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Xilinx Announces Second Quarter Fiscal 2009 Results
SAN JOSE, Calif., Oct 15, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced net revenues of $483.5 million in the second quarter of fiscal 2009, down 1% sequentially from the prior quarter and up 9% compared to the same quarter a year ago. Second quarter net income was $81.8 million, or $0.29 per diluted share, including a $29.0 million pre-tax impairment charge on investments and pre-tax restructuring charges of $2.5 million. Collectively, these charges represented approximately $0.09 per diluted share reduction after tax.
The Xilinx Board of Directors declared a quarterly cash dividend of $0.14 per outstanding share of common stock, payable on November 25, 2008 to all stockholders of record at the close of business on November 5, 2008.
Sales from all geographies except North America were up sequentially in the September quarter. Total international sales increased 2% sequentially representing a record 66% of total sales in the quarter, up from 62% in the same quarter of the prior year. The decline in sales from North America was primarily due to weakening sales from defense and wired communications applications.
Operating income for the September quarter was $124.6 million representing 25.8% of net revenues. This was the highest operating margin reported by Xilinx in nearly three years and a direct result of continued expense controls.
"Sales growth from our industry's leading Virtex-5 family was the highlight of the quarter," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Virtex-5 FPGA sales increased over 40% sequentially during the quarter representing over 10% of total sales, up from 2% in the same quarter of the prior year. Sales from this family were driven by a broad base of applications with particularly strong growth coming from next generation wireless activity in China."
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.
Xilinx, Inc. (Nasdaq: XLNX) is the worldwide leader of programmable logic solutions. Additional information about Xilinx is available at http://www.xilinx.com.
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