Exar Corp. reported financial results for the company’s fourth quarter and fiscal year 2012 ended April 1, 2012. The Company reported revenue of $27.8 million for the fourth quarter of fiscal year 2012 and $130.6 million for fiscal year 2012.
Company president and CEO Louis DiNardo commented, "During the fourth quarter of fiscal year 2012, we executed a strategy to reduce our workforce and align resources with our market, product and financial plans. The gross impact of these actions represents over $22 million in annual expense savings and will be reflected in our financial performance in the coming year. Additionally, we strengthened our marketing, design, test and operations organizations during the quarter and established a focused plan to achieve profitability in fiscal year 2013."
"This quarter our Power Management product sales grew over 12% and our Connectivity product sales grew 3%. This growth was offset by continued weakness in the Communications market and inventory adjustments at our major customers in the Networking market. Our book-to-bill for the quarter was greater than one-to-one and we expect growth in all of our product areas in the first quarter of fiscal year 2013," added Mr. DiNardo.
For the first quarter of fiscal year 2013 ending July 1, 2012, the Company projects that net sales will grow between 5% and 10%. The non-GAAP gross margin is currently expected to be between 46% and 48%. Non-GAAP operating expenses are expected to be between $13 million and $14 million and earnings per share are expected to be between $0.01 and 0.03 per fully diluted share on a non-GAAP basis.
