EXAR CORPORATION 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, 3,357 5,885 4,683
related party
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 Oper. Income from Net Income from Net Income
Cont. Operations Disc. Operations Disc. Operations
---
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 Oper. Income from Net Income from Net Income
Cont. Operations Disc. Operations Disc. Operations
---
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 Net Income (Loss) Oper. Income from Net Income (Loss) Net Income (Loss)
(Expense) from Cont. Disc. Operations from Disc.
Operations Operations
---
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 Oper. Income from Net Income from Net Income
Cont. Operations Disc. Operations Disc. Operations
---
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 Net Income (Loss) Oper. Income from Net Income (Loss) Net Income (Loss)
(Expense) from Cont. Disc. Operations from Disc.
Operations Operations
---
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
