Exar Q4 Profit Plunges, Revenue Down - Quick Facts

(RTTNews) - Exar Corp. (EXAR), a supplier of high performance analog mixed-signal components, video and data management solutions, said fourth-quarter net income plunged to $147 thousand or $0.00 per share from $1.67 million or $0.04 per share in the prior year.

Adjusted earnings per share totaled $0.01, compared to $0.10 last year. On average, five analysts polled by Thomson Reuters expected a loss of $0.01 per share. Analysts estimates typically exclude special items. Revenue decreased to $28.0 million from $31.15 million in the same quarter a year ago. Analysts expected revenues of $28.04 million.

Louis DiNardo, President and CEO, said, "Our financial results for the quarter continued to be impacted by supply chain inventory exceeding demand in the networking market, as well as timing issues in certain contracts for proprietary high reliability products and technology licenses. We expect the inventory to be consumed over the next several months and a return to prior levels.''

For the first quarter of fiscal year 2015, the company expects revenue to be in the range of $28.0 million to $31.0 million and expects non-GAAP gross margin to be in the range of 46 to 48 percent. Wall Street expects revenues of $30.42 million.