Exar Corporation announced financial results for the Company's fourth fiscal quarter and fiscal year 2015, which ended on March 29, 2015, including revenue of $43.9 million, an increase of 57% versus the prior year, and non-GAAP earnings per diluted share of $0.11. GAAP loss per diluted share was ($0.95). For the fourth fiscal quarter, GAAP loss per diluted share was ($0.06). For fiscal year 2015, the Company reported Non-GAAP revenue of $164.1 million, an increase of 31% versus the prior year, and non-GAAP earnings per diluted share of $0.29. Non-GAAP revenue has been adjusted to eliminate the impact of deferred revenue write-down under business combination accounting. GAAP revenue for fiscal year 2015 was $162.1 million.
Louis DiNardo, Exar's President and CEO, commented, "Our March quarter results reflect the great discipline and awareness our team has with regard to market conditions. Exar delivered solid earnings in a softening semiconductor environment. We will continue to align our field inventory with market conditions by reducing distribution inventory this quarter. Operating expenses and manufacturing overhead remain well controlled."
For the first quarter ending June 28, 2015, the Company expects revenue to be in the range of $40.0 million to $43.0 million, and non-GAAP EPS on a fully diluted basis to be in the range of $0.10 to $0.12.
Exar also today announced that its Board of Directors has unanimously decided to undertake a comprehensive review of strategic alternatives to enhance value for stockholders. Exar intends to conduct a thorough review and evaluation of strategic alternatives. Cowen and Company, LLC is acting as financial advisor, and O'Melveny & Myers LLP is acting as legal counsel, to Exar in connection with its review of strategic alternatives.
"Following a detailed evaluation over the past several months, our Board of Directors has determined that it is prudent to undertake a wide review of strategic options to see which alternatives provide the best means to maximize stockholder value," said Mr. DiNardo. "Regardless of the outcome of the strategic alternatives review, the entire Exar team remains fully committed to meeting the needs of our customers and continuing to provide industry-leading solutions."
