Exar Corp. reported financial results for its fiscal 2010 fourth quarter ended March 28, 2010. Net sales for the fourth quarter of fiscal 2010 were $38.5 million compared to net sales of $33.9 million for the prior quarter and $23.9 million for the fourth quarter of fiscal 2009.
The GAAP gross margin for the fourth quarter of fiscal 2010 was 50.4% compared to 50.2% for the prior quarter and 42.2% in the fourth quarter of fiscal 2009. On a non-GAAP basis, the gross margin for the fourth quarter of fiscal 2010 was 54.0% compared to 54.1% for the prior quarter and 44.5% in the fourth quarter of fiscal 2009.
The GAAP net loss for the fourth quarter of fiscal 2010 was $3.3 million, or $0.08 net loss per share, compared to a net loss of $3.8 million, or $0.09 net loss per share in the prior quarter, and a net loss of $4.6 million, or $0.11 net loss per share, for the fourth quarter of fiscal 2009.
On a non-GAAP basis, the net income was $1.5 million for the fourth quarter of fiscal 2010 or $0.03 diluted earnings per share, compared to net income of $0.1 million in the previous quarter, and a net loss of $2.1 million, or $0.05 net loss per share, in the fourth quarter of fiscal 2009.
The company ended the fourth quarter of fiscal 2010 with cash, cash equivalents and short-term marketable securities of $212.1 million.
"Our business is improving across all product lines and we achieved positive non-GAAP operating income for the first time since 2007," said Pete Rodriguez, the company’s President and Chief Executive Officer. "We completed the Neterion transaction and are pleased with customer response to the acquisition and our leading 10G Ethernet solutions. The strength in the industrial, networking and storage segments when combined with over fifty key new products released in the past two years provides a healthy platform for growth."
