Good day Pat: I always enjoy reading your newsletters and the advice. What is your advice on Exar? I heard that the company has a lot of cash. I would appreciate your analysis. Thanks!
Exar Corporation, $7.14, symbol EXAR on Nasdaq (Shares outstanding: 44.2 million; Market cap: $315.7 million, www.exar.com), has developed technology that includes software and hardware for power management, communications, data storage and data security.
In the three months ended September 30, 2010, Exar’s revenue rose 12.0%, to $25.9 million from $23.1 million a year earlier. The company is still losing money, but it cut its loss to $0.10 a share in the latest quarter from $0.19 a share a year earlier.
Exar holds cash of $208.2 million, or $4.71 a share, and has no debt.
Exar needs a sustained economic recovery to keep increasing its revenue, and to become profitable. Its high cash balance is a plus, but there is no reason to believe that the company plans to hand any of it out to its shareholders.
Exar is okay to hold, but only for aggressive investors.
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