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Xilinx Announces Second Quarter Fiscal 2008 Results
SAN JOSE, Calif., Oct. 18 /PRNewswire-FirstCall/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced net revenues of $444.9 million in the second quarter of fiscal 2008, flat sequentially with the prior quarter and down 5% compared to the same quarter a year ago. Second quarter net income was $89.7 million, or $0.30 per diluted share.
The Xilinx Board of Directors declared a quarterly cash dividend of $0.12 per outstanding share of common stock, payable on December 5, 2007 to all stockholders of record at the close of business on November 14, 2007.
In spite of flat overall sales growth, sales from Asia Pacific reached record levels. Sales from Asia Pacific represented 30% of sales in the September quarter, up from 25% in the same quarter of the prior year and up from 13% in the same quarter five years ago. This growth is due to a combination of broad-based PLD adoption by customers within the region as well as the continuing trend by US and European companies to outsource manufacturing operations to the Asia Pacific region. Within Asia Pacific, sales from China and Korea recorded the strongest growth on a year-over-year basis driven primarily by increased activities in communications and consumer applications.
"I am pleased with our reduction in inventories as well as our continued operating expense control," said Wim Roelandts, Xilinx chief executive officer. "Combined inventory at Xilinx and distribution decreased by nine days to 92 days in the September quarter. This is lower than we had anticipated entering the quarter and the lowest level in nearly four years. Additionally, operating expenses were lower than forecast."
Business Review - September Quarter Fiscal 2008 * Total inventory days at Xilinx and distribution were 92 days, down from 101 days last quarter. * Accounts receivable days sales outstanding were 48, up from 43 in the prior quarter. * Capital expenditures and depreciation were $13 million and $14 million, respectively.
The Company expects to issue a third quarter business update press release after the market closes on Wednesday, December 5, 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. Forward- looking statements and projections can often be identified by the use of forward-looking words such as "may," "will," "could," "should," "expect," "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. 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. (NASDAQ: XLNX) is the worldwide leader of programmable logic solutions. Additional information about Xilinx is available at http://www.xilinx.com.
SOURCE Xilinx, Inc. 10/18/2007
Lori Owen of Xilinx, Inc.,
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