief Executive Officer, commented, "Exar again delivered solid financial results, with second quarter revenue, Non-GAAP gross margin and EPS from continuing operations all within our guidance range.  Revenue increased 2% sequentially, despite going from 14 weeks in the first quarter to the usual 13 weeks in the second quarter.  Revenue per week was up 10% sequentially.  We had strong execution from Exar's core business, as non-GAAP EPS from continuing operations came in at $0.08 for the second quarter in a row, despite the one less work week."

Mr. Benton added, "On the deal front, we have made significant progress on the sale of our iML subsidiary to Beijing E-Town Chipone Technology Co., Ltd.  The transaction has cleared CFIUS review in the United States and another key regulatory hurdle in Taiwan, and we expect to close the transaction within a few weeks.  This transaction is a great example of cross-border cooperation and is a true win-win."

Fiscal 2017 Second Quarter Highlights (Continuing Operations Only):
The following highlights the Company's financial performance on both a GAAP and supplemental non-GAAP basis.  The Company provides supplemental information regarding its operating performance on a non-GAAP basis that excludes certain gains, losses, and charges, which either occur relatively infrequently or which management considers to be outside our core operating results.  Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies.  Non-GAAP information should be considered a supplement to, not a substitute for, financial statements prepared in accordance with GAAP.  A complete reconciliation of GAAP to non-GAAP results is attached to this press release.

Exar's fiscal 2017 first quarter was comprised of fourteen weeks, as opposed to the second quarter, which consisted of the usual thirteen weeks.

  • Net Sales
    • Second quarter net sales of $27.6 million increased $0.5 million, or 2%, from the previous quarter's $27.1 million.
  • Gross Margin
    • GAAP gross margin of 47.8% decreased from 49.2% reported in the previous quarter.
    • Non-GAAP gross margin of 51.9% was consistent with 51.8% reported in the previous quarter.
  • Operating Expenses
    • GAAP operating expenses of $13.1 million increased $7.6 million from the previous quarter's expenses of $5.5 million, which was net of a gain of $9.3 million related to the sale-leaseback of our corporate headquarters.  Fiscal 2017 second quarter operating expenses included:
      • Charges of (i) $2.1 million stock-based compensation expense and (ii) $0.4 million mergers and acquisitions costs.
    • Non-GAAP operating expenses of $10.6 million increased by $0.5 million, or 5% from the previous quarter's operating expenses of $10.1 million.
  • Net Income
    • GAAP net income of $0.1 million, compared to $7.5 million reported in the previous quarter, which included a gain of $9.3 million related to the sale-leaseback of our corporate headquarters.
    • Non-GAAP net income of $3.8 million was consistent with the previous quarter's net income of $3.8 million.
  • Earnings Per Share
    • GAAP diluted earnings per share of $0.00, compared to $0.15 reported in the previous quarter, which included a gain of $9.3 million related to the sale-leaseback of our corporate headquarters.
    • Non-GAAP diluted earnings per share of $0.08 were consistent with that reported in the previous quarter.

Keith Tainsky, Exar's Chief Financial Officer, stated, "We remain committed to our fundamental goal of delivering predictable operating results and increasing shareholder value.  Through the first half of the fiscal year we have had solid earnings.  Increasing advanced product sales and expanding the funnel of cost-down activities is a winning recipe for Exar."  Mr. Tainsky continued, "In addition to launching new products for Tier 1 accounts, we will continue to drive the organization and our supply chain to a leaner cost structure.  Keeping the pressure on our supply chain will enable our sales team to capitalize and grow our core business."

Fiscal 2017 Third Quarter Guidance:
For the fiscal 2017 third quarter ending January 1, 2017, the Company expects results to be as follows:

  • Net sales: $27.1 million plus or minus $0.5 million
  • GAAP gross margin: 47.5% to 49.5% (Non-GAAP 51.5% to 53.5%)
  • GAAP operating expenses: $13.0 million to $13.5 million (Non-GAAP $10.6 million to $11.0 million)
  • GAAP EPS: $(0.01) to $0.02 (Non-GAAP $0.06 to $0.08)

Conference Call and Prepared Remarks
Exar is providing a copy of prepared remarks in conjunction with its press release.  These remarks are offered to provide stockholders and analysts with additional time and detail for analyzing results in advance of the Company's quarterly conference call.  The remarks will be available at Exar's Investor webpage in conjunction with this press release.

As previously scheduled, the conference call will begin today, November 2, 2016 at 4:45 p.m. EDT (1:45 p.m. PDT). To access the conference call, please dial (918) 534-8424 or (844) 359-0802.  The passcode for the live call is 91970722.  In addition, a live webcast will be available on Exar's Investor webpage.

An archive of the conference call webcast will be available on Exar's Investor webpage after the conference call's conclusion.

About Exar
Exar's mission is to leverage our extensive analog and mixed-signal portfolio, experience and IP to deliver leading-edge application specific technology solutions to target markets where operational excellence and reliability are valued.  We service the Industrial, Infrastructure, Automotive, and Audio/Video markets by acting as an extension of the customer's own technology organization and singularly focusing on exceeding customer expectations. For more information, visit http://www.exar.com.

Forward-Looking Statements Safe Harbor Disclosure
Except for historical information contained herein, this press release and matters discussed on the conference call contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the sale of the Company's iML subsidiary to Beijing E-Town Chipone Technology Co., Ltd., including the expected timing of the closing of that transaction, that the Company will continue to drive the organization and its supply chain to a leaner cost structure, the expected impact of keeping the pressure on the Company's supply chain enabling its sales team to capitalize and grow the Company's core business and the Company's financial outlook expectations for the third quarter ending January 1, 2017.  These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, actual outcomes and results may differ materially from what is expressed herein. For a discussion of these risks and uncertainties, the Company urges investors to review in detail the risks and uncertainties and other factors described in its Securities and Exchange Commission (SEC) filings, including, but not limited to, the "Risk Factors", "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our public reports filed with the SEC, including our annual report on Form 10-K filed with the SEC on May 27, 2016 and our Form 10-Q filed with the SEC on August 10, 2016, and available on our Investor webpage and on the SEC website at www.sec.gov.

Discussion of Non-GAAP Financial Measures
The Company's non-GAAP measures exclude charges related to stock-based compensation, amortization of acquired intangible assets, impairment charges, initial gain upon closing sale-leaseback of our corporate headquarters, restructuring charges and exit costs which include costs for personnel whose positions have been eliminated as part of a restructuring or are in the process of being eliminated as part of the discontinuation of a product line, severance costs associated with the former CEO, accruals for and proceeds received from dispute resolutions and patent litigation, merger and acquisition and related integration costs, certain income tax benefits and credits, and related income tax effects on certain excluded items. The Company excludes these items primarily because they are significant special expense and gain estimates, which management separates for consideration when evaluating and managing business operations. The Company's management uses non-GAAP net income and non-GAAP earnings per share to evaluate its current operating results and financial results and to compare them against historical financial results.  Additionally, we disclose the non-GAAP measure of free cash flow, which is derived from our net cash provided (used) by operations, less purchases of fixed assets and IP, plus proceeds from the sale of fixed assets and IP.  Management believes these non-GAAP measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in evaluating the Company and provide further clarity on its profitability.

Unless otherwise indicated, all non-GAAP financial results exclude the financial results of the iML Display business which the Company is in the process of divesting, and are presented in the GAAP results as discontinued operations.

In addition, the Company believes that providing investors with these non-GAAP measurements enhances their ability to compare the Company's business against that of its competitors who employ and disclose similar non-GAAP measures.  However, the manner in which we calculate these non-GAAP financial measures may be different from non-GAAP methods of accounting and reporting used by the Company's competitors to the extent their non-GAAP measures include or exclude other items.  The material limitation associated with the use of the non-GAAP financial measures is that the non-GAAP measures may not reflect the full economic impact of Exar's activities. Accordingly, investors are cautioned not to place undue reliance on non-GAAP information.  The presentation of this additional information should not be considered a substitute for net income or net income per diluted share or other measures prepared in accordance with GAAP.

Investors should refer to the reconciliation of Non-GAAP Results to GAAP Results, which is contained in this press release.

For more information, visit http://www.exar.com 
For Press Inquiries Contact: press@exar.com

For Investor Relations Contact: 

Keith Tainsky, CFO

Laura Guerrant-Oiye, Investor Relations

Phone: (510) 668-7201

Phone: (510) 668-7201

Email: investorrelations@exar.com 

 Email: laura.guerrant@exar.com

-Tables follow-

Unless otherwise indicated, all financial results presented in the following tables exclude the financial results of the iML Display business which the Company is in the process of divesting, and are presented as discontinued operations.

FINANCIAL COMPARISON

(In thousands, except per share amounts) (Unaudited)

GAAP Results

THREE MONTHS ENDED

SIX MONTHS ENDED

 OCTOBER 2, 2016 

 JULY 3, 2016 

 SEPTEMBER 27, 2015 

 OCTOBER 2, 2016 

 SEPTEMBER 27, 2015 

Industrial

$ 19,042

69%

$ 18,436

67%

$ 17,134

75%

$ 37,478

69%

$ 36,599

71%

Infrastructure

5,065

18%

5,596

21%

2,224

10%

10,661

19%

6,698

13%

Audio/Video

1,840

7%

1,852

7%

2,022

9%

3,692

7%

3,962

8%

Automotive

961

3%

779

3%

859

4%

1,740

3%

1,805

4%

Other

693

3%

473

2%

516

2%

1,166

2%

1,874

4%

Net Sales

$ 27,601

100%

$ 27,136

100%

$ 22,755

100%

$ 54,737

100%

$ 50,938

100%

Gross Profit

$ 13,193

48%

$ 13,362

49%

$   8,553

38%

$ 26,555

49%

$ 21,431

42%

Operating Expenses

$ 13,112

48%

$   5,492

20%

$ 13,984

61%

$ 18,604

34%

$ 29,933

59%

Income (loss) from operations

$        81

0%

$   7,870

29%

$ (5,431)

-24%

$   7,951

15%

$ (8,502)

-17%

Net income (loss) from continuing operations

$        83

0%

$   7,543

28%

$ (2,090)

-9%

$   7,626

14%

$ (4,444)

-9%

Net income (loss) per share from continuing operations

  Basic 

$     0.00

$     0.15

$   (0.04)

$     0.15

$   (0.09)

  Diluted 

$     0.00

$     0.15

$   (0.04)

$     0.15

$   (0.09)

Non-GAAP Results

THREE MONTHS ENDED

SIX MONTHS ENDED

 OCTOBER 2, 2016 

 JULY 3, 2016 

 SEPTEMBER 27, 2015 

 OCTOBER 2, 2016 

 SEPTEMBER 27, 2015 

Gross Profit

$ 14,331

52%

$ 14,070

52%

$   8,498

37%

$ 28,401

52%

$ 22,070

43%

Operating Expenses

$ 10,605

38%

$ 10,087

37%

$ 11,642

51%

$ 20,692

38%

$ 24,030

47%

Income from operations

$   3,726

13%

$   3,983

15%

$ (3,144)

-14%

$   7,709

14%

$ (1,960)

-4%

Net income (loss) from continuing operations

$   3,839

14%

$   3,798

14%

$ (3,220)

-14%

$   7,637

14%

$ (2,143)

-4%

Net income (loss) per share from continuing operations

  Basic 

$     0.08

$     0.08

$   (0.07)

$     0.16

$   (0.04)

  Diluted 

$     0.08

$     0.08

$   (0.07)

$     0.15

$   (0.04)

 

EXAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

THREE MONTHS ENDED

SIX MONTHS ENDED

 OCTOBER 2, 

 JULY 3, 

 SEPTEMBER 27,  

 OCTOBER 2, 

 SEPTEMBER 27,  

2016

2016

2015

2016

2015

Net sales

$            20,400

$  19,636

$                        14,050

$            40,036

$                        30,856

Net sales, related party

7,201

7,500

8,705

14,701

20,082

   Total net sales

27,601

27,136

22,755

54,737

50,938

Cost of sales:

  Cost of sales (1) 

11,008

10,411

10,430

21,419

20,206

  Cost of sales, related party

2,581

2,769

3,906

5,350

8,822

    Restructuring charges and exit costs

225

-

740

225

740

  Proceeds from legal settlement

-

-

(1,500)

-

(1,500)

  Amortization of purchased intangible assets

594

594

626

1,188

1,239

       Total cost of sales

14,408

13,774

14,202

28,182

29,507

Gross profit

13,193

13,362

8,553

26,555

21,431

Operating expenses:

47.8%

49.2%

37.6%

48.5%

42.1%

  Research and development(2) 

4,945

4,931

5,844

9,876

12,273

  Selling, general and administrative (3)

7,752

6,564

7,163

14,316

14,909

  Restructuring charges and exit costs

-

923

977

923

2,207

  Merger and acquisition costs

415

855

-

1,270

544

  Impairment of design tools

-

1,519

-

1,519

-

  Gain on disposal of property

-

(9,300)

-

(9,300)

-

               Total operating expenses

13,112

5,492

13,984

18,604

29,933

Income (loss) from operations

81

7,870

(5,431)

7,951

(8,502)

Other income and expense, net:

   Interest income and other, net

85

2

(26)

87

(48)

   Interest expense and other, net

(29)

(38)

(45)

(67)

(93)

              Total other income (expense), net

56

(36)

(71)

20

(141)

Income (loss) before income taxes

137

7,834

(5,502)

7,971

(8,643)

Provision for (benefit from) income taxes

54

291

(3,412)

345

(4,199)

Net income (loss) from continuing operations

83

7,543

(2,090)

7,626

(4,444)

Net income (loss) from discontinued operations

925

1,397

(2,107)

2,322

(2,263)

Net income (loss)

$              1,008

$    8,940

$                        (4,197)

$              9,948

$                        (6,707)

Income (loss) per share — basic

  From continuing operations 

$                 0.00

$      0.15

$                          (0.04)

$                 0.15

$                          (0.09)

  From discontinued operations 

0.02

0.03

(0.04)

0.05

(0.05)

Income (loss) per share — basic

$                 0.02

$      0.18

$                          (0.08)

$                 0.20

$                          (0.14)

Income (loss) per share — diluted

  From continuing operations 

$                 0.00

$      0.15

$                          (0.04)

$                 0.15

$                          (0.09)

  From discontinued operations 

0.02

0.03

(0.04)

0.05

(0.05)

Income (loss) per share — diluted

$                 0.02

$      0.18

$                          (0.08)

$                 0.20

$                          (0.14)

Shares used in the computation of net income  (loss) per share:

  Basic

49,614

48,680

48,121

49,129

48,024

  Diluted

50,434

49,058

48,121

49,661

48,024

(1)Stock-based compensation included in cost of sales

$                  301

$       114

$                                79

$                  415

$                             159

(2)Stock-based compensation included in R&D

524

246

98

770

392

(3)Stock-based compensation included in SG&A

1,579

733

1,099

2,312

2,448

 

EXAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS  

(In thousands)

(Unaudited)

OCTOBER 2,

JULY 3,

MARCH 27,

2016

2016

2016

ASSETS

Current assets:

Cash and cash equivalents

$         96,382

$   85,276

$       55,070

Accounts receivable, net

15,693

15,539

16,130

Accounts receivable, related party, net

3,184

3,184

3,247

Inventories

23,245

22,104

20,807

Other current assets

2,000

2,179

1,922

Assets held for sale

89,745

92,688

93,911

Total current assets

230,249

220,970

191,087

Property, plant and equipment, net

4,984

5,159

20,299

Goodwill

31,613

31,613

31,613

Intangible assets, net

10,307

11,012

11,735

Other non-current assets

972

1,006

639

Total assets

$       278,125

$ 269,760

$     255,373

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities: 

Accounts payable

$            7,200

$   11,312

$       11,258

Accrued compensation and related benefits

2,839

2,273

2,984

Deferred income and allowances on sales to distributors

3,017

3,213

3,053

Deferred income and allowances on sales to distributors,
   related party

3,357

5,885

4,683

Other current liabilities

11,800

12,299

10,669

Liabilities held for sale

7,376

2,479

3,470

       Total current liabilities

35,589

37,461

36,117

Long-term lease financing obligations

428

856

1,285

Other non-current obligations 

4,094

4,314

3,422

Total liabilities

40,111

42,631

40,824

Stockholders' equity

238,014

227,129

214,549

Total liabilities and stockholders' equity

$       278,125

$ 269,760

$     255,373

 

EXAR CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(Unaudited)

THREE MONTHS ENDED
OCTOBER 2, 2016

Gross Margin

Oper. Expenses

Oper. Income

Net Income from
Cont. Operations

Oper. Income from
Disc. Operations

Net Income from
Disc. Operations

Net Income

 GAAP amount

$          13,193

$            13,112

$                 81

$                         83

$                      1,034

$                       925

$                    1,008

Adjustments to GAAP amounts:

   Amortization of purchased intangible assets

594

(108)

702

702

-

-

702

  Restructuring charges and other non-GAAP exit costs, net

243

-

243

243

-

-

243

   Stock-based compensation 

301

(2,103)

2,404

2,404

761

761

3,165

   Merger and acquisition costs

-

(415)

415

415

-

-

415

   Transition service and retention charges for disposal group

-

(279)

279

279

965

965

1,244

   Impairment of design tools

-

-

-

-

-

-

-

   Gain on disposal of property

-

398

(398)

(398)

-

-

(398)

   Income tax effects

-

-

-

111

-

112

223

Non-GAAP amount

$          14,331

$            10,605

$           3,726

$                    3,839

$                      2,760

$                    2,763

$                    6,602

% of revenue

51.9%

38.4%

13.5%

13.9%

N/A

Non-GAAP net income per share 

$                      0.08

$                      0.05

Shares used in the computation of Non-GAAP net income per share

51,165

51,165

THREE MONTHS ENDED
JULY 3, 2016

Gross Margin

Oper. Expenses

Oper. Income

Net Income from
Cont. Operations

Oper. Income from
Disc. Operations

Net Income from
Disc. Operations

Net Income

 GAAP amount

$          13,362

$               5,492

$           7,870

$                    7,543

$                      1,493

$                    1,397

$                    8,940

Adjustments to GAAP amounts:

   Amortization of purchased intangible assets

594

(125)

719

719

1,806

1,806

2,525

  Restructuring charges and other non-GAAP exit costs, net

-

(923)

923

923

109

109

1,032

   Stock-based compensation 

114

(979)

1,093

1,093

(52)

(52)

1,041

   Merger and acquisition costs

-

(855)

855

855

-

-

855

   Transition service for disposal group

-

(304)

304

304

-

-

304

   Impairment of design tools

-

(1,519)

1,519

1,519

-

-

1,519

   Gain on disposal of property

-

9,300

(9,300)

(9,300)

-

-

(9,300)

   Income tax effects

-

-

-

142

-

160

302

Non-GAAP amount

$          14,070

$            10,087

$           3,983

$                    3,798

$                      3,356

$                    3,420

$                    7,218

% of revenue

51.8%

37.2%

14.7%

14.0%

N/A

Non-GAAP net income per share 

$                      0.08

$                      0.07

Shares used in the computation of Non-GAAP net income per share

49,281

49,281

THREE MONTHS ENDED
SEPTEMBER 27, 2015

Gross Margin

Oper. Expenses

Oper. Income
(Expense)

Net Income (Loss)
from Cont.
Operations

Oper. Income from
Disc. Operations

Net Income (Loss)
from Disc.
Operations

Net Income (Loss)

 GAAP amount

$            8,553

$            13,984

$         (5,431)

$                  (2,090)

$                         180

$                  (2,107)

$                  (4,197)

Adjustments to GAAP amounts:

   Amortization of purchased intangible assets

626

(125)

751

751

2,650

2,650

3,401

  Restructuring charges and other non-GAAP exit costs, net

740

(977)

1,717

1,717

339

339

2,056

   Stock-based compensation 

79

(1,197)

1,276

1,276

176

176

1,452

   Proceeds from legal settlement

(1,500)

-

(1,500)

(1,500)

201

201

(1,299)

   Merger and acquisition costs

-

(43)

43

43

-

-

43

   Income tax effects

-

-

-

(3,417)

-

2,229

(1,188)

Non-GAAP amount

$            8,498

$            11,642

$         (3,144)

$                  (3,220)

$                      3,546

$                    3,488

$                       268

% of revenue

37.3%

51.2%

-13.8%

-14.2%

N/A

Non-GAAP net income (loss) per share 

$                    (0.07)

$                      0.07

Shares used in the computation of Non-GAAP net income (loss) per share

48,121

49,172

 

EXAR CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(Unaudited)

SIX MONTHS ENDED
OCTOBER 2, 2016

Gross Margin

Oper. Expenses

Oper. Income

Net Income from
Cont. Operations

Oper. Income from
Disc. Operations

Net Income from
Disc. Operations

Net Income

 GAAP amount

$          26,555

$            18,604

$           7,951

$                    7,626

$                      2,527

$                    2,322

$                    9,948

Adjustments to GAAP amounts:

   Amortization of purchased intangible assets

1,188

(233)

1,421

1,421

-

1,806

1,806

3,227

  Restructuring charges and other non-GAAP exit costs, net

243

(923)

1,166

1,166

-

109

109

1,275

   Stock-based compensation 

415

(3,082)

3,497

3,497

-

709

709

4,206

   Merger and acquisition costs

-

(1,270)

1,270

1,270

-

-

-

1,270

   Transition service and retention charges for disposal group

-

(583)

583

583

-

965

965

1,548

   Impairment of design tools

-

(1,519)

1,519

1,519

-

-

-

1,519

   Gain on disposal of property

-

9,698

(9,698)

(9,698)

-

-

-

(9,698)

   Income tax effects

-

-

-

253

-

-

272

525

Non-GAAP amount

$          28,401

$            20,692

$           7,709

$                    7,637

$                      6,116

$                    6,183

$                  13,820

% of revenue

51.9%

37.8%

14.1%

14.0%

N/A

Non-GAAP net income per share 

$                      0.15

$                      0.12

Shares used in the computation of Non-GAAP net income per share

50,323

50,323

SIX MONTHS ENDED
SEPTEMBER 27, 2015

Gross Margin

Oper. Expenses

Oper. Income
(Expense)

Net Income (Loss)
from Cont.
Operations

Oper. Income from
Disc. Operations

Net Income (Loss)
from Disc.
Operations

Net Income (Loss)

 GAAP amount

$          21,431

$            29,933

$         (8,502)

$                  (4,444)

$                         912

$                  (2,263)

$                  (6,707)

Adjustments to GAAP amounts:

   Amortization of purchased intangible assets

1,239

(269)

1,508

1,508

5,259

5,259

6,767

  Restructuring charges and other non-GAAP exit costs, net

740

(2,208)

2,948

2,948

745

745

3,693

   Stock-based compensation 

160

(2,839)

2,999

2,999

390

390

3,389

   Proceeds from legal settlement

(1,500)

-

(1,500)

(1,500)

201

201

(1,299)

   Merger and acquisition costs

-

(587)

587

587

124

124

711

   Income tax effects

-

-

-

(4,241)

-

3,033

(1,208)

Non-GAAP amount

$          22,070

$            24,030

$         (1,960)

$                  (2,143)

$                      7,631

$                    7,489

$                    5,346

% of revenue

43.3%

47.2%

-3.8%

-4.2%

N/A

Non-GAAP (loss) net income per share 

$                    (0.04)

$                      0.15

Shares used in the computation of Non-GAAP net income (loss) per share

48,024

49,661

 

 

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SOURCE Exar Corporation