Exar Corporation Announces Fiscal 2017 Third Quarter Financial Results

FREMONT, Calif., Feb. 1, 2017 /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 third quarter, which ended on January 1, 2017.  Unless otherwise indicated, all non-GAAP financial results exclude the financial results of the iML Display business, which the Company has divested, and are presented in the GAAP results as discontinued operations.

Fiscal 2017 Third Quarter Highlights

  • Net sales of $27.2 million, down 1% sequentially
  • GAAP gross margin of 49.4% (Non-GAAP gross margin of 53.4%)
  • GAAP operating loss of $0.6 million (Non-GAAP operating income of $3.5 million)
  • GAAP EPS from continuing operations of $(0.01) (Non-GAAP EPS of $0.07)
  • GAAP EPS from discontinued operations of $0.89 (Non-GAAP EPS of $0.02)
  • iML divestiture completed
  • Cash and equivalents, and short-term marketable securities of $228 million

Ryan Benton, Exar's Chief Executive Officer, commented, "Exar again delivered solid results for the third fiscal quarter of 2017.  Sales grew 7.6% compared to the third quarter of fiscal 2016. Our financial results include reaching a non-GAAP gross margin of 53.4%, up 730 basis points from the same period a year ago, and at a level not seen at Exar in almost a decade."

Mr. Benton added, "Our financial results reflect the success we are having in executing on our strategy. We are seeing the benefits of partnering with tier-one technology leaders to deliver high-value advanced power management and interface technology solutions.  At the same time we have made tremendous improvements in our competitiveness by increasing the efficiency of our Company's supply chain.  Both of these efforts offer additional efficiencies going forward, and I am pleased with our continued progress."

Fiscal 2017 Third 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.

  • Net Sales
    • Third quarter net sales of $27.2 million decreased $0.4 million, or 1.4%, from the previous quarter's $27.6 million, and increased 7.6% from the $25.3 million from the same period a year ago.
  • Gross Margin
    • GAAP gross margin of 49.4% increased from 47.8% reported in the previous quarter and the 43.4% reported in the third quarter last year.
    • Non-GAAP gross margin of 53.4% increased from 51.9% reported in the previous quarter and the 46.1% reported in the third quarter last year.
  • Operating Expenses
    • GAAP operating expenses of $14.1 million increased $1.0 million and decreased $0.1 million from the previous quarter's expenses of $13.1 million and the same period a year ago expenses of $14.2 million, respectively. Fiscal 2017 third quarter operating expenses included a charge of $3.2 million stock-based compensation expense.
    • Non-GAAP operating expenses of $11.0 million increased by $0.4 million and $0.3 million from the previous quarter's operating expenses of $10.6 million and from the same quarter in the prior year's expenses of $10.7 million, respectively.
  • Net Income/Loss
    • GAAP net loss was $0.3 million, compared to net income of $0.1 million reported in the previous quarter, and compared to a net loss of $2.0 million reported in the third quarter of fiscal 2016. Note that the continuing operations do not include a gain of $45.4 million related to the divestiture of our iML subsidiary, which is classified as part of discontinued operations.
    • Non-GAAP net income of $3.4 million decreased $0.4 million from the previous quarter's net income of $3.8 million and increased $2.5 million from the $0.9 million reported in the third quarter of fiscal 2016.
  • Earnings/Loss Per Share
    • GAAP loss per share was $0.01, compared to $0.00 reported in the previous quarter and a loss per share of $0.04 reported in the same period a year ago.
    • Non-GAAP diluted earnings per share were $0.07, compared to $0.08 reported in the previous quarter, and the $0.02 reported in the third period a year ago.

Keith Tainsky, Exar's Chief Financial Officer, stated, "We remain committed to our goal of delivering predictable operating results and increasing shareholder value.  Our continued efforts to drive efficiency and increased competitiveness through the supply chain are paying enormous dividends."  Mr. Tainsky continued, "Even as the funnel of advanced product design wins grows, we will keep the pressure and focus on continual improvement in our supply chain."

Fiscal 2017 Fourth Quarter Guidance:
For the fiscal 2017 fourth quarter ending April 2, 2017, the Company expects results to be as follows:

  • Net sales: $27.7 million, plus or minus $0.5 million
  • GAAP gross margin: 50.0% to 52.0% (Non-GAAP 53.0% to 55.0%)
  • GAAP operating expenses: $13.0 million to $14.0 million (Non-GAAP $11.0 million to $11.5 million)
  • GAAP EPS: $0.00 to $0.03 (Non-GAAP $0.07 to $0.09)

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, February 1, 2017 at 4:45 p.m. EST (1:45 p.m. PST). To access the conference call, please dial (918) 534-8424 or (844) 359-0802.  The passcode for the live call is 49098807.  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 that the Company will continue to execute on its strategies, increase design wins, and keeping pressure and focus on continual improvements in our supply chain and the Company's financial outlook expectations for the fourth quarter ending April 2, 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, 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, the financial results of the iML Display business as well as the gain recognized from the sale of the iML business, 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.  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 has divested, 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 has divested, and are presented as discontinued operations.

FINANCIAL COMPARISON

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

GAAP Results

THREE MONTHS ENDED

NINE MONTHS ENDED

 JANUARY 1, 2017 

 OCTOBER 2, 2016 

 DECEMBER 27, 2015 

 JANUARY 1, 2017 

DECEMBER 27, 2015 

Industrial

$ 19,141

70%

$ 19,042

69%

$ 16,851

66%

$ 56,619

69%

$  53,450

70%

Infrastructure

4,034

15%

5,065

18%

4,308

17%

14,695

18%

11,006

14%

Audio/Video

2,721

10%

1,840

7%

2,764

11%

6,413

8%

6,726

9%

Automotive

772

3%

961

3%

920

4%

2,512

3%

2,725

4%

Other

554

2%

693

3%

467

2%

1,720

2%

2,341

3%

Net Sales

$ 27,222

100%

$ 27,601

100%

$ 25,310

100%

$ 81,959

100%

$  76,248

100%

Gross Profit

$ 13,456

49%

$ 13,193

48%

$ 10,975

43%

$ 40,011

49%

$  32,406

43%

Operating Expenses

$ 14,073

52%

$ 13,112

48%

$ 14,154

56%

$ 32,677

40%

$  44,087

58%

Income (loss) from operations

$    (617)

-2%

$        81

0%

$ (3,179)

-13%

$   7,334

9%

$ (11,681)

-15%

Net income (loss) from continuing operations

$    (281)

-1%

$        83

0%

$ (2,045)

-8%

$   7,345

9%

$   (6,489)

-9%

Net income (loss) per share from continuing operations

  Basic 

$   (0.01)

$     0.00

$   (0.04)

$     0.15

$     (0.13)

  Diluted 

$   (0.01)

$     0.00

$   (0.04)

$     0.15

$     (0.13)

Non-GAAP Results

THREE MONTHS ENDED

NINE MONTHS ENDED

 JANUARY 1, 2017 

 OCTOBER 2, 2016 

 DECEMBER 27, 2015 

 JANUARY 1, 2017 

 DECEMBER 27, 2015 

Gross Profit

$ 14,523

53%

$ 14,331

52%

$ 11,667

46%

$ 42,924

52%

$  33,737

44%

Operating Expenses

$ 11,040

41%

$ 10,605

38%

$ 10,677

42%

$ 31,732

39%

$  34,685

45%

Income from operations

$   3,483

13%

$   3,726

13%

$      990

4%

$ 11,192

14%

$      (948)

-1%

Net income (loss) from continuing operations

$   3,434

13%

$   3,839

14%

$      888

4%

$ 11,071

14%

$   (1,233)

-2%

Net income (loss) per share from continuing operations

  Basic 

$     0.07

$     0.08

$     0.02

$     0.22

$     (0.03)

  Diluted 

$     0.07

$     0.08

$     0.02

$     0.22

$     (0.03)

 

EXAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

THREE MONTHS ENDED

NINE MONTHS ENDED

 JANUARY 1, 

 OCTOBER 2, 

 DECEMBER 27, 

 JANUARY 1, 

 DECEMBER 27, 

2017

2016

2015

2017

2015

Net sales

$           18,845

$             20,400

$                 16,884

$           58,881

$                 47,740

Net sales, related party

8,377

7,201

8,426

23,078

28,508

               Total net sales

27,222

27,601

25,310

81,959

76,248

Cost of sales:

  Cost of sales (1) 

10,054

11,008

9,716

31,473

29,922

  Cost of sales, related party

3,118

2,581

4,025

8,468

12,847

  Restructuring charges and exit costs

-

225

-

225

740

  Proceeds from legal settlement

-

-

-

-

(1,500)

  Amortization of purchased intangible assets

594

594

594

1,782

1,833

               Total cost of sales

13,766

14,408

14,335

41,948

43,842

Gross profit

13,456

13,193

10,975

40,011

32,406

Operating expenses:

49.4%

47.8%

43.4%

48.8%

42.5%

  Research and development(2) 

4,964

4,945

4,734

14,840

17,007

  Selling, general and administrative (3)

9,109

7,752

6,781

23,425

21,690

  Restructuring charges and exit costs

-

-

2,639

923

4,846

  Merger and acquisition costs

-

415

-

1,270

544

  Impairment of design tools

-

-

-

1,519

-

  Gain on disposal of property

-

-

-

(9,300)

-

               Total operating expenses

14,073

13,112

14,154

32,677

44,087

Income (loss) from operations

(617)

81

(3,179)

7,334

(11,681)

Other income and expense, net:

   Interest income and other, net

212

85

(12)

299

(60)

   Interest expense and other, net

(80)

(29)

(65)

(147)

(158)

              Total other income (expense), net

132

56

(77)

152

(218)

Income (loss) before income taxes

(485)

137

(3,256)

7,486

(11,899)

Provision for (benefit from) income taxes

(204)

54

(1,211)

141

(5,410)

Net income (loss) from continuing operations

(281)

83

(2,045)

7,345

(6,489)

Net income (loss) from discontinued operations

45,660

925

(5,092)

47,982

(7,355)

Net income (loss)

$           45,379

$               1,008

$                 (7,137)

$           55,327

$               (13,844)

Income (loss) per share — basic

  From continuing operations 

$             (0.01)

$                 0.00

$                   (0.04)

$               0.15

$                   (0.13)

  From discontinued operations 

0.91

0.02

(0.11)

0.97

(0.15)

Income (loss) per share — basic

$               0.90

$                 0.02

$                   (0.15)

$               1.12

$                   (0.28)

Income (loss) per share — diluted

  From continuing operations 

$             (0.01)

$                 0.00

$                   (0.04)

$               0.15

$                   (0.13)

  From discontinued operations 

0.89

0.02

(0.11)

0.95

(0.15)

Income (loss) per share — diluted

$               0.88

$                 0.02

$                   (0.15)

$               1.10

$                   (0.28)

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

  Basic

50,409

49,614

48,386

49,548

48,146

  Diluted

51,365

50,434

48,386

50,261

48,146

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

$                473

$                  301

$                        98

$                888

$                      257

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

926

524

116

1,696

508

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

2,234

1,579

597

4,546

3,045

 

EXAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS  

(In thousands)

(Unaudited)

JANUARY 1,

OCTOBER 2,

MARCH 27,

2017

2016

2016

ASSETS

Current assets:

Cash and cash equivalents

$         102,023

$             96,382

$         55,070

Short term marketable securities

125,621

-

-

Accounts receivable, net

12,842

15,693

16,130

Accounts receivable, related party, net

4,977

3,184

3,247

Inventories

24,221

23,245

20,807

Other current assets

3,081

2,000

1,922

Assets held for sale

-

89,745

93,911

Total current assets

272,765

230,249

191,087

Property, plant and equipment, net

3,926

4,984

20,299

Goodwill

31,613

31,613

31,613

Intangible assets, net

9,602

10,307

11,735

Other non-current assets

5,605

972

639

Total assets

$         323,511

$           278,125

$       255,373

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities: 

Accounts payable

$             9,558

$               7,200

$         11,258

Accrued compensation and related benefits

2,276

2,839

2,984

Deferred income and allowances on sales to distributors

3,221

3,017

3,053

Deferred income and allowances on sales to distributors,
   related party

2,988

3,357

4,683

Other current liabilities

10,200

11,800

10,669

Liabilities held for sale

-

7,376

3,470

       Total current liabilities

28,243

35,589

36,117

Long-term lease financing obligations

-

428

1,285

Other non-current obligations 

3,536

4,094

3,422

Total liabilities

31,779

40,111

40,824

Stockholders' equity

291,732

238,014

214,549

Total liabilities and stockholders' equity

$         323,511

$           278,125

$       255,373

 

EXAR CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(Unaudited)

THREE MONTHS ENDED
JANUARY 1, 2017

Gross Margin

Oper. Expenses

Income/Loss from
Oper.

Net Income from
Cont. Operations

Oper. Income from
Disc. Operations

Net Income from
Disc. Operations

Net Income

 GAAP amount

$           13,456

$  14,073

$                      (617)

$                     (281)

$               136

$                 45,660

$      45,379

Adjustments to GAAP amounts:

   Amortization of purchased intangible assets

594

(108)

702

702

-

-

702

   Stock-based compensation 

473

(3,160)

3,633

3,633

209

209

3,842

   Transition service and retention charges for disposal group

-

(163)

163

163

621

621

784

   Gain on disposal of property

-

398

(398)

(398)

-

-

(398)

   Gain on divestiture of Integrated Memory Logic

-

-

-

-

-

(45,384)

(45,384)

   Income tax effects

-

-

-

(385)

-

-

(385)

Non-GAAP amount

$           14,523

$  11,040

$                     3,483

$                    3,434

$               966

$                   1,106

$        4,540

% of revenue

53.4%

40.6%

12.8%

12.6%

N/A

Non-GAAP net income per share 

$                      0.07

$                     0.02

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

52,394

52,394

THREE MONTHS ENDED
OCTOBER 2, 2016

Gross Margin

Oper. Expenses

Income from Oper.

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

   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
DECEMBER 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

$           10,975

$  14,154

$                   (3,179)

$                  (2,045)

$          (3,675)

$                  (5,092)

$      (7,137)

Adjustments to GAAP amounts:

   Amortization of purchased intangible assets

594

(125)

719

719

2,677

2,677

3,396

   Restructuring charges and other non-GAAP exit costs, net

-

(2,639)

2,639

2,639

7

7

2,646

   Stock-based compensation 

98

(713)

811

811

231

231

1,042

   Accruals for legal settlement and associated costs

-

-

-

-

1,498

1,498

1,498

   Impairment of intangible assets

-

-

-

-

1,807

1,807

1,807

   Income tax effects

-

-

-

(1,236)

-

1,361

125

Non-GAAP amount

$           11,667

$  10,677

$                        990

$                       888

$            2,545

$                   2,489

$        3,377

% of revenue

46.1%

42.2%

3.9%

3.5%

N/A

Non-GAAP net income per share 

$                      0.02

$                     0.05

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

49,064

49,064

EXAR CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(Unaudited)

NINE MONTHS ENDED
JANUARY 1, 2017

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

$           40,011

$  32,677

$                     7,334

$                    7,345

$            2,663

$                 47,982

$      55,327

Adjustments to GAAP amounts:

   Amortization of purchased intangible assets

1,782

(341)

2,123

2,123

1,806

1,806

3,929

   Restructuring charges and other non-GAAP exit costs, net

243

(923)

1,166

1,166

109

109

1,275

   Stock-based compensation 

888

(6,242)

7,130

7,130

918

918

8,048

   Merger and acquisition costs

-

(1,270)

1,270

1,270

-

-

1,270

   Transition service and retention charges for disposal group

-

(746)

746

746

1,586

1,586

2,332

   Impairment of design tools

-

(1,519)

1,519

1,519

-

-

1,519

   Gain on disposal of property

-

10,096

(10,096)

(10,096)

-

-

(10,096)

   Gain on divestiture of Integrated Memory Logic

-

-

-

-

-

(45,384)

(45,384)

   Income tax effects

-

-

-

(132)

-

272

140

Non-GAAP amount

$           42,924

$  31,732

$                   11,192

$                  11,071

$            7,082

$                   7,289

$      18,360

% of revenue

52.4%

38.7%

13.7%

13.5%

N/A

Non-GAAP net income per share 

$                      0.22

$                     0.14

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

50,960

50,960

NINE MONTHS ENDED
DECEMBER 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

$           32,406

$  44,087

$                 (11,681)

$                  (6,489)

$          (2,763)

$                  (7,355)

$    (13,844)

Adjustments to GAAP amounts:

   Amortization of purchased intangible assets

1,833

(394)

2,227

2,227

7,936

7,936

10,163

   Restructuring charges and other non-GAAP exit costs, net

740

(4,869)

5,609

5,609

752

752

6,361

   Stock-based compensation 

258

(3,552)

3,810

3,810

621

621

4,431

   Accruals for legal settlement and associated costs

(1,500)

-

(1,500)

(1,500)

1,699

1,699

199

   Impairment of intangible assets

-

-

1,807

1,807

1,807

   Merger and acquisition costs

-

(587)

587

587

124

124

711

   Income tax effects

-

-

-

(5,477)

-

4,394

(1,083)

Non-GAAP amount

$           33,737

$  34,685

$                      (948)

$                  (1,233)

$          10,176

$                   9,978

$        8,745

% of revenue

44.2%

45.5%

-1.2%

-1.6%

N/A

Non-GAAP net income (loss) per share 

$                    (0.03)

$                     0.20

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

48,146

49,512

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/exar-corporation-announces-fiscal-2017-third-quarter-financial-results-300400691.html

SOURCE Exar Corporation