Financial Press Releases<< Back
Xilinx Announces Fourth Quarter and Fiscal Year 2007 Results
SAN JOSE, Calif., April 25 /PRNewswire-FirstCall/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced net revenues of $443.5 million in the fourth quarter of fiscal 2007, down 2% sequentially from the prior quarter and down 6% compared to the same quarter a year ago. Fourth quarter net income was $87.6 million, or $0.27 per diluted share, and included stock-based compensation expense of $20.1 million.
(Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO )
Net revenues of $1.84 billion in fiscal 2007 represented an increase of 7% from $1.73 billion in the prior fiscal year. Fiscal 2007 net income was $350.7 million, or $1.02 per diluted share, and included $92.5 million of stock-based compensation expense. As previously announced on February 26, 2007, the Xilinx Board of Directors declared a quarterly cash dividend of $0.12 per outstanding share of common stock, payable on May 30, 2007 to all stockholders of record at the close of business on May 9, 2007.
Additional fourth quarter comparisons are represented in the chart below:
As anticipated, sales decreased in the March quarter driven primarily by declines in defense, wireless and consumer applications. "Sales from wired communication applications, which have been impacted by significant consolidation activity in the telecommunications end market, were up slightly during the quarter after two sequential quarters of steep declines," said Wim Roelandts, Xilinx chief executive officer. "I view this as an optimistic sign that some stabilization in customer ordering patterns may be returning to this sector."
Business Review -- March Quarter Fiscal 2007
- Total inventory days at Xilinx and distribution were 120 days, up from 118 days last quarter.
- Accounts receivable days sales outstanding were 37, up from 30 in the prior quarter.
- Capital expenditures and depreciation were $63 million and $18 million, respectively.
Net Revenues by Geography:
Highlights -- Fiscal 2007:
- Xilinx continued to achieve greater end market diversification in the Consumer and Automotive and Industrial and Other end markets in fiscal 2007. Combined sales from these end markets increased 21% during the fiscal year representing 45% of sales, up from 40% in the prior fiscal year. Within these end markets, sales from defense and consumer applications posted the strongest growth.
- During the year, Xilinx demonstrated its strong commitment to returning value to stockholders by raising its dividend twice and continuing to repurchase its stock. Xilinx's dividend is currently $0.12 per common share, a yield of approximately 2% and among the highest in the semiconductor industry. This is up from $0.07 per common share at the end of fiscal 2006. Additionally, Xilinx repurchased over 55 million shares of its common stock during fiscal 2007 for $1.43 billion, significantly reducing the outstanding share count.
- Xilinx's successful introduction of 65nm technology in April 2006 enabled the Company to achieve a significant lead over other PLD competitors. Xilinx currently supplies nearly 100% of the PLD industry's 65nm sales. Sales from Xilinx's 65nm Virtex-5 family increased significantly during the quarter approaching $5 million. Xilinx is also the frontrunner in 90nm sales having obtained early leadership with the introduction of its high volume FPGA family, the Spartan-3 family. Xilinx sales from products manufactured using 90nm and 65nm process technologies increased approximately 130% during fiscal 2007 to represent 21% of total sales, up from less than 10% of sales in fiscal 2006.
- Xilinx's commitment to corporate responsibility was rewarded when the Company was named one of the 100 Best Corporate Citizens for 2007 by CRO/Business Ethics magazine based on strong financial performance and responsible practices concerning environmental and social issues.
Business Outlook -- June Quarter Fiscal 2008
- Revenues expected to be up 1% to 5% sequentially.
- Gross margin expected to be approximately 62%.
- Operating expenses are expected to be down approximately 4% to 5% sequentially.
- Other income including interest expense is expected to be approximately $15 million.
- Tax rate is expected to be approximately 21%.
- Fully diluted share count expected to decrease to approximately 302 million shares.
Business Update -- June Quarter Fiscal 2008
The Company expects to issue a first quarter business update press release after the market closes on Thursday, June 7, 2007. 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. 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 Form 10-K.
Xilinx, Inc. is the worldwide leader of programmable logic solutions. Additional information about Xilinx is available at http://www.xilinx.com.
Investor Relations Contact:
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains non-GAAP financial measures that exclude the effects of stock-based compensation and the requirements of Statement of Financial Accounting Standards No. 123®, "Share-based Payment" (SFAS 123®). The non-GAAP financial measures used by management and disclosed by the Company exclude the statement of income effects of all forms of stock-based compensation and the effects of SFAS 123® upon the number of diluted shares used in calculating non-GAAP net income per share. These non-GAAP financial measures are not in accordance with or an alternative for GAAP measures and may be different from, and therefore not comparable to, non-GAAP measures used by other companies. The Company has provided reconciliations of the non-GAAP measures to the most directly comparable GAAP measures. Xilinx believes that the presentation of these non-GAAP measures, when shown in conjunction with the corresponding GAAP measures and our reconciliations, provides useful information to management and investors regarding financial and business trends relating to Xilinx's financial condition and results of operations. For additional information regarding these non-GAAP financial measures and their use by Company management, see the Form 8-K dated April 25, 2007 that Xilinx has filed with the SEC.
SOURCE Xilinx, Inc.