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

- Virtex-5(R) sales exceed 10% of total sales - Operating margin of 25.8% is highest reported in nearly three years

SAN JOSE, Calif., Oct. 15 /PRNewswire-FirstCall/ -- Xilinx, Inc. (NASDAQ: XLNX) today announced net revenues of $483.5 million in the second quarter of fiscal 2009, down 1% sequentially from the prior quarter and up 9% compared to the same quarter a year ago. Second quarter net income was $81.8 million, or $0.29 per diluted share, including a $29.0 million pre-tax impairment charge on investments and pre-tax restructuring charges of $2.5 million. Collectively, these charges represented approximately $0.09 per diluted share reduction after tax.

 

(Logo: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO)

The Xilinx Board of Directors declared a quarterly cash dividend of $0.14 per outstanding share of common stock, payable on November 25, 2008 to all stockholders of record at the close of business on November 5, 2008.

 

    Additional second quarter comparisons are represented in the charts below:


    GAAP Results
    (In millions, except EPS)
                                                               Growth Rates
                            Q2 FY 2009 Q1 FY 2009 Q2 FY 2008  Q-T-Q    Y-T-Y
    Net revenues               $483.5     $488.2     $444.9    -1%       9%
    Operating income           $124.6     $107.0      $94.4    16%      32%
    Net income                  $81.8      $83.9      $89.7    -3%      -9%
    Diluted earnings per share  $0.29      $0.30      $0.30    -3%      -3%


 

Sales from all geographies except North America were up sequentially in the September quarter. Total international sales increased 2% sequentially representing a record 66% of total sales in the quarter, up from 62% in the same quarter of the prior year. The decline in sales from North America was primarily due to weakening sales from defense and wired communications applications.

Operating income for the September quarter was $124.6 million representing 25.8% of net revenues. This was the highest operating margin reported by Xilinx in nearly three years and a direct result of continued expense controls.

"Sales growth from our industry's leading Virtex-5 family was the highlight of the quarter," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Virtex-5 FPGA sales increased over 40% sequentially during the quarter representing over 10% of total sales, up from 2% in the same quarter of the prior year. Sales from this family were driven by a broad base of applications with particularly strong growth coming from next generation wireless activity in China."

 

    Net Revenues by Geography:
                                   Percentages                 Growth Rates
                            Q2         Q1           Q2
                          FY 2009    FY 2009     FY 2008      Q-T-Q     Y-T-Y
    North America           34%        35%         38%         -6%       -5%
    Asia Pacific            32%        32%         30%          1%       18%
    Europe                  23%        23%         22%          2%       18%
    Japan                   11%        10%         10%          5%       12%


    Net Revenues by End Market:
                                     Percentages               Growth Rates
                               Q2        Q1         Q2
                             FY 2009   FY 2009    FY 2008     Q-T-Q    Y-T-Y
    Communications             43%       42%        45%         2%       4%
    Industrial & Other         32%       33%        30%        -6%      15%
    Consumer & Automotive      17%       16%        17%         6%      11%
    Data Processing             8%        9%         8%        -8%       8%


    Net Revenues by Product*:
                                     Percentages               Growth Rates
                             Q2          Q1          Q2
                                           FY  2009          FY  2009          FY  2008          Q-T-Q          Y-T-Y
        New                                            45%                  42%                  30%                  5%              62%
        Mainstream                              38%                  40%                  49%                -6%            -17%
        Base                                          12%                  12%                  15%                -1%            -11%
        Support                                      5%                    6%                    6%                -5%              -2%

        *  Products  are  classified  as  follows:

        New  Products:  Virtex-5,  Virtex-4,  Spartan(R)-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  -  September  Quarter  Fiscal  2009

        --  During  the  quarter,  Xilinx  announced  the  new  Virtex-5  TXT  FPGA
              platform.    Targeted  for  use  in  next  generation  Ethernet  bridging  and
              switching  solutions  as  well  as  applications  in  high  performance
              computing  and  video  broadcast,  these  devices  deliver  the  highest  number
              of  6.5Gbps  serial  transceivers  available  on  any  FPGA,  and  are  fully
              supported  with  application-specific  IP,  development  tools,  and
              reference  designs  for  implementing  high-bandwidth  protocol  bridging.
        --  Sales  from  the  Spartan-3E  and  3A  families  increased  18%  sequentially  in
              the  September  quarter  driven  primarily  by  applications  including  set
              top  boxes,  Digital  Video  Recorders,  wired  telecommunications  and
              automotive  telematics.    Sales  from  these  product  families  represented
              6%  of  total  sales,  nearly  doubling  compared  to  the  same  quarter  a  year
              ago.


        Key  Statistics:

                                                                                          Q2                          Q1                      Q2
                                                                                      FY  2009                FY  2009            FY  2008

        Annual  Return  on  Equity  (%)*                          21                          20                      19

        Operating  Cash  Flow  ($M)                                  95                        158                    145

        Depreciation  Expense  ($M)                                13                          15                      14
        Capital  Expenditures  ($M)                                12                          10                      13

        Combined  Inventory  Days                                    93                          93                      92

        Revenue  Turns  (%)                                                59                          59                      59

        *  Return  on  equity  calculation:  Annualized  net  income/average
            stockholders'  equity



        Business  Outlook  -  December  Quarter  Fiscal  2009

        --  Sequential  revenue  growth  is  expected  to  be  up  2%  sequentially  to
              down  2%  sequentially.
        --  Gross  margin  is  expected  to  be  in  the  range  of  63%  to  64%.
        --  Operating  expenses  are  expected  to  be  approximately  $180  million
        --  Other  income  including  interest  expense  is  expected  to  be
              approximately  $3  million.
        --  Fully  diluted  share  count  is  expected  to  be  approximately  276  million
              shares.
        --  Tax  rate  for  the  remainder  of  fiscal  2009  is  expected  to  be  21%
              inclusive  of  the  R&D  tax  credit;  December  quarter  tax  rate  will  also
              include  a  catch-up  benefit  of  approximately  $3  million.

 

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