Exar Corporation Announces 2016 Fourth Quarter and Fiscal Year-End Financial Results

 

EXAR CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(Unaudited)












THREE MONTHS ENDED


TWELVE MONTHS ENDED


 MARCH 27, 


 DECEMBER 27, 


 MARCH 29, 


 MARCH 27, 


 MARCH 29, 


2016


2015


2015


2016


2015











GAAP net sales

$          36,775


$                  37,439


$          43,857


$        149,378


$        162,050

   Provision for dispute

-


-


-


2,500


-

   Deferred revenue write-down

-


-


-


-


2,071

Non-GAAP net sales

$          36,775


$                  37,439


$          43,857


$        151,878


$        164,121











 GAAP gross profit

$          14,773


$                  14,692


$          17,948


$          59,558


$          49,926

 GAAP gross margin

40.2%


39.2%


40.9%


39.9%


30.8%

   Provision for dispute

-


-


-


2,500


-

   Amortization of purchased intangible assets and inventory step-up costs

2,462


2,461


2,525


9,884


11,740

   Restructuring charges and other non-GAAP exit costs, net

151


7


1,213


898


7,597

   Stock-based compensation

103


104


122


379


1,105

   Proceeds from legal settlement

-


-


-


(1,500)


-

   Deferred revenue write-down and associated costs

-


-


-


-


1,059

   Impairment of intangibles

-


-


-


-


8,367

   Reversal of warranty reserve

-


-


(460)


-


(460)

Non-GAAP gross profit 

$          17,489


$                  17,264


$          21,348


$          71,719


$          79,334

Non-GAAP gross margin 

47.6%


46.1%


48.7%


47.2%


48.3%











GAAP operating expenses

$          16,863


$                  21,545


$          20,294


$          76,091


$          92,989

   Restructuring charges and other non-GAAP exit costs, net

200


2,639


537


5,792


4,589

   Stock-based compensation - R&D

293


269


537


1,216


2,661

   Stock-based compensation - SG&A

754


669


2,006


3,986


9,848

   Amortization of purchased intangible assets 

972


935


792


3,713


3,700

   Accruals for legal settlement and associated costs

822


1,498


-


2,521


-

   Merger and acquisition costs

213


-


393


924


7,348

   Impairment of intangibles

-


1,807


539


1,807


4,456

   Net change in fair value of contingent consideration

-


-


-


-


(4,343)

Non-GAAP operating expenses

$          13,609


$                  13,728


$          15,490


$          56,132


$          64,730











GAAP operating loss

$          (2,090)


$                  (6,853)


$          (2,346)


$        (16,533)


$        (43,063)

   Amortization of purchased intangible assets and inventory step-up costs

3,434


3,396


3,317


13,597


15,440

   Restructuring charges and other non-GAAP exit costs, net

351


2,646


1,750


6,690


12,186

   Stock-based compensation 

1,150


1,042


2,665


5,581


13,614

   Provision for dispute

-


-


-


2,500


-

   Merger and acquisition costs

213


-


393


924


7,348

   Accruals for legal settlement and associated costs

822


1,498


-


1,021


-

   Deferred revenue write-down and associated costs

-


-


-


-


1,059

   Impairment of intangibles

-


1,807


539


1,807


12,823

   Reversal of warranty reserve

-


-


(460)


-


(460)

   Net change in fair value of contingent consideration

-


-


-


-


(4,343)

Non-GAAP operating income 

$            3,880


$                    3,536


$            5,858


$          15,587


$          14,604











GAAP net loss

$          (2,182)


$                  (7,137)


$          (2,914)


$        (16,026)


$        (44,970)

   Amortization of purchased intangible assets and inventory step-up costs

3,434


3,396


3,317


13,597


15,440

   Restructuring charges and other non-GAAP exit costs, net

351


2,668


1,750


6,712


12,186

   Stock-based compensation 

1,150


1,042


2,665


5,581


13,614

   Provision for dispute

-


-


-


2,500


-

   Merger and acquisition costs

213


-


393


924


8,260

   Accruals for legal settlement and associated costs

822


1,498


-


1,021


-

   Deferred revenue write-down and associated costs

-


-


-


-


1,059

   Impairment charges

-


1,807


1,048


1,807


13,367

   Reversal of warranty reserve

-


-


(460)


-


(460)

   Net change in fair value of contingent consideration

-


-


-


-


(4,343)

   Net loss attributable to noncontrolling interest

-


-


-


-


(37)

   Income tax effects

31


125


(157)


(1,052)


304

Non-GAAP net income

$            3,819


$                    3,399


$            5,642


$          15,064


$          14,420











GAAP net loss per share










  Basic

$            (0.04)


$                    (0.15)


$            (0.06)


$            (0.33)


$            (0.95)

  Diluted

$            (0.04)


$                    (0.15)


$            (0.06)


$            (0.33)


$            (0.95)











Non-GAAP net income per share 










  Basic

$              0.08


$                      0.07


$              0.12


$              0.31


$              0.31

  Diluted

$              0.08


$                      0.07


$              0.11


$              0.31


$              0.29











Shares used in the computation of Non-GAAP net income per share:










  Basic

48,523


48,386


47,516


48,240


47,253

  Diluted

49,052


49,064


49,877


49,314


49,722





















Net cash provided (used) by operations

$            2,896


$                    1,081


$            2,370


$            4,000


$        (13,641)

   Less purchases of fixed assets and IP

(325)


(387)


(1,478)


(1,279)


(3,925)

   Payments for legal settlement and associated costs

1,728


254


-


2,162


-

Free cash flow

$            4,299


$                       948


$               892


$            4,883


$        (17,566)


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