Thursday, fabless semiconductor company Exar Corp. (EXAR), reported a fourth-quarter net loss that narrowed from the year-ago period primarily due to absence of goodwill and other intangible asset impairment charges. The company also issued its fiscal 2010 first-quarter revenue outlook.
The Fremont, California-based company's fourth-quarter net loss narrowed to $4.57 million or $0.11 per share from $172.40 million or $3.77 per share in the corresponding quarter last year.
Excluding items, non-GAAP net loss for the quarter widened to $2.14 million or $0.05 per share from $1.65 million or $0.04 per share in the similar period last year.
Total net sales for the fourth-quarter of fiscal 2009 was $23.85 million, down from $28.26 million in the corresponding period of fiscal 2008.
Total operating expenses for the quarter was $16.33 million, compared to $185.24 million in the prior year of fiscal 2008.
Loss from operations for the quarter narrowed to $6.26 million from $174.54 million in the same period last year.
The company had no quarterly goodwill and other intangible asset impairment charge, compared with $165.19 million in the first-quarter of fiscal 2008.
Exar reported a quarterly income tax benefit of $0.41 million compared to a provision for income tax of $0.64 million in the similar period of fiscal 2008.
The company ended the fourth quarter of fiscal 2009 with cash, cash equivalents and short-term marketable securities of $256.3 million.
For the fiscal year 2009, net loss narrowed to $73.04 million or $1.70 per share from $195.88 million or $4.55 per share in the corresponding period last year.
Non-GAAP net loss for the full year 2009 was $0.15 million or breakeven per share, compared to a non-GAAP net income of $2.11 million or $0.05 per share in the fiscal 2008.
Total net sales for the fiscal 2009 were $115.12 million, up from $89.74 million in the prior-year's corresponding quarter.
Looking forward, the company expects fiscal 2010 first-quarter net sales in the range of $30.0 million - $32.0 million. Analysts currently estimate net sales of $21.50 million for the quarter.
Exar anticipates first-quarter non-GAAP gross margin between 49% and 51%, and non-GAAP operating expenses in the range of $19.0 million to $21.0 million.
Exar closed Thursday's regular trading at $5.91, up $0.18 or 3.14%, on a volume of 166,036 shares on the Nasdaq.
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