Exar Corp. reported financial results for the third quarter of fiscal 2012 ending January 1, 2012. Net sales for the third quarter of fiscal 2012 were $29.7 million compared to net sales of $36.1 million for the prior quarter and $35.4 million in the third quarter of fiscal 2011.
The GAAP gross margin for the third quarter of fiscal 2012 was 45.0% compared to 46.3% for the prior quarter and 45.5% in the third quarter of fiscal 2011.
On a non-GAAP basis, the gross margin for the third quarter of fiscal 2012 was 48.4% compared to 49.0% for the prior quarter and 50.0% in the third quarter of fiscal 2011.
The GAAP net loss for the third quarter of fiscal 2012 was $4.7 million, or $0.11 net loss per share, compared to a net loss of $1.1 million, or $0.02 net loss per share in the prior quarter, and a net loss of $5.0 million, or $0.11 net loss per share in the third quarter of fiscal 2011.
On a non-GAAP basis, net loss was $1.9 million for the third quarter of fiscal 2012 or $0.04 net loss per share, compared to net income of $1.4 million in the prior quarter, or $0.03 diluted earnings per share, and a net loss of $1.9 million, or $0.04 net loss per share in the third quarter of fiscal 2011.
The Company ended the third quarter of fiscal 2012 with cash, cash equivalents and short-term marketable securities of $198.5 million.
"We expect 2012 will be a year of focus on revenue growth and profitability," said Louis DiNardo, the Company’s president and chief executive officer. "Our data and storage products serve a vibrant market in cloud computing, storage and big data and our component products support a diverse set of customer requirements in the industrial, computing and communications markets. As we rationalize and prioritize our investment in new product development, we will align our workforce and contain spending. This quarter marks the start of a process to demonstrate clear progress in refining our markets, developing feature rich products and leveraging our customer and channel partner relationships."
For the fourth quarter of fiscal 2012 ending April 1, 2012, the Company projects that net sales will be between $26 million and $28 million. The non-GAAP gross margin is currently expected to be between 44% and 46%. Operating expenses are currently expected to be between $16.5 million and $17.5 million on a non-GAAP basis.
