7/17/2003 - Exar Corporation (NASDAQ: EXAR), a leading provider of high-performance, mixed-signal silicon solutions for the worldwide communications infrastructure, reported fiscal 2004 first quarter operating results. Revenue for the quarter ended June 30, 2003 was $16.0 million, up 6.4% sequentially from $15.0 million in the fourth quarter of fiscal 2003 and down 10.7% from $17.9 million for the same period last year. First quarter operating loss was $0.06 million, an improvement from the loss of $0.4 million for the previous quarter and for the same period last year.
In the most recent quarter the Company received a one-time technology license payment of $0.5 million. Net income for the quarter was $1.5 million, as compared to $1.1 million for the previous quarter and for the first quarter of fiscal 2003. For the quarter, EPS was $0.04 per diluted share compared to $0.03 for the previous quarter and the same period last year. "The Company was able to improve operating performance in the quarter, increasing revenue, GPM and EPS sequentially while growing cash to $425 million," said Donald L. Ciffone, chairman, president and chief executive officer. "Although visibility remains limited, we are encouraged by our solid execution and believe the Company is positioned for success when the market begins to recover."
During the quarter, Exar introduced a next generation highly integrated physical layer device combining a DS3/E3 Line Interface Unit (LIU), Jitter Attenuator (JA) and ATM UNI/framer. First in a family of solutions, this product is consistent with Exar's strategy to offer more features and functionality in a smaller silicon footprint. Additionally, the Company launched the first in a new series of Universal Asynchronous Receiver Transmitters (UARTs) for low voltage 2.25V data communications platforms. A dual channel UART (DUART), the device is offered in a 32- QFN (package size of 5x5x0.9mm) that supports leading microprocessor interfaces and is used in a variety of portable applications where extended battery life and small board space are critical features.
Regulatory Compliance/Current Business Outlook
Exar adheres to the Securities and Exchange Commission's requirements governing public company reporting obligations. The Company intends to provide its investors and analysts with guidance each quarter in its earnings news release and its conference calls. Exar will not provide any further guidance or updates on its performance during the quarter unless it does so in a news release, such as this one, or in such other manner that is compliant with Regulation FD and Regulation G, as the case may be.
The Company's statements about its future financial performance are based on current information and expectations and the Company undertakes no duty to update such statements. The statements are forward-looking and actual results could differ materially due to various risks and uncertainties, some of which are described below. For the fiscal quarter ending September 30, 2003, Exar is forecasting revenue to be flat at approximately $16.0 million which would represent a three percent growth in product revenue. The Company projects EPS to be approximately $0.03 per diluted share for the second fiscal quarter due to less interest income as a result of lower interest rates.
Exar Corporation (NASDAQ: EXAR) designs, develops and markets high-performance, analog and mixed-signal silicon solutions for the worldwide communications infrastructure. Leveraging its industry-proven analog design expertise, system-level knowledge and standard CMOS process technologies, Exar provides OEMs innovative, highly integrated ICs that facilitate the transport and aggregation of signals in access, metro and wide area networks. The Company's physical layer silicon solutions address transmission standards such as T/E carrier, ATM and SONET. Additionally, Exar offers ICs for both the serial communications and the video and imaging markets. The Company is based in Fremont, CA, had fiscal 2003 revenues of $67.0 million, and employs approximately 268 people worldwide. For more information about Exar, visit www.exar.com.
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