Exar (EXAR) Eliminates 120 Positions, Reaffirms FY12 Outlook

Exar Corporation (Nasdaq: EXAR) has taken additional substantive steps to reduce overall operating expenses and cost of goods sold. The Company also confirmed revenue guidance provided in the Company's earnings conference call on February 1, 2012.

Company President and CEO Louis DiNardo commented, "In support of our goal to achieve consistent profitable growth we continue to align and scale our workforce with our market, product and financial plans. We have taken meaningful action today that is comprehensive and includes adjustments in all functional areas of our company and regions of the world. We eliminated approximately 120 positions, or 30% of our worldwide headcount. This action is estimated to be $12 million in annual gross savings of which approximately 30% are in operations functions and 70% are in R&D and SG&A."

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• Morgan Stanley course-corrects their semiconductor equipment outlook on demand
• DA Davidson Reiterates Buy Rating on Box, Inc. (BOX) on Secular Tailwinds for Demand