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Industry News
January 24, 2013
Exar Reports Sequential Growth in Revenue and Profit for Q3 '13
For the third quarter of fiscal year 2013, Exar Corporation reported revenue of $31.0 million, up from $30.6 million in the second quarter of fiscal year 2013. Non-GAAP net income of $4.0 million increased 42% from $2.9 million in the prior quarter and improved $6.0 million from a loss of $1.9 million in the third quarter of fiscal year 2012. Non-GAAP gross margin was 49.0%, a 223 basis points improvement from the prior quarter, and up 60 basis points compared to the same quarter a year ago. Non-GAAP net income per fully-diluted share was $0.09, up from $0.06 in the prior quarter, and a $0.13 improvement from a non-GAAP net loss of $0.04 in the third quarter of fiscal year 2012.
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On a GAAP basis, net income for the third quarter of fiscal year 2013 was $1.5 million, up from $0.3 million in the prior quarter, and a $6.3 million improvement from a loss of $4.7 million in the third quarter of fiscal year 2012. GAAP gross margin increased to 45.8%. GAAP net income per fully-diluted share for the third quarter of fiscal year 2013 was $0.03, compared to $0.01 in the prior quarter, and a loss of $0.11 in the third quarter of fiscal year 2012. Free cash flow for the third quarter of fiscal year 2013 was $3.6 million, up from $1.8 million in the prior quarter, and improved from a negative $3.2 million in the third quarter of fiscal year 2012.
"Our third fiscal quarter results demonstrate continued profitable growth in a difficult market environment. On a non-GAAP basis we achieved 11% operating profit and 13% net profit. While overall revenue growth was modest, our growth in networking and storage for big data analytics remains robust. This growth, coupled with gross margin expansion and a continued focus on prudent spending, drove a 60% sequential increase in non-GAAP operating income. Free cash flow of $3.6 million for the quarter represents improvements of $1.8 million and $6.8 million as compared to the prior quarter and third quarter of 2012 respectively," commented company President and CEO Louis DiNardo.
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For the fourth quarter of fiscal year 2013 ending March 31, 2013, the Company expects revenue in the range of $31.0 million to $32.0 million. Gross margin on a non-GAAP basis is expected to be in the range of 49% to 51%, and non-GAAP net income per fully-diluted share is expected to be in the range of $0.08 to $0.10.
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