Exar Corporation
Fremont, California (California) US
Integrated circuits, semiconductor networks, etc., Semiconductor and Related Device Manufacturing...
TEL: 5106687000
http://www.exar.com
Total : 3 View more »
Fremont, California (California) US
Integrated circuits, semiconductor networks, etc., Semiconductor and Related Device Manufacturing...
TEL: 5106687000
http://www.exar.com
Total : 50 View more »
Exar Selects Cadence as Mixed-Signal EDA Provider : Electronics News from Electronic Specifier
Paul Stafford, director of global channel sales at Exar said the Californian company wants to make the most of Premier Farnell's global market reach and strong web presence.
Exar Corporation Continues to Invest in Dynamic China Region. Joyou Data Technology Ltd., and Suntektech Co. Ltd., Added to Expanding Exar Distributor Network to Support Data Security Solutions.
October 29, 2009 - Tethys(TM) II devices, PEB2756 and PEB2757, provide flexible feature set that can be coupled with Optical Transport Network devices to enable next-generation line cards for optical networking.
Total : 50 View more »
Nov 05, 2009 (Datamonitor via COMTEX) --
Semiconductor company Exar Corporation has entered into an expanded business agreement to establish Cadence Design Systems as its chip planning and mixed-signal design solutions provider. Both the firms are based in the US.
As a result of the new multi-year agreement, the Cadence Virtuoso and Encounter platforms, as well as the Cadence chip planning solution, will make up Exar's key mixed-signal design environment for designs at 65 nanometers and below, said Cadence.
With the new agreement, Exar has chosen the Cadence Virtuoso platform for its analog and custom design and implementation technology. Additionally, the company will use Cadence multi-mode simulation technology for RF, FastSpice, and mixed-signal simulations.
George Apostol, senior vice president and chief technology officer at Exar, said: "We have a longstanding relationship with Cadence as they have consistently provided the technology required for our project needs. Cadence tools, especially for mixed-signal designs, are ideal for our forthcoming data communications, storage, interface and power-management products."
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Tags: business environment president products semiconductors technology
Companies: Cadence Design Systems, Inc. (CDNS), Exar Corp. (EXAR)
SAN JOSE, CA, Nov 04, 2009 (MARKETWIRE via COMTEX) --
Cadence Design Systems, Inc. (NASDAQ: CDNS), the leader in global design innovation, announced today that Exar Corporation (NASDAQ: EXAR) has signed an expanded business agreement to establish Cadence(R) as its leading chip planning and mixed-signal design solutions provider. As a result of the new multi-year agreement, the Cadence Virtuoso(R) and Encounter(R) platforms, as well as the Cadence Chip Planning Solution, will make up Exar's key mixed-signal design environment for designs at 65 nanometers and below.
"We have a longstanding relationship with Cadence as they have consistently provided the technology required for our project needs," said George Apostol, senior vice president and CTO, Exar Corporation. "We also believe that they have the technology leadership and outstanding technical support that is vital to helping us deliver highly differentiated silicon solutions to our customers. Cadence tools, especially for mixed-signal designs, are ideal for our forthcoming data communications, storage, interface and power-management products."
With the new agreement, Exar has chosen the Cadence Virtuoso platform for its analog and custom design and implementation technology. Additionally, the company will use Cadence Multi-mode Simulation technology for RF, FastSpice, and mixed-signal simulations. Exar will use the Cadence Encounter Digital Implementation System for digital design prototyping and floorplanning. And lastly, Exar has adopted the Cadence Chip Planning Solution as the standard for its IC conceptualization, analysis, and planning activities across the organization.
"Companies like Exar succeed through their ability to create highly differentiated designs, and are justifiably selective when it comes to the partners with whom they entrust their design flows," said Steve Carlson, vice president of marketing at Cadence. "Cadence welcomes the opportunity for a long-term relationship with Exar, and we look forward to helping them further distinguish their products through technical innovation and rapid market introduction."
About Cadence
Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software and hardware, methodologies, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.
About Exar
Exar Corporation delivers highly differentiated silicon, software and subsystem solutions for industrial, datacom and storage applications. For nearly 40 years, Exar's comprehensive knowledge of end-user markets along with the underlying analog, mixed signal and digital technology has enabled innovative solutions that meet the needs of the evolving connected world. Exar's product portfolio includes power management and interface components, communications products, storage optimization solutions, network security and applied service processors. Exar has locations worldwide providing real-time customer support to drive rapid product development. For more information about Exar, visit: http://www.exar.com.
Cadence, the Cadence logo, Virtuoso and Encounter are registered trademarks of Cadence Design Systems, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.
For more information, please contact: Dan Holden Cadence Design Systems, Inc. 408-944-7457 holden@cadence.com
SOURCE: Cadence Design Systems, Inc.
mailto:holden@cadence.com
Tags: business communications computer consumer electronics environment hardware industrial market marketing nasdaq networking president product development products research sales security semiconductors software technology telecommunications
Companies: Cadence Design Systems, Inc. (CDNS), Exar Corp. (EXAR)
FREMONT, Calif., Oct 29, 2009 /PRNewswire-FirstCall via COMTEX/ --
Exar Corporation (Nasdaq: EXAR), today reported financial results for its fiscal 2010 second quarter ended September 27, 2009.
Net sales for the second quarter of fiscal 2010 were $31.6 million compared to net sales of $30.9 million for the prior quarter and $32.7 million for the second quarter of fiscal 2009.
The GAAP gross margin for the second quarter of fiscal 2010 was 44.6% compared to 41.6% for the prior quarter and 45.8% for the second quarter of fiscal 2009.
On a non-GAAP basis, the gross margin for the second quarter of fiscal 2010 was 51.5% compared to 52.1% for the prior quarter and 49.3% for the second quarter of fiscal 2009.
The GAAP net loss for the second quarter of fiscal 2010 was $8.2 million, or a net loss per share of $0.19, compared to a net loss of $12.9 million, or a net loss per share of $0.30, in the prior quarter, and a net loss of $2.2 million, or a net loss per share of $0.05, for the second quarter of fiscal 2009. These results include acquisition-related costs of $0.8 million in the second quarter of fiscal 2010 as compared to $4.5 million in the prior quarter.
On a non-GAAP basis, the net loss was $2.7 million, or a net loss per share of $0.06, for the second quarter of fiscal 2010, compared to a net loss of $3.1 million, or a net loss per share of $0.07, in the prior quarter, and net income of $1.9 million, or net earnings per share of $0.04, for the second quarter of fiscal 2009.
The Company ended the second quarter of fiscal 2010 with cash, cash equivalents and short-term marketable securities of $221.4 million.
"We saw sequential double-digit percentage revenue improvement in all product lines, except in our communications portfolio where we experienced a significant reduction due to two products. As a result, our quarter-to-quarter revenue growth was limited to less than five percent," said Pete Rodriguez, the Company's president and chief executive officer. "We have successfully integrated Hifn and Galazar and are on track to release new products and exceed cost synergy targets. During the quarter we introduced two devices at the Digital Power Forum and a new deduplication solution for enterprise storage applications. These products have had excellent customer response and we believe will start generating revenue in the current quarter."
Business Outlook
For the third quarter of fiscal 2010, the Company expects that net sales will be between $32.0 million and $34.0 million, non-GAAP gross margin will be between 51% and 53% and non-GAAP operating expenses will be between $19.5 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
The Company invites investors, financial analysts, and the general public to listen to its conference call discussing the Company's financial results for the second quarter of fiscal 2010, today, Thursday, October 29, 2009 at 1:30 p.m. PDT. To access the conference call, please dial (800) 230-1085 by 1:20 p.m. PDT and use conference ID number 119167.
In addition, a live webcast will also be available. To access the webcast, please go to the Company's Investor Relations Homepage at: http://www.exar.com/news/investornews.aspx.
A taped replay of the conference call will be available starting at 3:00 p.m. PDT the day of the call until 11:59 p.m. PST on November 5, 2009. To access the replay, please dial (800) 475-6701 and use conference ID number 119167.
Product Line Highlights
Power Management
Exar Redefines Digital Power Market -- Introduces PowerXR Family High-Performance System Solutions
http://www.exar.com/Common/Content/News.aspx?id=5548
Hifn Technology Solutions
Exar Expands Product Portfolio for Enterprise Storage Applications
http://www.exar.com/Common/Content/News.aspx?id=5554
Safe Harbor Statement
The Company's statements about its future financial performance, changes in gross margins, net sales and operating expenses, resource allocation and its impact on future performance and product development initiatives, design win conversion, distribution and OEM trends, supply chain issues among others, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include global financial volatility, economic recession, and industry and market conditions, such as customer and distributor relationships; limited visibility associated with customer or distributor demand for the Company's products; the possible loss of, or decrease in orders from, an important customer; adjustments in interest rates and cash balances; vendor capacity, quality or throughput constraints; successful integration of acquired businesses; possible disruption in commercial activities as a consequence of terrorist activity, natural disasters, armed conflict or health issues; successful development, market acceptance and demand for the Company's products, including those for which the Company has achieved design wins; competitive factors, such as pricing or competing solutions; customer ordering patterns; accounting considerations related to impairment analyses or acquisition related issues; the level of inventories maintained at the Company's OEMs and distributors; and the Company's successful execution of internal performance plans, as well as the other risks detailed from time to time in the Company's SEC reports, including the Annual Report on Form 10-K for the year ended March 29, 2009 and the Quarterly Report on Form 10-Q for the period ended June 28, 2009.
Generally Accepted Accounting Principles
The Company reports its financial results in accordance with GAAP. Additionally, the Company supplements reported GAAP financials with non-GAAP measures which are included in related press releases and reports furnished to the SEC, copies of which are available at the Company's website: http://www.exar.com or the SEC's website at: http://www.sec.gov. For the periods presented, we are disclosing non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP operating expenses, non-GAAP operating loss, non-GAAP net income (loss), and non-GAAP diluted earnings (loss) per share, which are adjusted to exclude from our GAAP results all stock-based compensation expense, amortization of acquired intangible assets, fair value adjustment of acquired inventories, acquisition-related costs, separation costs of executive officers, impairment charges on investments, and income tax effects. These non-GAAP measures are presented in part to enhance the understanding of the Company's historical financial performance and comparability between reporting periods. The Company believes the non-GAAP presentation, when shown in conjunction with the corresponding GAAP measures, provide relevant and useful information to analysts, investors, management and other interested parties following the semiconductor industry. For its internal purposes, the Company uses the foregoing non-GAAP measures to evaluate performance across reporting periods, determine certain employee benefits as well as plan for and forecast the Company's future periods. These non-GAAP measures are not in accordance with, or an alternative for measures prepared in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures.
About Exar
Exar Corporation delivers highly differentiated silicon, software and subsystem solutions for industrial, consumer, and enterprise applications. For nearly 40 years, Exar's comprehensive knowledge of end-user markets along with the underlying analog/mixed signal and digital technologies has enabled innovative solutions that meet the needs of the evolving connected world. Exar's technology portfolio includes solutions for power management, serial interfaces, packet-based and TDM wireline communications, enterprise storage optimization, and data security. Exar has locations worldwide providing real-time customer support to drive rapid product development. For more information about Exar, visit: www.exar.com
EXAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(Unaudited)
SEPTEMBER 27, MARCH 29,
2009 2009
---- ----
ASSETS
Current assets:
Cash and cash equivalents $32,034 $89,002
Short-term marketable securities 189,411 167,341
Accounts receivable (net of allowances of
$636 and $572) 12,975 7,452
Accounts receivable, related party (net of
allowances of $407 and $736) 3,366 1,796
Inventories 13,016 15,678
Other current assets 4,264 3,274
Deferred income taxes, net 314 62
--- --
Total current assets 255,380 284,605
Property, plant and equipment, net 43,546 42,549
Goodwill 2,621 -
Intangible assets, net 25,694 7,359
Other non-current assets 3,023 1,876
----- -----
Total assets $330,264 $336,389
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $8,515 $5,391
Accrued compensation and related benefits 6,300 4,773
Deferred income and allowances on sales to
distributors 3,197 3,208
Deferred income and allowances on sales to
distributors, related party 7,676 7,040
Other accrued expenses 9,592 7,014
----- -----
Total current liabilities 35,280 27,426
Long-term lease financing obligations 15,160 15,633
Other non-current obligations 1,646 1,236
----- -----
Total liabilities 52,086 44,295
------ ------
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; 43,582,508
and
43,036,271 shares issued and outstanding
at September 27, 2009
and March 29, 2009, respectively (net of
treasury shares) 4 4
Additional paid-in capital 716,997 710,787
Accumulated other comprehensive income 1,714 802
Treasury stock at cost, 19,924,369 shares
at September 27, 2009
and March 29, 2009, respectively (248,983) (248,983)
Accumulated deficit (191,554) (170,516)
-------- --------
Total stockholders' equity 278,178 292,094
------- -------
Total liabilities and stockholders' equity $330,264 $336,389
======== ========
EXAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED
------------------ ----------------
SEPTEMBER JUNE SEPTEMBER SEPTEMBER SEPTEMBER
27, 28, 28, 27, 28,
2009 2009 2008 2009 2008
---- ---- ---- ---- ----
Net sales $23,118 $23,110 $21,581 $46,228 $41,752
Net sales,
related
party 8,470 7,752 11,167 16,222 23,207
----- ----- ------ ------ ------
Total net
sales 31,588 30,862 32,748 62,450 64,959
------ ------ ------ ------ ------
Cost of
sales:
Cost of
sales 11,843 12,889 11,579 24,732 22,518
Cost of
sales,
related
party 4,088 3,788 5,208 7,876 11,055
Amortization
of
purchased
intangible
assets 1,567 1,340 956 2,907 1,911
----- ----- --- ----- -----
Total cost
of sales 17,498 18,017 17,743 35,515 35,484
------ ------ ------ ------ ------
Gross
profit 14,090 12,845 15,005 26,935 29,475
------ ------ ------ ------ ------
Operating
expenses:
Research
and
development 12,288 12,294 8,133 24,582 16,225
Selling,
general
and
administrative 11,375 15,112 9,746 26,487 21,047
------ ------ ----- ------ ------
Total
operating
expenses 23,663 27,406 17,879 51,069 37,272
Loss from
operations (9,573) (14,561) (2,874) (24,134) (7,797)
Other
income,
net:
Interest
income
and
other,
net 1,700 1,754 2,535 3,454 5,205
Interest
expense (326) (324) (330) (650) (661)
Impairment
charges on
investments (245) (72) (1,454) (317) (1,454)
---- --- ------ ---- ------
Total
other income, net 1,129 1,358 751 2,487 3,090
Loss
before
income
taxes (8,444) (13,203) (2,123) (21,647) (4,707)
Provision
(benefit)
for
income
taxes (281) (328) 64 (609) (59)
---- ---- -- ---- ---
Net loss $(8,163) $(12,875) $(2,187) $(21,038) $(4,648)
======= ======== ======= ======== ========
Loss per
share:
Basic loss
per share $(0.19) $(0.30) $(0.05) $(0.48) $(0.11)
====== ====== ====== ====== ======
Diluted
loss per
share $(0.19) $(0.30) $(0.05) $(0.48) $(0.11)
====== ====== ====== ====== ======
Shares
used in
the
computation
of loss
per
share:
Basic 43,550 43,314 42,735 43,432 42,854
====== ====== ====== ====== ======
Diluted 43,550 43,314 42,735 43,432 42,854
====== ====== ====== ====== ======
EXAR CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(In thousands, except per share amounts)
(Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED
------------------ ----------------
SEPTEMBER JUNE SEPTEMBER SEPTEMBER SEPTEMBER
27, 28, 28, 27, 28,
2009 2009 2008 2009 2008
---- ---- ---- ---- ----
GAAP gross margin 44.6% 41.6% 45.8% 43.1% 45.4%
Stock-based
compensation 0.5% 0.4% 0.5% 0.4% 0.6%
Amortization of
acquired intangible
assets 5.0% 4.3% 2.9% 4.4% 2.9%
Fair value adjustment
of acquired
inventories 1.4% 5.8% - 3.6% -
Acquisition-related
costs 0.1% - - 0.2% 0.2%
--- --- --- --- ---
Non-GAAP gross margin 51.5% 52.1% 49.3% 51.7% 49.1%
==== ==== ==== ==== ====
GAAP research and
development expenses $12,288 $12,294 $8,133 $24,582 $16,225
Stock-based
compensation 748 486 481 1,234 839
Amortization of
acquired intangible
assets 635 588 263 1,223 526
Acquisition-related
costs 192 557 - 749 -
--- --- --- --- ---
Non-GAAP research and
development expenses $10,713 $10,663 $7,389 $21,376 $14,860
======= ======= ====== ======= =======
GAAP selling, general
and administrative
expenses $11,375 $15,112 $9,746 $26,487 $21,047
Stock-based
compensation 767 707 435 1,474 1,244
Amortization of
acquired intangible
assets 179 142 162 321 324
Acquisition-related
costs 620 3,926 - 4,546 541
Separation costs of
executive officers - 162 - 162 -
--- --- --- --- ---
Non-GAAP selling,
general and
administrative
expenses $9,809 $10,175 $9,149 $19,984 $18,938
====== ======= ====== ======= =======
GAAP operating
expenses $23,663 $27,406 $17,879 $51,069 $37,272
Stock-based
compensation 1,515 1,193 916 2,708 2,083
Amortization of
acquired intangible
assets 814 730 425 1,544 850
Acquisition-related
costs 812 4,483 - 5,295 541
Separation costs of
executive officers - 162 - 162 -
--- --- --- --- ---
Non-GAAP operating
expenses $20,522 $20,838 $16,538 $41,360 $33,798
======= ======= ======= ======= =======
GAAP operating loss $(9,573) $(14,561) $(2,874) $(24,134) $(7,797)
Stock-based
compensation 1,666 1,309 1,090 2,975 2,449
Amortization of
acquired intangible
assets 2,381 2,070 1,380 4,451 2,760
Fair value adjustment
of acquired
inventories 447 1,787 - 2,234 -
Acquisition-related
costs 830 4,489 - 5,319 656
Separation costs of
executive officers - 162 - 162 -
--- --- --- --- ---
Non-GAAP operating
loss $(4,249) $(4,744) $(404) $(8,993) $(1,932)
======= ======= ===== ======= =======
GAAP net loss $(8,163) $(12,875) $(2,187) $(21,038) $(4,648)
Stock-based
compensation 1,666 1,309 1,090 2,975 2,449
Amortization of
acquired intangible
assets 2,381 2,070 1,380 4,451 2,760
Fair value adjustment
of acquired
inventories 447 1,787 - 2,234 -
Acquisition-related
costs 830 4,489 - 5,319 656
Separation costs of
executive officers - 162 - 162 -
Impairment charges on
investments 245 72 1,454 317 1,454
Income tax effects (136) (152) 142 (288) (19)
---- ---- --- ---- ---
Non-GAAP net income
(loss) $(2,730) $(3,138) $1,879 $(5,868) $2,652
======= ======= ====== ======= ======
GAAP loss per share $(0.19) $(0.30) $(0.05) $(0.48) $(0.11)
Stock-based
compensation 0.04 0.03 0.03 0.07 0.06
Amortization of
acquired intangible
assets 0.05 0.05 0.03 0.10 0.06
Fair value adjustment
of acquired
inventories 0.01 0.04 - 0.05 -
Acquisition-related
costs 0.02 0.10 - 0.12 0.02
Separation costs of
executive officers - - - 0.00 -
Impairment charges on
investments 0.01 - 0.03 0.01 0.03
Income tax effects (0.00) - 0.00 (0.01) -
----- --- ---- ----- ---
Non-GAAP diluted
earnings (loss) per
share $(0.06) $(0.07) $0.04 $(0.14) $0.06
====== ====== ===== ====== =====
Shares used in loss
per share --- GAAP 43,550 43,314 42,735 43,432 42,854
The effect of dilutive
potential common
shares due to
reporting Non-GAAP net
income - - 246 - 239
The effect of removing
stock-based
compensation expense
under SFAS 123R for
Non-GAAP presentation
purpose - - (130) - (99)
--- --- ---- --- ---
Shares used in diluted
earnings per share
--- Non-GAAP 43,550 43,314 42,851 43,432 42,994
====== ====== ====== ====== ======
Notes: Certain amounts may not total due to rounding.
Certain amounts previously reported above have been reclassified to
conform to the current periods' presentation.
SOURCE Exar Corporation
http://www.exar.com
Tags: accounting acquisition business ceo commercial communications conference consumer deficit distributor earnings equity executive family financial results gaap health industrial interest rates market nasdaq plant president product development products property research and development revenue sales sec securities software tax taxes technology track treasury wireline
Companies: Exar Corp. (EXAR)
Nov 02, 2009 (Datamonitor via COMTEX) --
American semiconductor company Exar Corporation has posted a net loss of $8.16 million, or $0.19 per diluted share, for the second quarter of fiscal 2010 ended September 27, 2009, compared to a net loss of $2.19 million, or $0.05 per diluted share, for the same quarter of fiscal 2009.
Total net sales for the second quarter of fiscal 2010 were $31.59 million compared to $32.75 million for the corresponding quarter of fiscal 2009.
The company has posted a net loss of $21.04 million, or $0.48 per diluted share, for the first six months ended September 27, 2009, compared to a net loss of $4.65 million, or $0.11 per diluted share for the same period of fiscal 2009.
Total net sales for the first half of fiscal 2010 were $62.45 million compared to $64.96 million in the same half of fiscal 2009.
Pete Rodriguez, the company's president and CEO, said: "We saw sequential double-digit percentage revenue improvement in all product lines, except in our communications portfolio where we experienced a significant reduction due to two products. As a result, our quarter-to-quarter revenue growth was limited to less than 5%."
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Tags: ceo communications president products revenue
Companies: Exar Corp. (EXAR)
Total : 2,512 View more »
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Taiwanese fab closure hits Exar Q4 revenues Tom Foremski Mixed-signal IC manufacturer, Exar, is smarting after the sudden closure of its Taiwan-based fab foundry supplier. Exar expects the closure to significantly affect its revenues for the fiscal fourth quarter ending March 31, 1999.
Exar designs, develops and markets power management and connectivity silicon solutions for a wide array of applications such as portable devices, home media gateways, communications systems, and industrial automation equipment.
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