Exar Corporation reported its highest quarterly revenue in fifteen years, as the company shipped more than 100 million units in the first quarter of fiscal 2011, which ended 6/27/2010.
Exar Corporation reported revenue of $39.6 million in the first quarter of fiscal 2011, up sequentially from the $38.5 million reported in the final quarter of fiscal 2010. Reported revenue was up on a year over year basis as well from the first quarter of fiscal 2010, when the company came in with revenues of $30.9 million.
Despite the good top line results in the quarter, Exar Corporation was unable to convert the higher revenue into a profitable quarter on a GAAP basis. The company reported a loss in the first quarter of fiscal 2011 of $7.4 million, or ($0.17) per share.
Exar Corporation ended the first quarter of fiscal 2011 with a strong balance sheet. The company reported no long or short term debt, and cash, cash equivalents and short-term marketable securities of $208.2 million.
Exar Corporation is guiding investors to an even better revenue performance in the second quarter of fiscal 2011 (ending 9/26/2010). The company is looking for revenues to fall in a range of $40 to $42 million.
For more information on the company, go to www.exar.com
Let us hear your thoughts below: