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Xilinx Third Quarter Fiscal 2008 Sales up 7% Sequentially; Operating Margin Exceeds 24%
SAN JOSE, Calif., Jan. 17 /PRNewswire-FirstCall/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced net revenues of $474.8 million in the third quarter of fiscal 2008, up 7% sequentially from the prior quarter and up 5% compared to the same quarter a year ago. Third quarter net income was $103.6 million, or $0.35 per diluted share.
The Xilinx Board of Directors declared a quarterly cash dividend of $0.12 per outstanding share of common stock, payable on February 27, 2008 to all stockholders of record at the close of business on February 6, 2008.
Xilinx sales were stronger than anticipated during the quarter, increasing 7% sequentially due primarily to strength in defense and consumer applications. From a geographic perspective, sales from all geographies except Asia Pacific increased sequentially. North American-based sales were particularly strong during the quarter, increasing 14% sequentially.
"We fired on all cylinders this quarter," said Wim Roelandts, Xilinx Chairman of the Board. "Better than expected sales and gross margin resulted in an operating margin of over 24%, the highest we have reported in nearly two years. New Product sales increased 23% sequentially during the quarter driven by strength from the Virtex™-5, Virtex-4 and Spartan™-3 FPGA families. New Product sales represented 35% of total revenues in the December quarter, up from 30% in the prior quarter and up from 26% in the same quarter of the prior year. Lastly, inventory days remained lean at 91 days, the lowest level in four years."
Xilinx recently announced the appointment of Moshe Gavrielov, 53, to the position of president and chief executive officer, succeeding Wim Roelandts. Gavrielov becomes the third Xilinx CEO in its 24-year history, and brings nearly 30 years of executive management experience with semiconductor and software companies. "I assume my new role with great enthusiasm," said Gavrielov. "I look forward to helping Xilinx capitalize on the vast opportunities for programmable logic while increasing shareholder value through improved operating efficiencies."
Change in Business Update Practice
Effective immediately, the Company will discontinue the practice of issuing scheduled mid-quarter business updates. As a result, no fourth quarter business update press release will be issued during the March quarter.
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. 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.
SOURCE Xilinx, Inc.
CONTACT: Investor Relations, Lori Owen of Xilinx, Inc., +1-408-879-6911, firstname.lastname@example.org
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