Exar Posts In-Line Q1 Earnings, But Sales Miss Views

Exar Corporation

reported in-line earnings for the first quarter, but the company's sales missed analysts' estimates. The company's board also decided to review strategic alternatives for the company. The Fremont, California-based company posted a quarterly net loss of $2.9 million, or $0.06 per share, versus a year-ago profit of $147,000, or $0.00 per share. Excluding non-recurring items, the company's adjusted earnings came in at $0.11 per share. Its revenue climbed 57 percent to $43.9 million. However, analysts were expecting a profit of $0.11 per share on revenue of $45.88 million. The company expects Q1 adjusted earnings of $0.10 to $0.12 per share on revenue of $40 million to $43 million. "Following a detailed evaluation over the past several months, our Board of Directors has determined that it is prudent to undertake a wide review of strategic options to see which alternatives provide the best means to maximize stockholder value," said Louis DiNardo, Exar's President and CEO. "Regardless of the outcome of the strategic alternatives review, the entire Exar team remains fully committed to meeting the needs of our customers and continuing to provide industry-leading solutions." Exar shares fell 2.19 percent to $9.83 in the after-hours trading session.