Exar tumbles 11% after swinging to Q4 loss
Exar Corp. (Nasdaq:EXAR) shares are tumbling 11% after the Fremont, Calif.-based company reported it swung to a fourth-quarter loss of $172.4 million, or $3.77 per share, versus a profit of $1.5 million, or $0.03 per share, a year earlier. Wall Street analysts expected a profit of $0.03 per share. Net sales rose 80% to $28.3 million from $15.7 million a year ago. Wall Street was looking for $33.2 million.
The fourth quarter included a non-cash charge of $165.2 million, for the impairment of goodwill and other intangible assets related to the acquisition of electronic components maker Sipex. Exar said in a press release that the charge does not affect the firm’s business, its operations or cash position.
In Friday morning trading, EXAR shares are slipping 11.32%, or $1.02, at $7.99. For detailed price information and recent news stories about Exar, click EXAR.
About the Author
Reporter Will Atkinson is based in SmallCapInvestor.com's Washington, D.C. bureau.
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