0001437749-13-013573.txt : 20131029 0001437749-13-013573.hdr.sgml : 20131029 20131029161626 ACCESSION NUMBER: 0001437749-13-013573 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131029 DATE AS OF CHANGE: 20131029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXAR CORP CENTRAL INDEX KEY: 0000753568 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 941741481 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36012 FILM NUMBER: 131176586 BUSINESS ADDRESS: STREET 1: 48720 KATO ROAD STREET 2: 48720 KATO ROAD CITY: FREMONT STATE: CA ZIP: 94538 BUSINESS PHONE: 5106687000 MAIL ADDRESS: STREET 1: 48720 KATO RD CITY: FREMONT STATE: CA ZIP: 94538-1167 8-K 1 exar20131029_8k.htm FORM 8-K exar20131029_8k.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

 

FORM 8-K

 

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

October 29, 2013

Date of Report (Date of earliest event reported)

 

Commission File No. 0-14225

 

 

 

 

EXAR CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

Delaware

 

94-1741481

(State or other jurisdiction of

incorporation)

 

(I.R.S. Employer

Identification Number)

 

48720 Kato Road, Fremont, CA 94538

(Address of principal executive offices, zip code)

 

(510) 668-7000

(Registrant’s telephone number, including area code)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 
 
 

 

 

 

 

 

Item 2.02. 

Results of Operations and Financial Condition

 

On October 29, 2013, Exar Corporation (the “Company”) issued a press release announcing its financial results for the second fiscal quarter ended September 29, 2013. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

 

The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

 

The Company reports its financial results in accordance with GAAP. Additionally, the Company supplements reported GAAP financials with non-GAAP measures which are included in related press releases and reports furnished to the SEC, copies of which are available at the Company’s website: http://www.exar.com or the SEC’s website at: http://www.sec.gov. In this Current Report on Form 8-K, in the attached press release and in related comments by management, we are disclosing non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income or loss, non-GAAP net income or loss, and non-GAAP basic and diluted net income or loss per share, which are adjusted to exclude from our GAAP results all stock-based compensation expense, amortization of acquired intangible assets and inventory step-up, restructuring charges and exit costs, provisions for dispute resolutions, certain income tax benefits and credits, certain warranty charges, net change in the fair value of contingent consideration, and related income tax effects on certain excluded items. We are also disclosing 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 IP. These non-GAAP measures are presented in part to enhance the understanding of the Company’s historical financial performance and comparability between reporting periods. The Company believes the non-GAAP presentation, when shown in conjunction with the corresponding GAAP measures, provides relevant and useful information to analysts, investors, management and other interested parties. For its internal purposes, the Company uses the foregoing non-GAAP measures to evaluate performance across reporting periods, determine certain employee benefits as well as plan for and forecast the Company’s future periods. These non-GAAP measures are not in accordance with, or an alternative for measures prepared in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. A reconciliation of the non-GAAP numbers to the most comparable GAAP numbers is provided in the tables included with this press release.

 

A supplemental reconciliation of GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of the press release attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 8.01. 

Other Events

 

The Company hereby makes the following additional disclosures:

 

Mr. Richard L. Leza, as the Chairman of the Board of Directors of the Company and Lead Director, presides over the executive sessions of the non-employee and independent directors of the Company. A stockholder or interested party that desires to communicate directly with the Board of Directors or one or more of its members concerning the affairs of the Company shall direct the communication in written correspondence by letter to Exar Corporation, attention Secretary, 48760 Kato Road, Fremont, California 94538.

 

 

 

Item 9.01. 

Financial Statements and Exhibits

 

 

(d)

Exhibits.

 

99.1

  

Press Release of Exar Corporation dated October 29, 2013.

 

 
 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

EXAR CORPORATION

 

(Registrant)

 

  

Date: October 29, 2013

/s/    Ryan A. Benton        

 

Ryan A. Benton

 

Senior Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

 

 

 

 

 

 

 

 

 

 EX-99 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1 

 

Press Release

CONFIDENTIAL

 

Exar Corporation Announces Second Quarter Fiscal 2014 Results

Company Reports Sequential and Year-Over-Year Growth

In Quarterly Revenue and Net Income

 

Fremont, CA, October 29, 2013 – Exar Corporation (NYSE: EXAR), a leading supplier of high performance analog mixed-signal components and data management solutions, today announced financial results for the Company’s second quarter of fiscal year 2014, ended September 29, 2013. Revenue for the quarter was $34.0 million, an increase of 4% sequentially and 11% from the same quarter a year ago.

 

On a non-GAAP basis gross margin was 52% and non-GAAP net income was $5.1 million, or $0.10 per fully diluted share. On a GAAP basis gross margin was 41%, net income was $6.5 million and earnings per fully diluted share were $0.13. GAAP results reflect an income tax benefit recorded as a result of the acquisition of Cadeka Microcircuits on July 5, 2013.

 

Louis DiNardo, the Company’s President and CEO, commented, “We are pleased with our performance in the second quarter of fiscal year 2014 as revenue grew nicely both sequentially and year-over-year. During the quarter we absorbed the acquisition of Cadeka Microcircuits and delivered solid non-GAAP net income growth of 7% sequentially and 80% versus the same quarter a year ago.

 

“As we focus on the second half of fiscal 2014 we expect to expand our account base in the networking market and achieve deeper account penetration with our current industrial customers. The second quarter marks a turning point for us as we are now well positioned to drive growth from new products,” continued Mr. DiNardo. “In Data Management we began shipping evaluation boards of our next-generation coprocessor. The XR9200 ASIC and the DX2000 Series of PCIe Gen 3 cards deliver unparalleled performance for compression and security and our new AltraHD (Hadoop) platform solution, which leverages our existing DX1840 Series PCIe Cards, paves the way for our effort in the unstructured Big Data environment. In our components businesses new product introductions in High Performance Analog and Connectivity are leading the way to robust design win traction in the industrial sector.”

 

Mr. DiNardo concluded, “While we have demonstrated revenue growth for the past six quarters, we are sensitive to the short-term challenges faced by our existing customers in Big Data. Accordingly, we see a temporary depression this quarter from revenue in the networking area as our OEM customers and subcontractors consume their inventory. Meanwhile, our new design wins are expected to ramp to production in the New Year, positioning us well for growth in all of our target markets based on revenue from new products.”

 

For the third quarter of fiscal year 2014 the Company expects total revenue to be in the range of $30.5 to $33.5 million and gross margin to be in the range of 50% to 52%.

 

 
 
 

 

Page 2

NON-GAAP FINANCIAL COMPARISON

(In millions, except per share amounts)

(Unaudited)

 

   

THREE MONTHS ENDED

    

SIX MONTHS ENDED

  
   

SEPTEMBER 29,

2013

    

JUNE 30,

2013

    

SEPTEMBER 30,

2012

    

SEPTEMBER 29,

2013

    

SEPTEMBER 30,

2012

  

Net sales

   $ 34.0     $ 32.6     $ 30.6     $ 66.6     $ 59.9  

Gross margin

     52.0 %     52.3 %     46.7 %     52.1 %     47.0 %

Income from operations

   $ 4.8     $ 4.6     $ 2.2     $ 9.4     $ 3.1  

Net income

   $ 5.1     $ 4.8     $ 2.9     $ 9.9     $ 4.3  

Net income per share

                                        

Basic

  $ 0.11     $ 0.10     $ 0.06     $ 0.21     $ 0.09  

Diluted

  $ 0.10     $ 0.10     $ 0.06     $ 0.20     $ 0.09  

 

GAAP FINANCIAL COMPARISON

(In millions, except per share amounts)

(Unaudited)

 

   

THREE MONTHS ENDED

    

SIX MONTHS ENDED

  
   

SEPTEMBER 29,

2013

    

JUNE 30,

2013

    

SEPTEMBER 30,

2012

    

SEPTEMBER 29,

2013

    

SEPTEMBER 30,

2012

  

Net sales

   $ 34.0     $ 32.6     $ 30.6     $ 66.6     $ 59.9  

Gross margin

     40.9 %     47.4 %     43.5 %     44.1 %     43.8 %

Income (loss) from operations

   $ (0.6 )   $ 0.5     $ (0.4 )   $ (0.1 )   $ (1.5 )

Net income (loss)

   $ 6.5     $ 0.8     $ 0.3     $ 7.3     $ (0.3 )

Net income (loss) per share

                                        

Basic

  $ 0.14     $ 0.02     $ 0.01     $ 0.15     $ (0.01 )

Diluted

  $ 0.13     $ 0.02     $ 0.01     $ 0.15     $ (0.01 )

 

Fiscal Year 2014 Second Quarter Results Conference Call

 

The Company invites investors, financial analysts, and the general public to listen to its conference call discussing the Company’s financial results for the second quarter of fiscal year 2014, today, Tuesday, October 29, 2013 at 1:45 p.m. PDT (4:45 p.m. EDT). To access the conference call, please dial (888) 846-5003 or (480) 629-9856. In addition, a live webcast will be available.

 

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

 

About Exar

 

Exar Corporation designs, develops and markets high-performance, analog mixed-signal integrated circuits and advanced sub-system solutions for the Networking & Storage, Industrial & Embedded Systems, and Communications Infrastructure markets. Exar's product portfolio includes power management and connectivity components, high-performance analog and mixed-signal products, communications products, and network security and storage optimization solutions. Exar has locations worldwide providing real-time customer support. For more information about Exar, visit http://www.exar.com.

 

 
 
 

 

Page 3

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. 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. The forward-looking statements contained in this press release and in related comments by our management, our use of the words "expect," "anticipate," "possible," "potential," "target," "believe," "commit," "intend," "continue," "may," "would," "could," "should," "project," "projected," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. These statements are not guarantees of any event or future performance, involve risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from what is expressed herein. In any forward-looking statement in which the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis at the time expressed, but there can be no assurance that the statement or expectation or belief will result or be achieved or accomplished and the Company disclaims any duty to update such statements. The Company urges investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K for the fiscal year ended March 31, 2013 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2013.

 

Generally Accepted Accounting Principles

 

The Company reports its financial results in accordance with GAAP. Additionally, the Company supplements reported GAAP financials with non-GAAP measures which are included in related press releases and reports furnished to the SEC, copies of which are available at the Company’s website: http://www.exar.com or the SEC’s website at: http://www.sec.gov. In this press release and in related comments by management, we are disclosing non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income or loss, non-GAAP net income or loss, and non-GAAP basic and diluted net income or loss per share, which are adjusted to exclude from our GAAP results all stock-based compensation expense, amortization of acquired intangible assets and inventory step-up, restructuring charges and exit costs, provisions for dispute resolutions, certain income tax benefits and credits, certain warranty charges, net change in the fair value of contingent consideration, and related income tax effects on certain excluded items. We are also disclosing 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 IP. These non-GAAP measures are presented in part to enhance the understanding of the Company’s historical financial performance and comparability between reporting periods. The Company believes the non-GAAP presentation, when shown in conjunction with the corresponding GAAP measures, provides relevant and useful information to analysts, investors, management and other interested parties. For its internal purposes, the Company uses the foregoing non-GAAP measures to evaluate performance across reporting periods, determine certain employee benefits as well as plan for and forecast the Company’s future periods. These non-GAAP measures are not in accordance with, or an alternative for measures prepared in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. A reconciliation of the non-GAAP numbers to the most comparable GAAP numbers is provided in the tables included with this press release.

 

For Press Inquiries Contact: 

 

For Investor Relations Contact: investorrelations@exar.com, or

Laura J. Guerrant-Oiye, Guerrant Associates

Phone: (510) 668 7201

 

 

-Tables follow-

 

 
 
 

 

Page 4

 

EXAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

   

THREE MONTHS ENDED

    

SIX MONTHS ENDED

  
   

SEPTEMBER 29,

2013

    

JUNE 30,

2013

    

SEPTEMBER 30,

2012

    

SEPTEMBER 29,

2013

    

SEPTEMBER 30,

2012

  
                                         
                                         
                                         

Net sales

   $ 24,978     $ 23,858     $ 21,528     $ 48,836     $ 40,975  

Net sales, related party

     9,040       8,769       9,094       17,809       18,898  

Total net sales

     34,018       32,627       30,622       66,645       59,873  
                                         

Cost of sales:

                                        

Cost of sales (1)

    12,371       11,812       12,054       24,183       22,924  

Cost of sales, related party

     4,156       3,907       4,380       8,063       8,892  

Amort. of purchased intangible assets and inventory step-up

     2,098       1,350       858       3,448       1,777  

Warranty Reserve

     1,440       -       -       1,440       -  

Restructuring charges and exit costs

     24       81       -       105       81  

Total cost of sales

     20,089       17,150       17,292       37,239       33,674  

Gross profit

     13,929       15,477       13,330       29,406       26,199  

Operating expenses:

                                        

Research and development (2)

    7,136       6,180       5,773       13,316       11,222  

Selling, general and administrative (3)

     9,376       7,354       7,639       16,730       15,421  

Restructuring charges and exit costs, net

     384       931       291       1,315       1,095  

Merger and acquisition costs

     144       465       -       609       -  

Net change in fair value of contingent consideration

     (2,495 )     -       -       (2,495 )     -  

Total operating expenses

     14,545       14,930       13,703       29,475       27,738  

Income (loss) from operations

     (616 )     547       (373 )     (69 )     (1,539 )
                                         

Other income and expense, net:

                                        

Interest income and other, net

     372       287       674       659       1,320  

Interest expense

     (41 )     (37 )     (38 )     (78 )     (72 )

Total other income and expense, net

     331       250       636       581       1,248  
                                         

Income (loss) before income taxes

     (285 )     797       263       512       (291 )

Provision for (benefit from) income taxes

     (6,767 )     (9 )     -       (6,776 )     22  
                                         

Net income (loss)

   $ 6,482     $ 806     $ 263     $ 7,288     $ (313 )

Net income (loss) per share:

                                        

Basic

   $ 0.14     $ 0.02     $ 0.01     $ 0.15     $ (0.01 )

Diluted

   $ 0.13     $ 0.02     $ 0.01     $ 0.15     $ (0.01 )
                                         

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

                                        

Basic

     47,496       46,805       45,720       47,151       45,554  

Diluted

     49,150       48,085       46,046       48,647       45,554  
                                         

(1) Equity compensation included in cost of sales

   $ 212     $ 142     $ 129     $ 354     $ 114  

(2) Equity compensation included in R&D

     689       140       236       829       109  

(3) Equity compensation included in SG&A

     2,722       805       982       3,527       1,298  

 

 
 
 

 

Page 5

 

EXAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

(Unaudited)

 

   

SEPTEMBER 29,

2013

    

MARCH 31,

2013

  

ASSETS

                
                 

Current assets:

                

Cash and cash equivalents

   $ 10,051     $ 14,718  

Short-term marketable securities

     174,862       190,587  

Accounts receivable (net of allowances of $1,124 and $944)

     17,236       12,614  

Accounts receivable, related party (net of allowances of $798 and $346)

     3,223       3,374  

Inventories

     19,841       19,430  

Assets held for sale

     13,083       -  

Other current assets

     3,474       3,177  

Total current assets

     241,770       243,900  
                 

Property, plant and equipment, net

     9,153       24,100  

Goodwill

     29,573       10,356  

Intangible assets, net

     30,054       13,338  

Other non-current assets

     1,482       1,474  
                 

Total assets

   $ 312,032     $ 293,168  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

                
                 

Current liabilities:

               

Accounts payable

   $ 12,782     $ 9,455  

Accrued compensation and related benefits

     3,770       3,624  

Deferred income and allowances on sales to distributors

     2,150       2,399  

Deferred income and allowances on sales to distributors, related party

     9,056       9,475  

Other current liabilities

     14,375       15,215  

Total current liabilities

     42,133       40,168  
                 

Long-term lease financing obligations

     456       1,342  

Other non-current obligations

    12,550       11,204  

Total liabilities

     55,139       52,714  
                 

Stockholders' equity

     256,893       240,454  

Total liabilities and stockholders' equity

   $ 312,032     $ 293,168  

 

 
 
 

 

Page 6

 

EXAR CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(Unaudited)

 

   

THREE MONTHS ENDED

    

SIX MONTHS ENDED

  
   

SEPTEMBER 29,

2013

    

JUNE 30,

2013

    

SEPTEMBER 30,

2012

    

SEPTEMBER 29,

2013

    

SEPTEMBER 30,

2012

  
                                         

Net Sales

   $ 34,018     $ 32,627     $ 30,622     $ 66,645     $ 59,873  
                                         

GAAP gross profit

   $ 13,929     $ 15,477     $ 13,330     $ 29,406     $ 26,199  

GAAP gross margin

     40.9 %     47.4 %     43.5 %     44.1 %     43.8 %

Stock-based compensation

     212       142       129       354       114  

Amort. of purchased intangible assets and inventory step-up

     2,098       1,350       853       3,448       1,733  

Warranty Reserve

     1,440       -       -       1,440       -  

Restructuring charges and exit costs

     24       81       -       105       81  

Non-GAAP gross profit

  $ 17,703     $ 17,050     $ 14,312     $ 34,753     $ 28,127  

Non-GAAP gross margin

    52.0 %     52.3 %     46.7 %     52.1 %     47.0 %
                                         

GAAP operating expenses

   $ 14,545     $ 14,930     $ 13,703     $ 29,475     $ 27,738  

Stock-based compensation - R&D

     689       140       236       829       109  

Stock-based compensation - SG&A

     2,722       805       982       3,527       1,298  

Amortization of purchased intangible assets

    247       107       107       354       227  

Restructuring charges and exit costs, net

     384       931       291       1,315       1,095  

Merger and acquisition costs

     144       465       -       609       -  

Net change in fair value of contingent consideration

     (2,495 )     -       -       (2,495 )     -  

Non-GAAP operating expenses

   $ 12,854     $ 12,482     $ 12,087     $ 25,336     $ 25,009  
                                         

GAAP operating income (loss)

   $ (616 )   $ 547     $ (373 )   $ (69 )   $ (1,539 )

Stock-based compensation

    3,623       1,087       1,347       4,710       1,521  

Amort. of purchased intangible assets and inventory step-up

     2,345       1,457       960       3,802       1,960  

Warranty Reserve

     1,440       -       -       1,440       -  

Restructuring charges and exit costs, net

     408       1,012       291       1,420       1,176  

Merger and acquisition costs

     144       465       -       609       -  

Net change in fair value of contingent consideration

     (2,495 )     -       -       (2,495 )     -  

Non-GAAP operating income

  $ 4,849     $ 4,568     $ 2,225     $ 9,417     $ 3,118  
                                         

GAAP net income (loss)

   $ 6,482     $ 806     $ 263     $ 7,288     $ (313 )

Stock-based compensation

    3,623       1,087       1,347       4,710       1,521  

Amort. of purchased intangible assets and inventory step-up

     2,345       1,457       960       3,802       1,960  

Warranty Reserve

     1,440       -       -       1,440       -  

Restructuring charges and exit costs, net

     408       1,012       291       1,420       1,176  

Merger and acquisition costs

     144       465       -       609       -  

Net change in fair value of contingent consideration

     (2,495 )     -       -       (2,495 )     -  

Income tax effects

     (6,812 )     (30 )     (6 )     (6,842 )     (45 )

Non-GAAP net income

  $ 5,135     $ 4,797     $ 2,855     $ 9,932     $ 4,299  
                                         

GAAP net income (loss) per share

                                        

Basic

   $ 0.14     $ 0.02     $ 0.01     $ 0.15     $ (0.01 )

Diluted

   $ 0.13     $ 0.02     $ 0.01     $ 0.15     $ (0.01 )
                                         

Non-GAAP net income (loss) per share

                                       

Basic

   $ 0.11     $ 0.10     $ 0.06     $ 0.21     $ 0.09  

Diluted

   $ 0.10     $ 0.10     $ 0.06     $ 0.20     $ 0.09  
                                         
                                         

Net cash provided (used) by operations

   $ 3,569     $ 983     $ 2,304     $ 4,552     $ 43  

Less purchases of fixed assets and IP

     (400 )     (349 )     (646 )     (749 )     (1,106 )

Add proceeds from sale of IP

     -       125       125       125       125  

Free cash flow

   $ 3,169     $ 759     $ 1,783     $ 3,928     $ (938 )

 

 
 
 

 

Page 7

 

EXAR CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL NET SALES INFORMATION

`

 

   

THREE MONTHS ENDED

  

SIX MONTHS ENDED

By End Market

  

SEPTEMBER 29,

2013

  

JUNE 30,

2013

  

SEPTEMBER 30,

2012

  

SEPTEMBER 29,

2013

  

SEPTEMBER 30,

2012

Industrial & Embedded Systems

  

53%

  

51%

  

52%

  

52%

  

53%

Networking & Storage

  

30%

  

30%

  

25%

  

30%

  

24%

Communications Infrastructure

  

17%

  

18%

  

22%

  

17%

  

22%

Other

  

-

  

1%

  

1%

  

1%

  

1%

 

   

THREE MONTHS ENDED

  

SIX MONTHS ENDED

By Geography

  

SEPTEMBER 29,

2013

  

JUNE 30,

2013

  

SEPTEMBER 30,

2012

  

SEPTEMBER 29,

2013

  

SEPTEMBER 30,

2012

Asia

  

54%

  

56%

  

58%

  

55%

  

61%

Americas

  

35%

  

33%

  

27%

  

34%

  

24%

Europe

  

11%

  

11%

  

15%

  

11%

  

15%

 

###

 

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