![]() 24 Annual Roth Conference Institutional Investor Meetings Presented by: Louis DiNardo – President & CEO Kevin Bauer – SVP & CFO March 12, 2012 Exhibit 99.1 th |
![]() 2 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Safe Harbor Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements contained in this presentation include statements about future financial and operating results; economic recession, industry and market conditions, potential synergies and cost savings; the ability to drive growth and expand customer and partner relationships, changes in gross margins, revenues and operating expenses, manufacturing yields or operations, product development initiatives, design win conversion and other such statements. These statements are not guarantees of future performance, involve risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from what is expressed herein. In any forward-looking statement in which the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will result or be achieved or accomplished. Information concerning risk factors are detailed in the Company's SEC reports, including the Annual Report on Form 10-K for the year ended March 27, 2011 and the Quarterly Report on Form 10-Q for the quarters ended July 3, 2011, October 2, 2011 and January 1, 2012. Generally Accepted Accounting Principles: The Company reports its financial results in accordance with GAAP. Additionally, the Company supplements reported GAAP financials with non-GAAP measures which are included in related press releases and reports furnished to the SEC, copies of which are available at the Company’s website: http://www.exar.com or the SEC’s website at: http://www.sec.gov. In this presentation, we are disclosing non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted earnings (loss) per share, which are adjusted to exclude from our GAAP results all stock-based compensation expense, amortization of acquired intangible assets, fair value adjustment of acquired inventories, acquisition-related costs, exit costs, separation costs of executive officers, acceleration of depreciation on abandoned equipment, goodwill and other intangible asset impairment, impairment charges on investments, and income tax effects. These non-GAAP measures are presented in part to enhance the understanding of the Company’s historical financial performance and comparability between reporting periods. The Company believes the non- GAAP presentation, when shown in conjunction with the corresponding GAAP measures, provide relevant and useful information to analysts, investors, management and other interested parties. For its internal purposes, the Company uses the foregoing non-GAAP measures to evaluate performance across reporting periods, determine certain employee benefits as well as plan for and forecast the Company’s future periods. These non-GAAP measures are not in accordance with, or an alternative for measures prepared in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. |
![]() Management |
![]() 4 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Management Team • Louis DiNardo CEO – 30 Years Experience in High Performance Analog Mixed-Signal; CEO, President and COO, VP/GM • Todd Smathers SVP Ops – 30 Years Experience in High Performance Analog Mixed-Signal; SVP Ops, VP/GM • Carlos Laber SVP R&D – 30 Years Experience in High Performance Analog Mixed-Signal; VP R&D, SVP Technology • Chris Dingley SVP Sales • Kevin Bauer CFO |
![]() Strategic Vision |
![]() 6 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th • Exar - Top Tier High Performance Analog Mixed-Signal Integrated Circuits and Sub-Systems Provider – Networking, Storage and Data Communications – Industrial and Embedded Systems – Consumer Electronics – Computing and Peripherals • Exar - Long Term Differentiation – Provide Analog Mixed-Signal Solutions with Embedded Controller, Computation and Advanced Connectivity – Provide Analog Mixed-Signal Solutions with Complete Software and Firmware Drivers Exar - Strategic Vision |
![]() 7 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th • Provide Consistent Profitable Growth – Revenue Growth – Gross Margin Expansion – Operating Expenses Reduction – Operating Profit Growth • Provide Appreciation in Shareholder Value – Alignment of Management Compensation – Exceed Peer Group Benchmarks – Maintain Stable Management – Maintain Consistent Strategy Exar - Strategic Vision |
![]() Historical Perspective |
![]() 9 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Exar - Historical Perspective • Timeline – Founded in 1972, reorganized in Delaware in 1991 – IPO -1985 – History of Analog Mixed-Signal and Communications Products – Conversion to fabless model - 1989-91 – Exar / Sipex Merger – 2007 • Assets – (+) Brand – (+) Customers – (+) Partners – (+) Expertise – (+) Balance Sheet |
![]() 10 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th *Note: Non-GAAP Gross Profit & Non-GAAP Gross Margin Revenue, Gross Profit*, Gross Margin* Fiscal Quarters: FYE March 16 16 18 21 21 19 18 16 18 18 14 52% 52% 54% 54% 52% 51% 50% 46% 49% 49% 48% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% - 5 10 15 20 25 30 35 40 45 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 Gr Profit Revenue Gr Margin |
![]() 11 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Operating Expense*, Operating Income (Loss)* *Note: Non-GAAP Operating Expense & Non-GAAP Operating Income (Loss) Fiscal Quarters: FYE March (5) - 5 10 15 20 25 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 OpEx OpInc |
![]() 12 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Restructuring • Workforce – Reduction – Alignment – Recruiting • Cost of Goods and Operating Expense Reductions – Headcount – Operating Excellence – Facilities Consolidation |
![]() 13 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Restructuring • Workforce Reduction – Phase 1 - January 2012 • 15% of Headcount • 3 Major Locations • 5 Secondary Locations • $9.7mm Gross Savings – Phase 2 - First Half Fiscal 2013 • Significant Reduction in Remaining Expenses • Primarily S&M and G&A with some R&D • Target $10mm Annualized Savings |
![]() 14 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Restructuring • Workforce Alignment and Recruiting – Increase Analog Mixed-Signal Product Development – Increase Design, Product and Test Engineering Resources – Increase Field Applications Engineering Resources – Upgrade Key Sales and Marketing Resources |
![]() 15 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Restructuring • COGS and Operating Expense Reductions – Headcount: N. America, Malaysia, Shanghai, Hangzhou – Test Time Reduction: Existing Products, New Products – Supply Chain Management: Fab, Assembly and Test – Faculties Consolidation: Fremont – Inventory Control: Legacy and New Products – Backlog Management: Improve Business Processes |
![]() 16 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Success Model • Long Term Model – Growth 150% of Peer Group – Gross Margin 55% – Operating Expenses 32% – Operating Income 23% • Demonstrate Consistent Profitable Growth – Effective Market Selection – Product Differentiation – Business Discipline |
![]() Markets and Products |
![]() 18 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Exar - Markets and Products • Power Management – Programmable Power – Analog Power • Connectivity – Interface – UARTS – Bridges • Data Communications and Storage – Acceleration – Encryption – Compression/Decompression • Communications – SONET – SDH – E1/T1 • Standard Analog – Operational Amplifiers – Comparators – Voltage References – Digital Potentiometers – Analog-to-Digital Converters – Digital-to-Analog Converters – Real-time Clocks |
![]() 19 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Product Line Expansion – Power Management Required Additions Design Engineering Product Engineering Test Engineering Applications Engineering Process Development Mask Cost Wafer Cost Power Management Programmable Power DC/DC Converter DC Controller Charge Pump LED Controllers TVS |
![]() 20 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Revenue – Power Management Fiscal Quarters: FYE March - 1 2 3 4 5 6 7 8 9 10 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 |
![]() 21 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th 2011 $14B TAM Market TAM & Segment SAM – Power Management IMS Research (Does not include USB switches – Analog products) Digital Power SAM |
![]() 22 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Application Market Sets/yr Exar SAM/set Exar SAM Top Customers STB 150M $2 $300M Pace, Motorola, Technicolor Switches/Routers 20M $5 $100M Cisco, HP, Alcatel, Huawei MFP 10M $5 $50M HP, Canon, Konica Minolta Server 10M $5 $50M HP, IBM, Dell IP Camera 20M $2 $40M Siemens, Johnson, Pelco Patient Monitor 10M $3 $30M GE, Honeywell, Mindray BTS/BSC/RRH 4M $8 $30M NSN, Ericsson, ZTE POS 15M $2 $30M Ingenico, Verifone, Hypercom xPON 10M $1 $10M Huawei, ZTE, Fiberhome Ultrasound 2M $5 $10M Seimens, GE, Mindray Total $650M ABI Research, Gartner, Infonetic, IMS, Mobile Experts, Nilson Focus Application SAMs – Power Management |
![]() 23 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Products - Power Management • Integration • Four independent programmable step-down DPWM controllers • Four Integrated FET drivers • Reconfigurable GPIO pins & I C interface • Performance • Output currents up to 15A • High Efficiency ~95% • Single input 4.75V to 25V • 9mA typical standby current • Management • Power monitoring • Full on-board protection: OTP, UVLO, OCP & OVP • Reusable design, PC design environment 2 |
![]() Products – Power Management XRP 7724 Block Diagram Vout 1 Vout 2 Vout 3 Vout 4 Vin (4.75 – 25V) 3.3V @ 50mA max SDA / SCL to Host µC 2 GPIOs General IC ENABLE 24 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings StandBy LDO GPIO Enable I²C Configuration Register set Flash Memory Internal LDOs 4 Channel Digital PWM & PFM Control Engine Gate Drivers Current Sensing HS Charge Pump Vout Feedback Gate Drivers Current Sensing HS Charge Pump Vout Feedback Gate Drivers Current Sensing HS Charge Pump Vout Feedback Gate Drivers Current Sensing HS Charge Pump Vout Feedback th |
![]() 25 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Set-Top Box - Point of Load Requirements Functional Block Products Exar Part Numbers Power Supply Unit (Sequencing, Monitoring) Programmable Buck controllers XRP7713, XRP7714 Power Supply Unit (DC/DC POLs) Buck regulators, LDOs SPX3819, SPX1117, SPX5205, SP6260, SP7662 XRP7664, XRP7665, SDRAM Termination Bus Termination regulators XRP2997 LEDs LED drivers XRP7620, XRP712x USB 2.0/3.0 USB Power switch XRP2525, XRP2526, XRP2527 Conditional Access Module Low voltage buck, LDOs SP6669, SP6657, SP6260 Front USB USB Power switch XRP2525, SP619 RS232 RS232 serial transceiver SP3232, SP232, SP202 GPIOs Expander I2C & SPI GPIO expanders XRA120x, XRA140x |
![]() 26 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Competition – Power Management Competitor Competitor’s Strengths Exar’s Advantage •Leader in low current POL •Captive low cost process •Differentiated portfolio •Brand in focus markets •Strong Asian Presence •Incumbents in large Asia ODMs •Differentiated Portfolio •US Brand •Low Cost •Closeness to Asian market •Differentiated portfolio •US Brand & Quality •Analog brand •Applications support •Design expertise •Lower cost solutions •Lead on digital control programmable power •Broad Portfolio (+NSC) •Brand Recognition •Customer engagements •Design expertise •High volume foundry •Lead on programmable power |
![]() 27 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Product Line Expansion - Communications Discontinued Development Program Q4 FY’12 Comm IC’s SONET E1/T1 Transport |
![]() 28 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Revenue - Communications Fiscal Quarters: FYE March - 1 2 3 4 5 6 7 8 9 10 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 |
![]() 29 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Product Line Expansion – Data & Storage Data Storage ASSP SoC |
![]() 30 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Revenue – Data & Storage Fiscal Quarters: FYE March - 1 2 3 4 5 6 7 8 9 10 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 |
![]() 31 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Application SAM 2012 Industry Leaders Enterprise Storage $77.5M EMC, Hitachi, IBM, NetApp Big Data/ Data Warehousing $79.3M Teradata, Oracle, HP, IBM Cloud Storage $99.8M Amazon, Microsoft, Rackspace Cloud Computing $63.3M IBM, Google, Salesforce Network Security $137.2M Cisco, Juniper, Huawei, F5 VOIP Security $26.3M Acme Packet, Cisco Total $483M Source: IDC, Exar Focus Application SAMs - Data & Storage |
![]() 32 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Backup Solution with DX17xx or 18xx Card HBA Processor / Chipset PCI-E PCI-E DX 18xx DX 17xx DX 18xx DX 17xx Application Example - Data & Storage Disk Interface SERVER STORAGE ARRAY |
![]() 33 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th SSL or IPsec VPN Gateway CPU Sub- System Memory PCI-E Secure Secure Cloud Cloud WAN I/F 1GbE/10GbE NIC PCI-E WAN Interface PCI-E PCI-E Corporate Data Center DX 18xx DX 17xx DX 18xx DX 17xx or or Remote Data Center Home Office Application Example - Data & Storage 820x 820x |
![]() 34 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Competition - Data & Storage Competitor Competitor’s Strengths Exar’s Advantages X86 Multi-core Processors • Compute capabilities increasing as number of CPU cores increases • Low cost: Riding Moore’s Law • Optimizes application performance • Higher security/compression performance • Lower power consumption • Reduced TCO Intel I/O Hubs • Next Gen IOH integrates PK, compression • Available on new platforms • Higher security/compression performance • Better scalability • Lower power Cavium • Compute capabilities increasing as number of CPU cores increases • Next generation Nitrox family sampling • Integrated encryption, PK, compression • Good performance • Simultaneous processing of encryption, PK, and compression without performance penalty • Lower power consumption Multi-core Network Processors (Netlogic, Freescale) • Compute capabilities increasing as number of CPU cores increases • Integrated encryption, compression • Optimizes application performance • Lower power consumption • Low latency |
![]() 35 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Product Line Expansion - Connectivity Connectivity UART Interface Bridges |
![]() 36 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Revenue - Connectivity Fiscal Quarters: FYE March - 2 4 6 8 10 12 14 16 18 20 22 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 |
![]() 37 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Market TAM & Segment SAM - Connectivity Other Analog Other Analog TAM: $1.7 Billon TAM: $1.7 Billon Other Digital Other Digital TAM: $1 Billon TAM: $1 Billon Worldwide Interface TAM: $5.4 Billon Source: Databeans Connectivity/Bridges Connectivity/Bridges TAM: $2.1B TAM: $2.1B SAM: $500M SAM: $500M UARTs UARTs TAM/SAM: $130M TAM/SAM: $130M Serial Transceivers Serial Transceivers TAM/SAM: $500M TAM/SAM: $500M |
![]() 38 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Application Examples - Connectivity Servers Blade Servers cPCI Servers Consumer Set Top Box HDTV MFP Tablets Industrial/POS Communications Console Servers KVM Switches Wireless Transceiver GPS/Telematics Network Routers Embedded Systems PC104/104+ ISA PCI MB |
![]() 39 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Competition - Connectivity Competitor Competitor’s Strengths Exar Advantages •Brand recognition •Broad portfolio •Customer engagements •Broader UART portfolio •Dual/Multi-protocol Serial Xcvrs •Brand recognition •Customer engagements •Broader UART portfolio •Product Synergy (UARTs & Serial Xcvrs) •Analog brand recognition •Broad portfolio •Design expertise & technical support •Single-chip Multi-protocol Serial Xcvrs •UART portfolio •Product Synergy (UARTs & Serial Xcvrs) •Broad portfolio of Serial Xcvrs •UART portfolio •Product Synergy (UARTs & Serial Xcvrs) •PCI/PCIe UARTs •PCIe Switches/Bridges •Much broader UART portfolio •Product Synergy (UARTs & Serial Xcvrs) •Broadest USB UART portfolio •Worldwide presence in USB UARTs •Much broader UART portfolio •Smallest footprint USB UARTs •Product Synergy (UARTs & Serial Xcvrs) •Low cost development expertise •Customer engagements in Asia •Ethernet controller portfolio •Much broader UART portfolio •Customer engagements worldwide •Product Synergy (UARTs & Serial Xcvrs) |
![]() 40 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Product Line Expansion – Standard Analog New Development Benchmarks New Product Definition 120 DAYS New Product Development 180 DAYS New Product Design Wins 180 DAYS Analog Mixed-Signal RTC REF AMP ADC DAC DCP |
![]() Growth Plans and Financial Model |
![]() 42 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Product Line Expansion Diversified Product Offering with Segments of High Growth and High Margin Power Management Programmable Power DC/DC Converter DC Controllers Charge Pump LED Controllers TVS Data Storage SoC ASSP Connectivity UART Interface Bridges Analog Mixed-Signal DCP DAC ADC AMP REF Real Time RTC Comm IC’s SONET E1/T! |
![]() 43 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Exar Growth Initiatives • Top Tier High Performance Analog Mixed-Signal Components and Advanced Networking Products – Phase I Growth through Market Share Growth • Existing Products with Existing Partners – Phase II Growth through Product Line Expansion • Additional Products through Licensing or Acquisition – Phase III Growth through New Product Introduction • Differentiation with Embedded Connectivity and Controller |
![]() 44 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Revenue by Geography & Channel Note: represents FY 2011 results EMEA 16% China 34% Asia (ex-China) 27% Americas 23% Direct 21% POP (sell-in) 21% POS (sell through) 58% |
![]() 45 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th P&L Quarterly Targets – Non-GAAP 3Q FY12 Dec-2011 Current Breakeven² Target Breakeven Long Term Operating Model Revenue $29.7M ~$34-35M ~$28M ~$43M Gross Margin¹ 48.4% 47% 50% 55% R&D¹ 27.9% SG&A¹ 28.7% Operating Expense¹ 56.6% 47% 50% 32% Operating Inc. / (Loss)¹ (8.2)% Breakeven Breakeven 23% EBITDA¹ EBITDA Margin¹ $(0.2)M - $2M 6% $2M 7% $12M 28%+ 1 Non-GAAP measures 2 After February 2012 product alignment (OTN) and reduction actions |
![]() Appendix GAAP to Non-GAAP reconcilliations |
![]() 47 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Reconciliation of Unaudited GAAP to Non-GAAP Results (1/2) (Thousands except per share amounts) NINE MONTHS ENDED JUN 27, SEP 26, DEC 26, MAR 27, JULY 3, OCT 2, JAN 1, JAN 1, MAR 27, MAR 28, 2010 2010 2010 2011 2011 2011 2012 2012 2011 2010 Net Sales 39,636 $ 37,233 $ 35,365 $ 33,771 $ 36,978 $ 36,120 $ 29,679 $ 102,777 $ 146,005 $ 134,878 $ GAAP gross profit 18,816 $ 17,291 $ 16,083 $ 11,807 $ 16,841 $ 16,729 $ 13,345 $ 46,915 $ 63,997 $ 63,382 $ GAAP gross margin 47.5% 46.4% 45.5% 35.0% 45.5% 46.3% 45.0% 45.6% 43.8% 47.0% Stock-based compensation 220 98 78 93 59 69 104 232 489 528 Amortization of acquired intangible assets 1,553 1,515 1,533 1,443 905 905 905 2,715 6,044 5,187 Fair value adjustment of acquired inventories 42 - - - - 42 2,398 Acquisition-related costs - - - - - - 24 Exit costs - - 2,212 152 - - 152 2,212 - Non-GAAP gross profit 20,631 $ 18,904 $ 17,694 $ 15,555 $ 17,957 $ 17,703 $ 14,354 $ 50,014 $ 72,784 $ 71,519 $ Non-GAAP gross margin 52.1% 50.8% 50.0% 46.1% 48.6% 49.0% 48.4% 48.7% 49.9% 53.0% GAAP research and development expenses 14,443 $ 11,840 $ 12,071 $ 12,744 $ 9,395 $ 8,838 $ 8,871 $ 27,104 $ 51,098 $ 48,511 $ Stock-based compensation 1,556 665 645 375 302 488 576 1,366 3,241 2,325 Amortization of acquired intangible assets 1,074 1,074 72 72 - - - - 2,292 2,785 Acquisition-related costs - - - - - - - - - 887 Exit costs - - - 1,210 115 - - 115 1,210 - Non-GAAP research and development expenses 11,813 $ 10,101 $ 11,354 $ 11,087 $ 8,978 $ 8,350 $ 8,295 $ 25,623 $ 44,355 $ 42,514 $ GAAP selling, general and administrative expenses 12,957 $ 11,083 $ 10,298 $ 11,094 $ 9,600 $ 9,373 $ 9,909 $ 28,882 $ 45,432 $ 48,861 $ Stock-based compensation 1,546 751 585 769 523 620 653 1,796 3,651 3,112 Amortization of acquired intangible assets 298 297 294 254 174 174 174 522 1,143 697 Acquisition-related costs 328 - - - - - - - 328 5,385 Exit costs - - - 165 58 - - 58 165 - Separation costs of executive officer - - - - - - 575 575 - 162 Accelaration of depreciation on abandoned equipment - - - - - - - - - 50 Non-GAAP selling, general and administrative expenses 10,785 $ 10,035 $ 9,419 $ 9,906 $ 8,845 $ 8,579 $ 8,507 $ 25,931 $ 40,145 $ 39,455 $ GAAP operating expenses 27,400 $ 22,923 $ 22,369 $ 31,323 $ 18,995 $ 18,211 $ 18,780 $ 55,986 $ 104,015 $ 97,372 $ Stock-based compensation 3,102 1,416 1,230 1,144 825 1,108 1,229 3,162 6,892 5,437 Amortization of acquired intangible assets 1,372 1,371 366 326 174 174 174 522 3,435 3,482 Acquisition-related costs 328 - - - - - - - 328 6,272 Exit costs - - - 1,375 173 - - 173 1,375 - Separation costs of executive officers - - - - - - 575 575 - 162 Accelaration of depreciation on abandoned equipment - - - - - - - - - 50 Goodwill and intangible assets impairment - - - 7,485 - - - - 7,485 - Non-GAAP operating expenses 22,598 $ 20,136 $ 20,773 $ 20,993 $ 17,823 $ 16,929 $ 16,802 $ 51,554 $ 84,500 $ 81,969 $ GAAP operating loss (8,584) $ (5,632) $ (6,286) $ (19,516) $ (2,154) $ (1,482) $ (5,435) $ (9,071) $ (40,018) $ (33,990) $ Stock-based compensation 3,322 1,514 1,308 1,237 884 1,177 1,333 3,394 7,381 5,965 Amortization of acquired intangible assets 2,925 2,886 1,899 1,769 1,079 1,079 1,079 3,237 9,479 8,669 Fair value adjustment of acquired inventories 42 - - - - - - - 42 2,398 Acquisition-related costs 328 - - - - - - - 328 6,296 Exit costs - - - 3,587 325 - - 325 3,587 - Separation costs of executive officers - - - - - - 575 575 - 162 Accelaration of depreciation on abandoned equipment - - - - - - - - - 50 Goodwill and intangible assets impairment - - - 7,485 - - - - 7,485 - Non-GAAP operating income (loss) (1,967) $ (1,232) $ (3,079) $ (5,438) $ 134 $ 774 $ (2,448) $ (1,540) $ (11,716) $ (10,450) $ TWELVE MONTHS ENDED - - - - - - - |
![]() 48 March 12, 2012 24 Annual ROTH Conference Institutional Investor Meetings th Reconciliation of Unaudited GAAP to Non-GAAP Results (2/2) (Thousands except per share amounts) NINE MONTHS ENDED JUN 27, SEP 26, DEC 26, MAR 27, JULY 3, OCT 2, JAN 1, JAN 1, MAR 27, MAR 28, 2010 2010 2010 2011 2011 2011 2012 2012 2011 2010 Net Sales 39,636 $ 37,233 $ 35,365 $ 33,771 $ 36,978 $ 36,120 $ 29,679 $ 102,777 $ 146,005 $ 134,878 $ GAAP net loss (7,414) $ (4,459) $ (4,959) $ (18,836) $ (1,426) $ (1,077) $ (4,733) $ (7,236) $ (35,668) $ (28,110) $ Stock-based compensation 3,322 1,514 1,308 1,237 884 1,177 1,333 3,394 7,381 5,965 Amortization of acquired intangible assets 2,925 2,886 1,899 1,769 1,079 1,079 1,079 3,237 9,479 8,669 Fair value adjustment of acquired inventories 42 - - - - - - - 42 2,398 Acquisition-related costs 328 - - - - - - - 328 6,296 Exit costs - - - 3,587 325 - - 325 3,587 - Separation costs of executive officers - - - - - - 575 575 - 162 Accelaration of depreciation on abandoned equipment - - - - - - - - - 50 Goodwill and intangible assets impairment - - - 7,485 - - - - 7,485 - Impairment charges on investments - 62 - - - - - - 62 317 Income tax effects 33 32 (118) 129 (142) 221 (194) (115) 76 (40) Non-GAAP net income (loss) (764) $ 35 $ (1,870) $ (4,629) $ 720 $ 1,400 $ (1,940) $ 180 $ (7,228) $ (4,293) $ GAAP loss per share (0.17) $ (0.10) $ (0.11) $ (0.42) $ (0.03) $ (0.02) $ (0.11) $ (0.16) $ (0.81) $ (0.64) $ Stock-based compensation 0.08 0.03 0.03 0.03 0.02 0.03 0.03 0.08 0.17 0.14 Amortization of acquired intangible assets 0.07 0.07 0.04 0.04 0.02 0.02 0.02 0.07 0.21 0.20 Fair value adjustment of acquired inventories 0.00 - - - - - - - 0.00 0.06 Acquisition-related costs 0.01 - - - - - - - 0.01 0.14 Exit costs - - - 0.08 0.01 - - 0.01 0.08 - Separation costs of executive officers - - - - - - 0.01 0.01 - 0.00 Accelaration of depreciation on abandoned equipment - - - - - - - - - 0.00 Goodwill and intangible assets impairment - - - 0.17 - - - - 0.17 - Impairment charges on investments - 0.00 - - - - - - 0.00 0.01 Income tax effects 0.00 0.00 (0.00) 0.00 (0.00) 0.00 (0) (0.00) 0.00 (0.00) Non-GAAP diluted earnings (loss) per share (0.02) $ 0.00 $ (0.04) $ (0.10) $ 0.02 $ 0.03 $ (0.04) $ 0.00 $ (0.16) $ (0.10) $ 43,897 44,173 44,300 44,503 44,599 44,759 44,830 44,726 44,218 43,584 The effect of dilutive potential common shares due to reporting Non-GAAP net income - 261 - - 206 99 - 210 - - The effect of removing stock-based compensation expense under SFAS 123R for Non-GAAP presentation purpose - (329) - - (183) (15) - (131) - - Shares used in diluted earnings per share --- Non-GAAP 43,897 44,105 44,300 44,503 44,622 44,843 44,830 44,805 44,218 43,584 Notes: Certain amounts may not total due to rounding. Certain amounts previously reported above have been reclassified to conform to the current period presentation. TWELVE MONTHS ENDED Shares used in earnings (loss) per share --- GAAP |