Xilinx Announces Second Quarter Fiscal 2009 Results (Revenue up 9%)

 

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the quarter's results and management's outlook for the December quarter. The web cast and subsequent replay will be available in the investor relations section of the company's web site at investor.xilinx.com. A telephonic replay of the call may be accessed later in the day by calling (800) 642-1687 and referencing confirmation code 66313422. The telephonic replay will be available for two weeks following the live call.

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 "expect," "may," "will," "could," "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. We undertake no obligation to update such forward-looking statements. 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 Forms 10-K and 10-Q.

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, the Xilinx logo, Virtex, Spartan, ISE, and other brands designated herein are trademarks of Xilinx in the United States and other countries. All other trademarks are the property of their respective owners. #0884F

 


    XILINX, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except per share amounts)

                                  Three Months Ended       Six Months Ended
                            Sept. 27, Sept. 29, June 28,  Sept. 27, Sept. 29,
                              2008      2007      2008      2008      2007
    Net revenues            $483,537  $444,894  $488,246  $971,783  $890,806
    Cost of revenues         177,407   170,122   176,506   353,913   338,600
    Gross margin             306,130   274,772   311,740   617,870   552,206
    Operating expenses:
       Research and
        development           89,501    88,294    90,734   180,235   176,164
       Selling, general and
        administrative        88,080    90,204    93,004   181,084   180,403
       Amortization of
        acquisition-related
        intangibles            1,426     1,897     1,425     2,851     3,794
       Restructuring charges   2,487       -      19,536    22,023       -
         Total operating
          expenses           181,494   180,395   204,699   386,193   360,361

    Operating income         124,636    94,377   107,041   231,677   191,845
    Impairment loss on
     investments             (29,001)      -      (4,621)  (33,622)      -
    Interest and other, net    8,490    19,504     5,705    14,195    33,037

    Income before income
     taxes                   104,125   113,881   108,125   212,250   224,882
    Provision for income
     taxes                    22,300    24,183    24,196    46,496    50,906
    Net income               $81,825   $89,698   $83,929  $165,754  $173,976

    Net income per common
     share:
      Basic                    $0.30     $0.30     $0.30     $0.60     $0.58
      Diluted                  $0.29     $0.30     $0.30     $0.59     $0.57

    Cash dividends declared
     per common share          $0.14     $0.12     $0.14     $0.28     $0.24

    Shares used in per share
     calculations:
      Basic                  276,169   298,008   278,165   277,357   297,863
      Diluted                277,714   302,226   280,881   279,258   302,604



    XILINX, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
                                                  Sept. 27,         March 29,
                                                    2008              2008
                                                 (Unaudited)          (1)

    ASSETS
    Current assets:
         Cash,  cash  equivalents  and  short-
              term  investments                                                  $1,301,013                $1,296,435
            Accounts  receivable,  net                                          234,078                      249,147
            Inventories                                                                    141,704                      130,250
            Deferred  tax  assets  and  other
              current  assets                                                            145,896                      144,364
        Total  current  assets                                                  1,822,691                  1,820,196
        Net  property,  plant  and  equipment                            397,350                      404,430
        Long-term  investments                                                    472,268                      564,269
        Other  assets                                                                      356,519                      348,212
        Total  Assets                                                                $3,048,828                $3,137,107

        LIABILITIES  AND  STOCKHOLDERS'  EQUITY
        Current  liabilities:
            Accounts  payable  and  accrued
              liabilities                                                                $224,822                    $228,988
            Deferred  income  on  shipments  to
              distributors                                                                  94,141                      111,678
        Total  current  liabilities                                            318,963                      340,666
        Convertible  debentures                                                  999,563                      999,851
        Deferred  tax  liabilities                                                95,659                        84,486
        Other  long-term  liabilities                                          74,749                        40,281
        Stockholders'  equity                                                  1,559,894                  1,671,823
        Total  Liabilities  and  Stockholders'
          Equity                                                                          $3,048,828                $3,137,107

        (1)  Derived  from  audited  financial  statements



        XILINX,  INC.
        SUPPLEMENTAL  FINANCIAL  INFORMATION
        (Unaudited)
        (In  thousands)
                                                                    Three  Months  Ended                Six  Months  Ended
                                                          Sept.  27,  Sept.  29,  June  28,    Sept.  27,  Sept.  29,
                                                              2008            2007            2008            2008            2007

        SELECTED  CASH  FLOW
          INFORMATION:
            Depreciation                      $13,309      $14,380      $15,420      $28,729      $26,826
            Amortization                          4,227          4,604          4,226          8,453          9,209
            Stock-based
              compensation                      13,724        15,753        14,423        28,147        32,274
            Net  cash  provided  by
              operating  activities      94,700      145,066      158,497      253,197      271,390
            Purchases  of  property,
              plant  and  equipment      (11,777)    (13,019)      (9,873)    (21,650)    (28,618)
            Payment  of  dividends
              to  stockholders              (38,697)    (35,683)    (38,928)    (77,625)    (71,401)
            Repurchases  of  common
              stock                                (125,000)  (150,000)  (150,000)  (275,000)  (150,000)
            Proceeds  from  issuance
              of  common  stock  to
              employees  and  excess
              tax  benefit                        49,856        30,738        31,531        81,387        78,784

        STOCK-BASED  COMPENSATION
          INCLUDED  IN:
              Cost  of  revenues              $1,497        $1,677        $1,582        $3,079        $3,848
              Research  and
                development                        6,293          7,247          6,354        12,647        14,549
              Selling,  general  and
                administrative                  5,629          6,829          6,228        11,857        13,877
              Restructuring  charges          305              -                  259              564              -

          Investor  Relations  Contact:
          Lori  Owen
          Xilinx,  Inc.
          (408)  879-6911
          ir@xilinx.com
 

Web site: http://www.xilinx.com/



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