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/
