Exhibit 99.1
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Press Release
Contacts:
Ronald W. Guire, Exec. VP, CFO Thomas R. Melendrez, Vice President (510) 668-7000 | | For Immediate Release July 16, 2003 |
CORRECTION
Exar Corporation Reports First Quarter Fiscal 2004 Results
Fremont, California, July 16, 2003 – Exar Corporation (NASDAQ: EXAR), a leading provider of high-performance, mixed-signal silicon solutions for the worldwide communications infrastructure. Due to an error in the transmission of our press release issued earlier today for our first quarter fiscal 2004 results, one line item on the “Condensed Consolidated Balance Sheets,”–“Deferred income taxes, net,” was omitted. Attached is the complete and correct Condensed Consolidated Balance Sheets for first quarter fiscal 2004.
About Exar
Exar Corporation (NASDAQ: EXAR) designs, develops and markets high-performance, analog and mixed-signal silicon solutions for the worldwide communications infrastructure. Leveraging its industry-proven analog design expertise, system-level knowledge and standard CMOS process technologies, Exar provides OEMs innovative, highly integrated ICs that facilitate the transport and aggregation of signals in access, metro and wide area networks. The Company’s physical layer silicon solutions address transmission standards such as T/E carrier, ATM and SONET. Additionally, Exar offers ICs for both the serial communications and the video and imaging markets. The Company is based in Fremont, CA, had fiscal 2003 revenues of $67.0 million, and employs approximately 268 people worldwide. For more information about Exar, visit www.exar.com.
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EXAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| | | JUNE 30,
2003
| | MARCH 31,
2003
|
ASSETS | | | | | | |
Current assets | | | | | | |
Cash, cash equivalents and marketable securities | | $ | 400,751 | | $ | 367,851 |
Accounts receivable, net | | | 3,996 | | | 4,275 |
Inventory | | | 3,806 | | | 2,893 |
Other current assets | | | 5,587 | | | 5,617 |
| | |
|
| |
|
|
Total current assets | | | 414,140 | | | 380,636 |
Property, plant and equipment, net | | | 29,521 | | | 28,054 |
Long-term marketable securities | | | 24,317 | | | 54,259 |
Other long-term investments | | | 8,784 | | | 8,759 |
Deferred income taxes, net | | | 7,523 | | | 7,482 |
Other non-current assets | | | 49 | | | 35 |
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|
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Total assets | | $ | 484,334 | | $ | 479,225 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | |
Current liabilities | | $ | 13,564 | | $ | 12,147 |
Long-term obligations | | | 303 | | | 312 |
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Total liabilities | | | 13,867 | | | 12,459 |
Total stockholders’ equity | | | 470,467 | | | 466,766 |
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Total liabilities and stockholders’ equity | | $ | 484,334 | | $ | 479,225 |
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