Exar Corp. reported financial results for its fiscal 2011 fourth quarter ended March 27, 2011. Net sales for the fourth quarter of fiscal 2011 were $33.8 million compared to net sales of $35.4 million for the prior quarter and $38.5 million for the fourth quarter of fiscal 2010.
The GAAP gross margin for the fourth quarter of fiscal 2011 was 35.0% compared to 45.5% for the prior quarter and 50.4% in the fourth quarter of fiscal 2010. On a non-GAAP basis, the gross margin for the fourth quarter of fiscal 2011 was 46.1% compared to 50.0% for the prior quarter and 54.0% in the fourth quarter of fiscal 2010.
The GAAP net loss for the fourth quarter of fiscal 2011 was $18.8 million, or $0.42 net loss per share, compared to a net loss of $5.0 million, or $0.11 net loss per share in the prior quarter, and a net loss of $3.3 million, or $0.08 net loss per share, for the fourth quarter of fiscal 2010.
On a non-GAAP basis, the net loss was $4.6 million for the fourth quarter of fiscal 2011 or $0.10 net loss per share, compared to net loss of $1.9 million, or $0.04 net loss per share in the previous quarter, and the net income of $1.5 million, or $0.03 earnings per share, in the fourth quarter of fiscal 2010.
The company ended the fourth quarter of fiscal 2011 with cash, cash equivalents and short-term marketable securities of $201 million.
"We completed fiscal 2011 with revenue growth of 8.2% year over year. As the fourth quarter progressed we saw momentum in new orders and shipments," said Pete Rodriguez, the company’s President and Chief Executive Officer. "During the period we exited the 10 Gigabit Ethernet Network Interface Card market as announced on March 4, 2011. We reduced our quarterly operating expenses by approximately $3 million, thereby significantly reducing our revenue breakeven point."
For the first quarter of fiscal 2012 ending July 3, 2011, the company projects that net sales will be between $34 million and $36 million. The non-GAAP gross margin is expected to be between 47% and 49%. Operating expenses are expected to be between $18 million and $19 million on a non-GAAP basis.
