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Exar Corporation Reports Fiscal 2012 First Quarter Results

FREMONT, Calif. July 26, 2011 July 3, 2011

$37.0 million $33.8 million $39.6 million

The GAAP gross margin for the first quarter of fiscal 2012 was 45.5% compared to 35.0 % for the prior quarter and 47.5% in the first quarter of fiscal 2011.

On a non-GAAP basis, the gross margin for the first quarter of fiscal 2012 was 48.6% compared to 46.1% for the prior quarter and 52.1% in the first quarter of fiscal 2011.

$1.4 million $0.03 $18.8 million $0.42 $7.4 million $0.17

$0.7 million $0.02 $4.6 million $0.10 $0.8 million $0.02

$2.0 million $202.4 million

Pete Rodriguez MXP2

October 2, 2011 $37 million and $39 million $17 million and $18 million $18.5 million and $20.5 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, July 26, 2010 1:30 p.m. PDT 1:20 p.m. PDT

http://www.exar.com/news/investornews.aspx 3:00 p.m. PDT July 26, 2011 11:59 p.m. PDT August 2, 2011

Product Line Highlights:

DataCom and Storage

http://www.exar.com/Common/Content/News.aspx?id=9356

http://www.exar.com/Common/Content/News.aspx?id=9292

Power Management

http://www.exar.com/Common/Content/News.aspx?id=9418

Safe Harbor Statement

March 27, 2011

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)

JULY 3,

MARCH 27,

2011

2011

ASSETS

Current assets:

Cash and cash equivalents

$     23,352

$     15,039

Short-term marketable securities

179,070

185,960

Accounts receivable (net of allowances of $926 and $1,165)

11,236

9,776

Accounts receivable, related party (net of allowances of $154 and $358)

5,991

3,194

Inventories

20,165

21,962

Other current assets

4,510

3,562

Total current assets

244,324

239,493

Property, plant and equipment, net

24,509

38,009

Goodwill

3,184

3,184

Intangible assets, net

13,969

15,390

Other non-current assets

1,922

2,139

Total assets

$   287,908

$   298,215

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$     10,312

$       8,794

Accrued compensation and related benefits

5,649

6,069

Deferred income and allowances on sales to distributors

4,306

4,632

Deferred income and allowances on sales to distributors, related party

13,148

10,680

Other accrued expenses

6,055

7,062

            Total current liabilities

39,470

37,237

Long-term lease financing obligations

12,558

Other non-current obligations

3,865

3,841

Total liabilities

43,335

53,636

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;  44,681,870 and

    44,519,663 shares issued and outstanding at July 3, 2011 and March 27, 2011,

           respectively (net of treasury shares)

4

4

Additional paid-in capital

729,259

728,139

Accumulated other comprehensive income (loss)

13

(287)

  Treasury stock at cost, 19,924,369 shares at July 3, 2011 and March 27, 2011

(248,983)

(248,983)

Accumulated deficit

(235,720)

(234,294)

Total stockholders’ equity

244,573

244,579

Total liabilities and stockholders’ equity

$   287,908

$   298,215

EXAR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

THREE MONTHS ENDED

JULY 3,

MARCH 27,

JUNE 27,

2011

2011

2010

Net sales

$  25,073

$    22,579

$  28,365

Net sales, related party

11,905

11,192

11,271

              Total net sales

36,978

33,771

39,636

Cost of sales:

 Cost of sales

13,489

14,966

14,079

 Cost of sales, related party

5,743

5,555

5,188

 Amortization of purchased intangible assets

905

1,443

1,553

              Total cost of sales

20,137

21,964

20,820

Gross profit

16,841

11,807

18,816

Operating expenses:

 Research and development

9,395

12,744

14,443

 Selling, general and administrative

9,600

11,094

12,957

 Impairment of purchased intangible assets

7,485

              Total operating expenses

18,995

31,323

27,400

Loss from operations

(2,154)

(19,516)

(8,584)

Other income and expense, net:

  Interest income and other, net

711

1,157

1,613

  Interest expense

(60)

(311)

(318)

             Total other income and expense, net

651

846

1,295

Loss before income taxes

(1,503)

(18,670)

(7,289)

Provision for (benefit from)  income taxes

(77)

166

125

Net loss

$  (1,426)

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