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SAN JOSE, Calif., July 19 /PRNewswire-FirstCall/ -- Xilinx, Inc.
(Nasdaq: XLNX) today announced net revenues of $445.9 million in the first
quarter of fiscal 2008, up 1% sequentially from the prior quarter and down
7% compared to the same quarter a year ago. First quarter net income was
$84.3 million, or $0.28 per diluted share.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO )
The Xilinx Board of Directors declared a quarterly cash dividend of
$0.12 per outstanding share of common stock, payable on September 5, 2007
to all stockholders of record at the close of business on August 15, 2007.
Additional first quarter comparisons are represented in the chart below:
GAAP Results
(In millions, except EPS)
Growth Rates
Q1 FY 2008 Q4 FY 2007 Q1 FY 2007 Q-T-Q Y-T-Y
Net revenues $445.9 $443.5 $481.4 1 % -7 %
Operating income $97.5 $79.4 $93.1 23 % 5 %
Net income $84.3 $87.6 $82.5 -4 % 2 %
Diluted earnings
per share $0.28 $0.27 $0.24 4 % 17 %
Sales from all geographies were in line with expectations with the
exception of Europe. Weaker than anticipated European sales were driven
primarily by customers in the Industrial and Data Processing Categories.
Sales from Asia Pacific reached a record 29% of total sales, driven
primarily by sales to communications customers in the region. New Product
sales, which were slow in the prior quarter, increased 17% sequentially and
represented 28% of total sales, up from 24% in the prior quarter. Sales
from the Company's Virtex(TM)-5 FPGAs posted the strongest growth within
this category.
"While sales growth was slightly lower than originally anticipated, I
am pleased with our progress during the quarter in the areas of expense
reduction and inventory management," said Wim Roelandts, Xilinx chief
executive officer. "Expense controls contributed in part to an operating
margin of 22% for the quarter, up from 18% in the prior quarter. Xilinx
inventory days decreased 16 days to 79 days--the lowest level in over three
years and a direct result of focused supply chain management."
Business Review -- June Quarter Fiscal 2008
-- Total inventory days at Xilinx and distribution were 101 days, down
from 120 days last quarter.
-- Accounts receivable days sales outstanding were 43, up from 37 in the
prior quarter.
-- Capital expenditures and depreciation were $16 million and $12 million,
respectively.
Net Revenues by Geography:
Percentages Growth Rates
Q1 Q4 Q1
FY 2008 FY 2007 FY 2007 Q-T-Q Y-T-Y
North America 39 % 39 % 39 % 1 % -8 %
Asia Pacific 29 % 26 % 26 % 12 % 4 %
Europe 22 % 24 % 24 % -6 % -14 %
Japan 10 % 11 % 11 % -12 % -16 %
Net Revenues by End Market:
Percentages Growth Rates
Q1 Q4 Q1
FY 2008 FY 2007 FY 2007 Q-T-Q Y-T-Y
Communications 45 % 44 % 49 % 3 % -15 %
Industrial & Other 32 % 30 % 26 % 7 % 11 %
Consumer & Automotive 15 % 16 % 15 % -6 % -6 %
Data Processing 8 % 10 % 10 % -17 % -22 %
Net Revenues by Product*:
Percentages Growth Rates
Q1 Q4 Q1
FY 2008 FY 2007 FY 2007 Q-T-Q Y-T-Y
New 28 % 24 % 18 % 17 % 43 %
Mainstream 50 % 52 % 59 % -5 % -22 %
Base 16 % 18 % 17 % -6 % -12 %
Support 6 % 6 % 6 % 0 % -6 %
*Products are classified as follows:
New Products: Virtex-5, Virtex-4, Spartan(TM)-3, and CoolRunner(TM)-II
products
Mainstream Products: Virtex-II, Spartan-II, CoolRunner and Virtex-E
products
Base Products: Virtex, Spartan, XC4000 and XC9500 products
Support Products: Configuration solutions, HardWire, Software &
Support/Services
Highlights -- June Quarter Fiscal 2008:
-- Xilinx continued to strengthen its 65-nm leadership and is now shipping
on schedule all Virtex-5 LX, LXT and SXT devices. Additionally, Xilinx
has produced working silicon for its FXT product, expected to be
introduced later this fiscal year.
-- Xilinx began shipping the low-cost Spartan-DSP series targeting
applications such as video surveillance and wireless. This family
offers lower power and higher performance at the lowest cost points in
the FPGA industry versus competing DSP solutions.
-- The Company recently introduced Integrated Software Environment
(ISE(TM)) WebPACK(TM) 9.2i which offers software support for the
Company's Virtex-5 FPGAs in addition to the latest Spartan-3A DSP
platform FPGA. Also, following the successful launch of the PCI
Express solution kit last quarter, Xilinx introduced two additional
solution kits for gigabit Ethernet applications and memory interfaces.
Solution kits simplify and accelerate broad adoption of advanced
technologies by mainstream PLD designers.
Business Outlook -- September Quarter Fiscal 2008
-- Revenues are expected to be flat to down slightly sequentially.
-- Gross margin is expected to be between 62% and 63%.
-- Operating expenses are expected to be up approximately 2% sequentially.
-- Other income including interest expense is expected to be approximately
$16 million.
-- Tax rate is expected to be approximately 21%.
-- Fully diluted share count is expected to be approximately flat at
303 million shares.
Business Update -- September Quarter Fiscal 2008
The Company expects to issue a second quarter business update press
release after the market closes on Thursday, September 6, 2007. Financial
guidance to the investment community will be limited to the points
mentioned in the business update document. Please sign up for a push email
alert, which is available from our investor relations web site at
http://www.investor.xilinx.com.
This release contains forward-looking statements and projections.
Forward-looking statements and projections can often be identified by the
use of forward-looking words such as "may," "will," "could," "should,"
"expect," "believe," "anticipate," "estimate," "continue," "plan,"
"intend," "project" or other similar words. Undue reliance should not be
placed on such forward-looking statements and projections, which speak only
as of the date they are made. Actual events and results may differ
materially from those in the forward-looking statements and are subject to
risks and uncertainties including the general health of global economies as
well as of the semiconductor industry, the health of our end markets and
our customers' customers, our ability to forecast end customer demand,
customer acceptance of our new products, the ability of our customers to
manage their inventories, a high dependence on turns business, more
customer volume discounts than expected, greater product mix changes than
anticipated, fluctuations in manufacturing yields, our ability to deliver
product in a timely manner, our ability to successfully manage production
at multiple foundries, variability in wafer pricing, and other risk factors
listed in our most recent Form 10-K.
About Xilinx
Xilinx, Inc. (Nasdaq: XLNX) is the worldwide leader of programmable
logic solutions. Additional information about Xilinx is available at
http://www.xilinx.com.
XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
June 30, July 1, March 31,
2007 2006 2007
Net revenues $445,912 $481,362 $443,472
Cost of revenues 168,478 192,059 168,041
Gross margin 277,434 289,303 275,431
Operating expenses:
Research and development 87,870 97,582 98,476
Selling, general and
administrative 90,199 94,418 95,657
Amortization of acquisition-
related intangibles 1,897 2,031 1,940
Stock-based compensation related
to prior years - 2,209 -
Total operating expenses 179,966 196,240 196,073
Operating income 97,468 93,063 79,358
Impairment loss on investments - (437) -
Interest and other, net 13,533 14,841 21,916
Income before income taxes 111,001 107,467 101,274
Provision for income taxes 26,723 24,976 13,648
Net income $84,278 $82,491 $87,626
Basic net income per common share $0.28 $0.24 $0.27
Diluted net income per common share $0.28 $0.24 $0.27
Cash dividends declared per common
share $0.12 $0.09 $0.09
Common and equivalent shares used in
computing net income per share
amounts:
Basic 297,720 341,853 325,115
Diluted 303,198 348,988 330,243
XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, March 31,
2007 2007
(Unaudited) (1)
ASSETS
Current assets
Cash, cash equivalents and short-term
investments $1,202,001 $1,137,915
Accounts receivable, net 208,392 182,295
Inventories 145,623 174,572
Deferred tax assets and other current
assets 192,592 205,320
Total current assets 1,748,608 1,700,102
Net property, plant and equipment 416,189 413,036
Long-term investments 729,945 675,713
Investment in United Microelectronics
Corporation 69,396 67,050
Other assets 333,399 323,454
Total Assets $3,297,537 $3,179,355
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities $180,665 $214,317
Deferred income on shipments to
distributors 98,180 89,052
Total current liabilities 278,845 303,369
Convertible debentures 998,798 999,597
Deferred tax liabilities 88,551 102,329
Other long-term liabilities 35,377 1,320
Stockholders' equity 1,895,966 1,772,740
Total Liabilities and Stockholders'
Equity $3,297,537 $3,179,355
(1) Derived from audited financial statements
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands) Three Months Ended
June 30, July 1, March 31,
2007 2006 2007
SELECTED CASH FLOW INFORMATION:
Depreciation $12,446 $12,684 $17,895
Amortization 4,605 4,486 4,536
Stock-based compensation 16,521 26,808 20,135
Net cash provided by operating
activities 126,324 153,265 105,633
Purchases of property, plant and
equipment (15,599) (12,958) (63,183)
Payment of dividends to
stockholders (35,718) (30,830) (29,613)
Repurchases of common stock - (125,000) (1,030,000)
Proceeds from issuance of common
stock to employees and excess tax
benefit 48,046 37,562 51,376
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues $2,171 $3,642 $1,985
Research and development 7,301 12,364 9,407
Selling, general and
administrative 7,048 10,802 8,742
Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com
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