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Exar: Chief Executive Officer And Preliminary Fiscal 2016 Second Quarter Financial Results

The following excerpt is from the company's SEC filing.

high-performance integrated circuits and system solutions, today announced that its Board of Directors has appointed Chairman of the Board, Richard L. Leza, as interim President and Chief Executive Officer. Mr. Leza’s appointment follows a mutual agreement by the Company’s Board of Directors and Louis DiNardo that he will step down as President and Chief Executive Officer and as a member of the Board of Directors.

As interim President and Chief Executive Officer, Mr. Leza will work closely with Exar’s executive team and Board of Directors to oversee the Company’s ongoing operations and strategic initiatives. The Board will immediately commence a search for a permanent replacement for the President and Chief Executive Officer. Mr. Leza will continue to serve as a member of the Board of Directors.

“On behalf of the Board of Directors, I want to thank Lou for his many contributions to Exar and wish him the best,” said Richard Leza.

Exar also reported preliminary second quarter fiscal year 2016 non-GAAP revenue of approximately $37 million and non-GAAP earnings per share of $0.06.

The Company will provide a business update and discuss its second quarter fiscal year 2016 financial and operating results details on its earnings conference call already scheduled for Thursday, November 5, 2015.

Forward-Looking Statements

and Non-GAAP Measures

Except for historical information contained herein and matters discussed in relation to this press release contain 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. In particular, the statements regarding the demand for our products and the anticipated trends in our sales and profits, future opportunities that are available to the Company, existence of any viable strategic alternatives and whether any future decisions by...