Note 1 - Organization and Basis of Presentation

9 Months Ended

Dec. 27, 2015

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1.

ORGANIZATION AND BASIS OF PRESENTATION

Description of Business—

Exar Corporation (“Exar,” “us,” “our” or “we”) was incorporated in California in 1971 and reincorporated in Delaware in 1991. Exar designs, develops and markets high performance analog mixed-signal integrated circuits (“ICs”) for the Industrial, High-End Consumer and Infrastructure markets. Our comprehensive knowledge of end-user markets along with our experience in analog and mixed signal technology has enabled us to provide innovative solutions designed to meet the needs of the evolving connected world. Applying both analog and mixed signal technologies, our products are deployed in a wide array of applications such as industrial, instrumentation and medical equipment, networking and telecommunication systems, servers, flat panel displays, LED lighting solutions, and digital video recorders. We provide customers with a breadth of component products and sub-system solutions based on advanced silicon integration. Exar’s product portfolio includes Connectivity,

Mixed-signal, Power Management, High Performance Analog, Processors, Flat Panel Display and LED lighting.

Basis of Presentation and Use of Management Estimates—

The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 29, 2015

as filed with the SEC. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, that we believe are necessary for a fair statement of Exar’s financial position as of December 27, 2015 and our results of operations for the three and nine months ended December 27, 2015 and December 28, 2014, respectively. These condensed consolidated financial statements are not necessarily indicative of the results to be expected for the entire year

The financial statements include management’s estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Actual results could differ from those estimates, and material effects on operating results and financial position may result.

Our fiscal years consist of 52 or 53 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks. Fiscal years 2016 and 2015 both consist of 52 weeks.