- Operating margin of 26.1% is highest reported in three years - Virtex-5(R) sales post strong growth
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The Xilinx Board of Directors declared a quarterly cash dividend of $0.14 per outstanding share of common stock, payable on February 25, 2009 to all stockholders of record at the close of business on February 4, 2009.
Additional third quarter comparisons are represented in the charts below: GAAP Results (In millions, except EPS) Growth Rates Q3 FY 2009 Q2 FY 2009 Q3 FY 2008 Q-T-Q Y-T-Y Net revenues $458.4 $483.5 $474.8 -5% -3% Operating income $119.6 $124.6 $115.3 -4% 4% Net income $139.4 $81.8 $103.6 70% 35% Diluted earnings per share $0.51 $0.29 $0.35 76% 46%
Sales in the month of December were particularly weak as the current economic recessionary environment began impacting customers in most Xilinx end markets. With the exception of sales to Industrial and Other which were flat, sales to other end markets declined sequentially in the December quarter.
Continued cost reduction efforts contributed to improved gross and operating margins during the quarter. Operating margin of 26.1% was up from 24.3% in the same quarter of the prior year and the highest reported in over three years. Gross margin of 63.9% was up from 63.3% in the same quarter of the prior year and the highest reported in over four years.
"Sales from the Company's flagship Virtex-5 family posted exceptionally strong growth in the December quarter increasing 35% sequentially and representing 15% of total sales, up from 10% in the prior quarter," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "The success of this product family in today's challenging economic environment underscores a growing affinity for programmable solutions versus ASIC alternatives. Programmable solutions provide customers with lower risk, greater flexibility and, in many cases, lower total overall cost."
Net Revenues by Geography: Percentages Growth Rates Q3 Q2 Q3 FY 2009 FY 2009 FY 2008 Q-T-Q Y-T-Y North America 34% 34% 41% -4% -20% Asia Pacific 33% 32% 27% -1% 20% Europe 22% 23% 22% -12% -4% Japan 11% 11% 10% -4% 1% Net Revenues by End Market: Percentages Growth Rates Q3 Q2 Q3 FY 2009 FY 2009 FY 2008 Q-T-Q Y-T-Y Communications 44% 43% 41% -3% 4% Industrial & Other 33% 32% 33% 0% -2% Consumer & Automotive 16% 17% 17% -12% -11% Data Processing 7% 8% 9% -21% -27% Net Revenues by Product*: Percentages Growth Rates Q3 Q2 Q3 FY 2009 FY 2009 FY 2008 Q-T-Q Y-T-Y New 48% 45% 35% 2% 34% Mainstream 36% 38% 45% -9% -22% Base 11% 12% 14% -17% -29% Support 5% 5% 6% -11% -19% * Products are classified as follows: