Top-News
Mittwoch,
02.11.2016 21:10
von
PR Newswire
| Aufrufe: 40
Exar Corporation Announces Fiscal 2017 Second Quarter Financial Results
Mann mit Wirtschaftszeitung (Symbolbild).
pixabay.com
PR Newswire
FREMONT, Calif., Nov. 2, 2016
FREMONT, Calif., Nov. 2, 2016 /PRNewswire/ -- Exar Corporation (NYSE: EXAR) a leading supplier of analog mixed-signal application specific technology solutions serving the Industrial, Infrastructure, Automotive, and Audio/Video markets, today announced financial results for the Company's fiscal year 2017 second quarter, which ended on October 2, 2016. Unless otherwise indicated, all non-GAAP financial results exclude the financial results of the iML Display business which the Company is in the process of divesting, and are presented in the GAAP results as discontinued operations.
Fiscal 2017 Second Quarter Highlights
- Net sales of $27.6 million, up 2% sequentially
- GAAP gross margin of 47.8% (Non-GAAP gross margin of 51.9%)
- GAAP operating income of $0.1 million (Non-GAAP operating income of $3.7 million)
- GAAP EPS from continuing operations of $0.00 (Non-GAAP EPS of $0.08)
- GAAP EPS from discontinued operations of $0.02 (Non-GAAP EPS of $0.05)
- IML divestiture cleared CFIUS and Taiwan regulatory reviews
Ryan Benton, Exar's Chief Executive Officer, commented, "Exar again delivered solid financial results, with second quarter revenue, Non-GAAP gross margin and EPS from continuing operations all within our guidance range. Revenue increased 2% sequentially, despite going from 14 weeks in the first quarter to the usual 13 weeks in the second quarter. Revenue per week was up 10% sequentially. We had strong execution from Exar's core business, as non-GAAP EPS from continuing operations came in at $0.08 for the second quarter in a row, despite the one less work week."
Mr. Benton added, "On the deal front, we have made significant progress on the sale of our iML subsidiary to Beijing E-Town Chipone Technology Co., Ltd. The transaction has cleared CFIUS review in the United States and another key regulatory hurdle in Taiwan, and we expect to close the transaction within a few weeks. This transaction is a great example of cross-border cooperation and is a true win-win."
Fiscal 2017 Second Quarter Highlights (Continuing Operations Only):
The following highlights the Company's financial performance on both a GAAP and supplemental non-GAAP basis. The Company provides supplemental information regarding its operating performance on a non-GAAP basis that excludes certain gains, losses, and charges, which either occur relatively infrequently or which management considers to be outside our core operating results. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to, not a substitute for, financial statements prepared in accordance with GAAP. A complete reconciliation of GAAP to non-GAAP results is attached to this press release.
Exar's fiscal 2017 first quarter was comprised of fourteen weeks, as opposed to the second quarter, which consisted of the usual thirteen weeks.
- Net Sales
- Second quarter net sales of $27.6 million increased $0.5 million, or 2%, from the previous quarter's $27.1 million.
- Gross Margin
- GAAP gross margin of 47.8% decreased from 49.2% reported in the previous quarter.
- Non-GAAP gross margin of 51.9% was consistent with 51.8% reported in the previous quarter.
- Operating Expenses
- GAAP operating expenses of $13.1 million increased $7.6 million from the previous quarter's expenses of $5.5 million, which was net of a gain of $9.3 million related to the sale-leaseback of our corporate headquarters. Fiscal 2017 second quarter operating expenses included:
- Charges of (i) $2.1 million stock-based compensation expense and (ii) $0.4 million mergers and acquisitions costs.
- Non-GAAP operating expenses of $10.6 million increased by $0.5 million, or 5% from the previous quarter's operating expenses of $10.1 million.
- GAAP operating expenses of $13.1 million increased $7.6 million from the previous quarter's expenses of $5.5 million, which was net of a gain of $9.3 million related to the sale-leaseback of our corporate headquarters. Fiscal 2017 second quarter operating expenses included:
- Net Income
- GAAP net income of $0.1 million, compared to $7.5 million reported in the previous quarter, which included a gain of $9.3 million related to the sale-leaseback of our corporate headquarters.
- Non-GAAP net income of $3.8 million was consistent with the previous quarter's net income of $3.8 million.
- Earnings Per Share
- GAAP diluted earnings per share of $0.00, compared to $0.15 reported in the previous quarter, which included a gain of $9.3 million related to the sale-leaseback of our corporate headquarters.
- Non-GAAP diluted earnings per share of $0.08 were consistent with that reported in the previous quarter.
Keith Tainsky, Exar's Chief Financial Officer, stated, "We remain committed to our fundamental goal of delivering predictable operating results and increasing shareholder value. Through the first half of the fiscal year we have had solid earnings. Increasing advanced product sales and expanding the funnel of cost-down activities is a winning recipe for Exar." Mr. Tainsky continued, "In addition to launching new products for Tier 1 accounts, we will continue to drive the organization and our supply chain to a leaner cost structure. Keeping the pressure on our supply chain will enable our sales team to capitalize and grow our core business."
Fiscal 2017 Third Quarter Guidance:
For the fiscal 2017 third quarter ending January 1, 2017, the Company expects results to be as follows:
- Net sales: $27.1 million plus or minus $0.5 million
- GAAP gross margin: 47.5% to 49.5% (Non-GAAP 51.5% to 53.5%)
- GAAP operating expenses: $13.0 million to $13.5 million (Non-GAAP $10.6 million to $11.0 million)
- GAAP EPS: $(0.01) to $0.02 (Non-GAAP $0.06 to $0.08)
Conference Call and Prepared Remarks
Exar is providing a copy of prepared remarks in conjunction with its press release. These remarks are offered to provide stockholders and analysts with additional time and detail for analyzing results in advance of the Company's quarterly conference call. The remarks will be available at Exar's Investor webpage in conjunction with this press release.
As previously scheduled, the conference call will begin today, November 2, 2016 at 4:45 p.m. EDT (1:45 p.m. PDT). To access the conference call, please dial (918) 534-8424 or (844) 359-0802. The passcode for the live call is 91970722. In addition, a live webcast will be available on Exar's Investor webpage.
An archive of the conference call webcast will be available on Exar's Investor webpage after the conference call's conclusion.
About Exar
Exar's mission is to leverage our extensive analog and mixed-signal portfolio, experience and IP to deliver leading-edge application specific technology solutions to target markets where operational excellence and reliability are valued. We service the Industrial, Infrastructure, Automotive, and Audio/Video markets by acting as an extension of the customer's own technology organization and singularly focusing on exceeding customer expectations. For more information, visit http://www.exar.com.
Forward-Looking Statements Safe Harbor Disclosure
Except for historical information contained herein, this press release and matters discussed on the conference call contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the sale of the Company's iML subsidiary to Beijing E-Town Chipone Technology Co., Ltd., including the expected timing of the closing of that transaction, that the Company will continue to drive the organization and its supply chain to a leaner cost structure, the expected impact of keeping the pressure on the Company's supply chain enabling its sales team to capitalize and grow the Company's core business and the Company's financial outlook expectations for the third quarter ending January 1, 2017. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, actual outcomes and results may differ materially from what is expressed herein. For a discussion of these risks and uncertainties, the Company urges investors to review in detail the risks and uncertainties and other factors described in its Securities and Exchange Commission (SEC) filings, including, but not limited to, the "Risk Factors", "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our public reports filed with the SEC, including our annual report on Form 10-K filed with the SEC on May 27, 2016 and our Form 10-Q filed with the SEC on August 10, 2016, and available on our Investor webpage and on the SEC website at www.sec.gov.
Discussion of Non-GAAP Financial Measures
The Company's non-GAAP measures exclude charges related to stock-based compensation, amortization of acquired intangible assets, impairment charges, initial gain upon closing sale-leaseback of our corporate headquarters, restructuring charges and exit costs which include costs for personnel whose positions have been eliminated as part of a restructuring or are in the process of being eliminated as part of the discontinuation of a product line, severance costs associated with the former CEO, accruals for and proceeds received from dispute resolutions and patent litigation, merger and acquisition and related integration costs, certain income tax benefits and credits, and related income tax effects on certain excluded items. The Company excludes these items primarily because they are significant special expense and gain estimates, which management separates for consideration when evaluating and managing business operations. The Company's management uses non-GAAP net income and non-GAAP earnings per share to evaluate its current operating results and financial results and to compare them against historical financial results. Additionally, we disclose the non-GAAP measure of free cash flow, which is derived from our net cash provided (used) by operations, less purchases of fixed assets and IP, plus proceeds from the sale of fixed assets and IP. Management believes these non-GAAP measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in evaluating the Company and provide further clarity on its profitability.
Unless otherwise indicated, all non-GAAP financial results exclude the financial results of the iML Display business which the Company is in the process of divesting, and are presented in the GAAP results as discontinued operations.
In addition, the Company believes that providing investors with these non-GAAP measurements enhances their ability to compare the Company's business against that of its competitors who employ and disclose similar non-GAAP measures. However, the manner in which we calculate these non-GAAP financial measures may be different from non-GAAP methods of accounting and reporting used by the Company's competitors to the extent their non-GAAP measures include or exclude other items. The material limitation associated with the use of the non-GAAP financial measures is that the non-GAAP measures may not reflect the full economic impact of Exar's activities. Accordingly, investors are cautioned not to place undue reliance on non-GAAP information. The presentation of this additional information should not be considered a substitute for net income or net income per diluted share or other measures prepared in accordance with GAAP.
Investors should refer to the reconciliation of Non-GAAP Results to GAAP Results, which is contained in this press release.
For more information, visit http://www.exar.com
For Press Inquiries Contact: press@exar.com
| For Investor Relations Contact: | |
| Keith Tainsky, CFO | Laura Guerrant-Oiye, Investor Relations |
| Phone: (510) 668-7201 | Phone: (510) 668-7201 |
| Email: investorrelations@exar.com | Email: laura.guerrant@exar.com |
-Tables follow-
Unless otherwise indicated, all financial results presented in the following tables exclude the financial results of the iML Display business which the Company is in the process of divesting, and are presented as discontinued operations.
| | | | | | | | | |||||||
| FINANCIAL COMPARISON | ||||||||||||||
| (In thousands, except per share amounts) (Unaudited) | ||||||||||||||
| | | | | | | | | | | | | | | |
| GAAP Results | THREE MONTHS ENDED | | SIX MONTHS ENDED | |||||||||||
| | OCTOBER 2, 2016 | | JULY 3, 2016 | | SEPTEMBER 27, 2015 | | OCTOBER 2, 2016 | | SEPTEMBER 27, 2015 | |||||
| Industrial | $ 19,042 | 69% | | $ 18,436 | 67% | | $ 17,134 | 75% | | $ 37,478 | 69% | | $ 36,599 | 71% |
| Infrastructure | 5,065 | 18% | | 5,596 | 21% | | 2,224 | 10% | | 10,661 | 19% | | 6,698 | 13% |
| Audio/Video | 1,840 | 7% | | 1,852 | 7% | | 2,022 | 9% | | 3,692 | 7% | | 3,962 | 8% |
| Automotive | 961 | 3% | | 779 | 3% | | 859 | 4% | | 1,740 | 3% | | 1,805 | 4% |
| Other | 693 | 3% | | 473 | 2% | | 516 | 2% | | 1,166 | 2% | | 1,874 | 4% |
| Net Sales | $ 27,601 | 100% | | $ 27,136 | 100% | | $ 22,755 Werbung Mehr Nachrichten zur Exar Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | |||||||
