Xilinx Announces Third Quarter Fiscal 2009 Results

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 - December Quarter Fiscal 2009

-- For the second consecutive quarter, sales to customers in wireless communications were particularly strong, increasing over 10% sequentially. Most of this growth was attributable to the next generation rollout of wireless technologies in China. Xilinx FPGA solutions, most notably Virtex-5 FPGAs, are key beneficiaries of this next generation wireless technology rollout due to their high performance, functionality and system integration capabilities.

-- Xilinx continues to have one of the most stable and resilient business models in the technology industry in terms of profitability and cash flow generation. In the December quarter, Xilinx generated $128.5 million in operating cash flow and paid $146.3 million in cash to repurchase $241.1 million (principal amount) of convertible debentures and $38.4 million in cash dividends. Xilinx currently has among the highest dividend yields in the technology industry.



    Key Statistics:

                                        Q3              Q2            Q3
                                     FY 2009         FY 2009       FY 2008

    Annual Return on Equity (%)*         24              21            21

    Operating Cash Flow (millions)     $128             $95          $208

    Depreciation Expense (millions)     $13             $13           $13
    Capital Expenditures (millions)     $11             $12           $11

    Combined Inventory Days              99              93            91

    Revenue Turns (%)                    54              59            59


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


    Business Outlook - March Quarter Fiscal 2009

    -- Sales are expected to be down 15% to 25% sequentially.
    -- Gross margin is expected to be in the range of 61% to 63%.
    -- Operating expenses are expected to be flat to slightly down
       sequentially from the December quarter.
    -- Interest and other is expected to be a net expense of $3 million.
    -- Fully diluted share count is expected to be approximately 275 million
       shares.
    -- March quarter tax rate is expected to be approximately 21%.

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 March quarter. The webcast and subsequent replay will be available in the investor relations section of the company's web site at http://www.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 76849026. The telephonic replay will be available for two weeks following the live call.

Business Update -- March Quarter Fiscal 2009

The Company expects to issue a fourth quarter business update press release before the market opens on Tuesday, March 3, 2009. 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 "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. #0904F



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

                              Three Months Ended         Nine Months Ended
                         Dec. 27,  Dec. 29, Sept. 27,    Dec. 27,    Dec. 29,
                           2008      2007      2008        2008        2007
    Net revenues         $458,387  $474,806  $483,537  $1,430,170  $1,365,612
    Cost of revenues      165,331   174,414   177,407     519,244     513,014
    Gross margin          293,056   300,392   306,130     910,926     852,598
    Operating expenses:
       Research and
        development        86,967     91,011        89,501          267,202          267,175
              Selling,  general
                and
                administrative          85,032        92,453        88,080          266,116          272,856
              Amortization  of
                acquisition-
                related
                intangibles                  1,475          1,582          1,426              4,326              5,376
              Restructuring
                charges                              -                  -              2,487            22,023                  -
                  Total  operating
                    expenses                173,474      185,046      181,494          559,667          545,407

        Operating  income            119,582      115,346      124,636          351,259          307,191
        Gain  on  early
          extinguishment  of
          convertible
          debentures                        89,672              -                  -                89,672                  -
        Impairment  loss  on
          investments                    (19,540)            -          (29,001)        (53,162)                -
        Interest  and  other,
          net                                          (575)      14,385          8,490            13,620            47,422

        Income  before  income
          taxes                                189,139      129,731      104,125          401,389          354,613
        Provision  for  income
          taxes                                  49,765        26,139        22,300            96,261            77,045
        Net  income                      $139,374    $103,592      $81,825        $305,128        $277,568

        Net  income  per
          common  share:
            Basic                                  $0.51          $0.36          $0.30              $1.10              $0.94
            Diluted                              $0.51          $0.35          $0.29              $1.10              $0.92

        Cash  dividends
          declared  per  common
          share                                    $0.14          $0.12          $0.14              $0.42              $0.36

        Shares  used  in  per
          share  calculations:
            Basic                              273,997      289,703      276,169          276,584          296,714
            Diluted                          274,223      293,036      277,714          277,603          301,030




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

        ASSETS
        Current  assets:
            Cash,  cash  equivalents  and  short-
              term  investments                                                  $1,289,930                $1,296,435
            Accounts  receivable,  net                                          213,590                      249,147
            Inventories                                                                    149,421                      130,250
            Deferred  tax  assets  and  other
              current  assets                                                            101,327                      144,364
        Total  current  assets                                                  1,754,268                  1,820,196
        Net  property,  plant  and  equipment                            394,973                      404,430
        Long-term  investments                                                    388,972                      564,269
        Other  assets                                                                      343,248                      348,212
        Total  Assets                                                                $2,881,461                $3,137,107

        LIABILITIES  AND  STOCKHOLDERS'  EQUITY
        Current  liabilities:
            Accounts  payable  and  accrued
              liabilities                                                                $207,786                    $228,988
            Deferred  income  on  shipments  to
              distributors                                                                  71,510                      111,678
        Total  current  liabilities                                            279,296                      340,666
        Convertible  debentures                                                  760,107                      999,851
        Deferred  tax  liabilities                                              102,425                        84,486
        Other  long-term  liabilities                                          71,150                        40,281
        Stockholders'  equity                                                  1,668,483                  1,671,823
        Total  Liabilities  and  Stockholders'  Equity    $2,881,461                $3,137,107

          (1)  Derived  from  audited  financial  statements



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

        SELECTED  CASH  FLOW
          INFORMATION:
            Depreciation                        $13,438      $13,497      $13,309      $42,167      $40,323
            Amortization                            4,120          4,328          4,227        12,573        13,537
            Stock-based
              compensation                        13,041        16,456        13,724        41,188        48,730
            Net  cash  provided  by
              operating  activities      128,479      207,744        94,700      381,676      479,134
            Purchases  of  property,
              plant  and  equipment        (11,061)    (10,737)    (11,777)    (32,711)    (39,355)
            Payment  of  dividends
              to  stockholders                (38,357)    (34,480)    (38,697)  (115,982)  (105,881)
            Repurchases  of  common
              stock                                            -        (200,000)  (125,000)  (275,000)  (350,000)
            Repurchases  of
              convertible
              debentures                        (146,324)            -                  -        (146,324)            -
            Proceeds  from  issuance
              of  common  stock  to
              employees  and  excess
              tax  benefit                            2,992        11,610        49,856        84,379        90,394

        STOCK-BASED  COMPENSATION
          INCLUDED  IN:
              Cost  of  revenues                $1,337        $1,937        $1,497        $4,416        $5,785
              Research  and
                development                          6,055          7,977          6,293        18,702        22,526
              Selling,  general  and
                administrative                    5,649          6,542          5,629        17,506        20,419
              Restructuring  charges            -                  -                  305              564              -



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

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



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