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Xilinx Announces Fourth Quarter and Fiscal Year End Results
SAN JOSE, Calif., April 23 /PRNewswire-FirstCall/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced net revenues of $475.8 million in the fourth quarter of fiscal 2008, flat sequentially from the prior quarter and up 7% compared to the same quarter a year ago. Fourth quarter net income was $96.5 million, or $0.34 per diluted share, which included pre-tax charges of $4.7 million for a capital loss on a stock sale and $2.9 million related to impairment losses on equity investments, or approximately a $0.02 per diluted share reduction after tax.
Net revenues of $1.84 billion in fiscal 2008 were flat with the prior fiscal year. Fiscal 2008 net income was $374.0 million, up 7% from $350.7 million. Fiscal 2008 earnings per diluted share were $1.25, up 23% from $1.02 per diluted share in the prior fiscal year.
As previously announced on February 25, 2008, the Xilinx Board of Directors increased the quarterly cash dividend to $0.14 from $0.12 per common share, payable on May 28, 2008 to all stockholders of record at the close of business on May 7, 2008.
Sales from New Products, led by strength from the Virtex®-5 FPGA family, increased 10% sequentially and represented 38% of total sales, up from 35% in the prior quarter and up from 24% in the same quarter a year ago.
"We remain keenly focused on increasing operating efficiencies and I am pleased with our progress in this area," said Moshe Gavrielov, President and Chief Executive Officer. "Gross margin in the March quarter was 63.4% -- the highest we have reported in nearly four years. Operating margin was 24.6% in the March quarter, up from 17.9% in the same quarter a year ago primarily due to improved gross margin coupled with continued expense controls."
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.
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.
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