Exar Corporation announced financial results for the Company's fiscal year 2017 fourth quarter and year-end, which ended on April 2, 2017. The financial results of the iML Display business, which the Company has divested, are presented in the GAAP results as discontinued operations.
Fiscal 2017 fourth quarter highlights from continuing operations include: Net sales of $27.8 million, up 2% sequentially and 10% year-over-year; GAAP gross margin of 54.2%; GAAP operating loss of $0.1 million; and GAAP EPS of $0.03.
Fiscal 2017 full year highlights from continuing operations include: Net sales of $109.8 million, up 8% year-over-year; GAAP gross margin of 50.2%; GAAP operating income of $7.2 million; and GAAP EPS of $0.18.
On March 29, 2017, Exar and MaxLinear, Inc. announced that they had entered into a definitive agreement under which MaxLinear has agreed to acquire Exar for $13.00 per share in cash, via a tender offer. Subsequently, MaxLinear, Inc. filed a tender offer Schedule TO (amended on April 24, 2017 and May 5, 2017) and Exar filed a Schedule 14D-9 (amended on April 24, 2017 and May 3, 2017).
