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Exar Corporation Reports Fiscal 2011 Third Quarter Results

FREMONT, Calif. Jan. 25, 2011 December 26, 2010

$35.4 million $37.2 million $33.9 million

The GAAP gross margin for the third quarter of fiscal 2011 was 45.5% compared to 46.4% for the prior quarter and 50.2% in the third quarter of fiscal 2010.

On a non-GAAP basis, gross margin for the third quarter of fiscal 2011 was 50.0% compared to 50.8% for the prior quarter and 54.1% in the third quarter of fiscal 2010.

$5.0 million $0.11 $4.5 million $0.10 $3.8 million $0.09

$1.9 million $0.1 million

$202.1 million

Pete Rodriguez

March 27, 2011 $33 million and $35 million $21 million and $22 million

The Company’s statements about its future financial performance or operating plans are based on current information and expectations and the Company undertakes no duty to update such statements. These statements are forward-looking and actual results could differ materially due to various risks and uncertainties, some of which are described herein.

Results Conference Call

Tuesday, January 25, 2011 1:30 p.m. PST 1:20 p.m. PST

http://www.exar.com 3:00 p.m. PST 11:59 p.m. PST February 1, 2011

Safe Harbor Statement

March 28, 2010 September 26, 2010

Generally Accepted Accounting Principles

http://www.exar.com http://www.sec.gov

About Exar

www.exar.com

EXAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS  

(In thousands, except share amounts)

(Unaudited)

DECEMBER 26,

MARCH 28,

2010

2010

ASSETS

Current assets:

Cash and cash equivalents

$           14,097

$     25,486

Short-term marketable securities

188,024

186,598

Accounts receivable (net of allowances of $607 and $831)

10,128

13,461

Accounts receivable, related party (net of allowances of $314 and $605)

2,805

4,323

Inventories

27,292

15,000

Other current assets

3,947

5,106

Total current assets

246,293

249,974

Property, plant and equipment, net

39,819

42,941

Goodwill

3,184

3,085

Intangible assets, net

24,847

31,957

Other non-current assets

5,856

5,357

Total assets

$         319,999

$   333,314

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$           12,726

$       9,828

Accrued compensation and related benefits

6,042

6,619

Deferred income and allowances on sales to distributors

5,371

4,227

Deferred income and allowances on sales to distributors, related party

9,734

10,650

Other accrued expenses

7,869

10,598

            Total current liabilities

41,742

41,922

Long-term lease financing obligations

12,558

13,454

Other non-current obligations

3,679

3,806

Total liabilities

57,979

59,182

Total stockholders’ equity

Preferred stock, $.0001 par value; 2,250,000 shares authorized; no shares outstanding

Common stock, $.0001 par value; 100,000,000 shares authorized;  44,448,348 and

   43,839,514 shares issued and outstanding at December 26, 2010

      and March 28, 2010, respectively (net of treasury shares)

4

4

Additional paid-in capital

726,493

720,455

Accumulated other comprehensive income

(36)

1,282

  Treasury stock at cost, 19,924,369 shares at December 26, 2010 and March 28, 2010

(248,983)

(248,983)

Accumulated deficit

(215,458)

(198,626)

Total stockholders’ equity

262,020

274,132

Total liabilities and stockholders’ equity

$         319,999

$   333,314

Note: Certain amounts previously reported above have been reclassified to conform to the current period presentation.

EXAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

THREE MONTHS ENDED

NINE MONTHS ENDED

DECEMBER 26,

SEPTEMBER 26,

DECEMBER 27,

DECEMBER 26,

DECEMBER 27,

2010

2010

2009

2010

2009

Net sales

$                   24,892

$                   25,885

$                   24,458

$                   79,142

$                   70,686

Net sales, related party

10,473

11,348

9,473

33,092

25,695

              Total net sales

35,365

37,233

33,931

112,234

96,381

Cost of sales:

 Cost of sales

12,742

13,205

11,273

40,026

36,005

 Cost of sales, related party

5,007

5,222

4,505

15,417

12,381

 Amortization of purchased intangible assets

1,533

1,515

1,108

4,601

4,015

              Total cost of sales

19,282

19,942

16,886

60,044

52,401

Gross profit

16,083

17,291

17,045

52,190

43,980

Operating expenses:

 Research and development

12,071

11,840

11,674

38,354

36,256

 Selling, general and administrative

10,298

11,083

10,688

34,338

37,175

              Total operating expenses

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