Exar Corporation Announces Fiscal 2013 Second Quarter Results
Exar Corporation reported financial results for the second quarter of fiscal year 2013 ended September 30, 2012. Revenue for the quarter was $30.6 million, or 5% growth compared to the prior quarter. Non-GAAP net income for the quarter was $2.9 million, or 98% growth compared to the prior quarter. Non-GAAP net income per fully diluted share was $0.06 compared to $0.03 in the prior quarter. Non-GAAP gross margin was 46.7%, and non-GAAP operating expenses were $12.1 million. GAAP net income for the quarter was $0.3 million compared to a net loss of $0.6 million in the prior quarter, and GAAP net income per fully diluted share was $0.01 compared to a net loss of $0.01 in the prior quarter.
"The second quarter of fiscal 2013 exceeded our expectations as both revenue and profit grew nicely. Data Compression and Security products led revenue growth as our presence in the Big Data Analytics market supported 23% growth quarter-over-quarter. Our component products, Power Management and Connectivity, also showed growth in the quarter; however this growth was muted by lower overall OEM demand and supply limitations," commented Louis DiNardo, president and CEO.
"During our second fiscal quarter our programmable power management products began to ship to both Intel and ARM based next generation server designs as well as in industrial equipment applications," continued Mr. DiNardo. "As more servers are deployed in data center applications energy monitoring is playing an increasingly important role. Our programmable power management products provide critical information for data center management. Additionally, our PCIe solutions for Big Data Analytics are gaining momentum in large networking and storage environments as they provide increased system performance and lower overall system cost. We are pleased with our new product development efforts and progress in achieving our goal of consistent profitable growth," concluded Mr. DiNardo.
For the third quarter of fiscal year 2013 the Company expects revenue growth in the range of 2% to 4% and non-GAAP gross margin in the range of 47% to 48%. Non-GAAP net income per fully diluted share is expected to be in the range of $0.06 to $0.07.