Xilinx Logo
 
Maria Quillard 
(408) 879-4988 

XILINX ANNOUNCES SECOND QUARTER FISCAL '98 RESULTS 
 
SAN JOSE, CA, OCTOBER 16, 1997 -- Xilinx, Inc. (NASDAQ:XLNX) today announced the results for the second fiscal quarter ended September 27, 1997. Revenues for the quarter totaled $150.3 million, up over 15% from $130.6 million in the second fiscal quarter of the prior fiscal year but down 7% from $160.8 million in the June ending quarter. Net income was $31.0 million, or $0.38/share, up 26% from $24.6 million, or $0.31/share, in the second quarter of the prior fiscal year, excluding the impact of a $5 million write-off of a discontinued product family. Net income was down 7% from $33.4 million, or $0.41/share, in the prior fiscal quarter. 

During the September quarter, Xilinx experienced seasonal weakness in Europe, where revenues were down 17% from the prior quarter and represented 21% of total revenues. North American sales accounted for 63% of total revenues, down 6% sequentially. Japan was the quarter’s strongest region representing 11% of total revenues, up over 20% sequentially. Asia and the rest of the world accounted for 5% of total revenues, down 7% sequentially. 

Second quarter North American sales to major end markets were as follows: communications, 41%; dataprocessing, 29%; industrial, 15%; networking 10%; and military and other, 5%. 

"Despite the quarter’s seasonal slowness, and a greater-than-anticipated decrease in our mature product family revenues, I am pleased with the growth of our new products. This quarter, combined revenues from the Company’s newest products, the XC4000X and the XC9500 ISP CPLD families, doubled sequentially and design wins for these products continue to be extremely strong. Additionally, we sold over 2,200 software seats this quarter, up from 1,700 last quarter. This is a new record for Xilinx and a strong testament to our efforts in the area of software development. The strength of our design wins and new software unit sales is very encouraging since historically these have been leading indicators of future revenues"*, remarked Wim Roelandts, Xilinx Chief Executive Officer. 

Copies of financial literature, including this release, are available via fax or voice recording by dialing Xilinx’s shareholder service line at 1-800-836-4002. Investor information is also available on the Investor Relations Web site at http://www.xilinx.com/finance/irpage.com. 

Founded in 1984, Xilinx is the world’s largest supplier of programmable logic solutions comprising industry leading device architectures and world-class design software. Headquartered in San Jose, Calif., the company pioneered the market for field programmable gate array (FPGA) semiconductor devices that provide high integration and quick time-to-market for electronic equipment manufacturers in the computer, peripherals, telecommunications, networking, industrial control, consumer, instrumentation, and high-reliability/military markets. 
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For more information on Xilinx, access our World Wide Web site at http://www.xilinx.com. Xilinx is a registered trademark of Xilinx, Inc. All XC-prefix product designations, Select-RAM, HardWire and XACTstep are trademarks of Xilinx, Inc. Other brands or product names are trademarks or registered trademarks of their respective owners.  

*This is a forward-looking statement. Actual results may differ from historic trends. Factors that were once considered indicators of past performance may not continue to be indicators of future performance due to risks and uncertainties associated with the acceptance of new products, the impact of competitive products and pricing, and other risks that are described in the Company’s SEC filings, including the form 10-Q for the quarter ended June 28, 1997.  
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XILINX, INC.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary Consolidated Financial Statements (Thousands except per share amounts)  
(Unaudited)  
 Three months ended
 
 Six months ended
 
 
Sep. 27,
Sep. 28,
Jun. 28,
 
Sep. 27, 
Sep. 28,
 
 
1997 
1996 
1997 
 
 1997 
1996 
CONSOLIDATED STATEMENTS OF INCOME  
 
 
 
 
Revenues  
$ 150,272 
$ 130,579 
$ 160,761 
 
 $ 311,033
$ 280,779 
Cost of revenues  
56,048 
50,658 
60,906 
 
 116,954
103,983 
Write-off of XC8100 product family (1)   
5,000 
 
5,000 
Research and development  
19,950 
16,748 
19,938 
 
 39,888
34,585 
Marketing, general and administrative  
31,226 
28,709 
32,666 
 
 63,892
58,257 
Operating income (1)   
43,048 
29,464 
47,251 
 
 90,299
78,954 
Interest and other income, net  
1,807 
1,970 
2,295 
 
4,102 
2,855 
Income before taxes  
44,855 
31,434 
49,546 
 
94,401 
81,809 
Provision for income taxes  
13,905 
10,216 
16,102 
 
 30,007
28,099 
Net income (1)   
$ 30,950 
$ 21,218 
$ 33,444 
 
$ 64,394 
$ 53,710 
Net income per share (1)   
$ 0.38 
$ 0.27 
$ 0.41 
 
$ 0.79 
$ 0.68 
 
 
 
 
 
 
 
 
Weighted average common and common equivalent shares outstanding  
81,416 
79,378 
81,326 
 
 81,371
79,161 
 
 
 
 
 
 
 
 
(1) The results for the three and six month periods ended September 28, 1996 include a $5.0 million write-off of the Company's XC8100 product family.  Excluding the impact of the XC8100 write-off, operating income, net income and net income per share were $34.5 million, $24.6 million and $ 0.31 respectively for the three months ended September 28, 1996 and $84.0 million, $57.1 million and $0.72, respectively for the six month period ended September 28, 1996.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sep. 27,
 
Mar. 29,
 
 
 
 
 
1997 
 
1997 
CONSOLIDATED BALANCE SHEETS   (Unaudited)  
 (Audited)
Current assets  
 
 
 
 
 
 
Cash, cash equivalents and short term investments
 $ 434,613
 
 $ 425,847
Accounts receivable  
 
 
 
65,985
 
72,248
Inventories  
 
 
 
54,313
 
62,367
Advances for wafer purchases  
 
 
 
37,000
 
Deferred income taxes and other current assets
44,641
 
41,093
Total current assets  
 
 
 
636,552
 
601,555
Property, plant and equipment, net  
 
83,715
 
86,580
Restricted investments  
 
 
 
36,263
 
36,257
Investment in joint venture  
 
 
 
101,116
 
35,286
Advances for wafer purchases  
 
 
 
53,000
 
60,000
Developed technology and other assets  
 
25,641
 
28,015
Total assets  
 
 
 
$ 936,287 
 
$ 847,693 
 
 
 
 
 
 
 
 
Current liabilities  
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
$ 66,592 
 
$ 60,898 
Deferred revenue on shipments to distributors
46,881 
 
36,355
Total current liabilities  
 
 
 
113,473 
 
97,253
Long-term debt  
 
 
 
250,000 
 
250,000
Deferred tax liabilities        
10,753 
 
9,760
Stockholders' equity  
 
 
 
 
 
 
Common stock and additional paid-in capital
119,786 
 
112,799
Retained earnings  
 
 
 
442,275 
 
377,881
Total stockholders' equity  
 
 
 
562,061 
 
490,680
Total liabilities and stockholders' equity
$ 936,287 
 
$ 847,693 

© 1998 Xilinx, Inc. All rights reserved
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