Maria Quillard
(408) 879-4988 XILINX ANNOUNCES SECOND QUARTER FISCAL '98 RESULTS
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.
*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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Summary Consolidated Financial Statements (Thousands except per share amounts) | |||||||
(Unaudited) |
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Sep. 27,
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CONSOLIDATED STATEMENTS OF INCOME |
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Revenues |
$ 150,272
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$ 130,579
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$ 160,761
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$ 311,033
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$ 280,779
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Cost of revenues |
56,048
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50,658
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60,906
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116,954
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103,983
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Write-off of XC8100 product family (1) |
-
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5,000
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-
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-
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5,000
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Research and development |
19,950
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16,748
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19,938
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39,888
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34,585
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Marketing, general and administrative |
31,226
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28,709
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32,666
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63,892
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58,257
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Operating income (1) |
43,048
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29,464
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47,251
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90,299
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78,954
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Interest and other income, net |
1,807
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1,970
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2,295
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4,102
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2,855
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Income before taxes |
44,855
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31,434
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49,546
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94,401
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81,809
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Provision for income taxes |
13,905
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10,216
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16,102
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30,007
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28,099
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Net income (1) |
$ 30,950
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$ 21,218
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$ 33,444
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$ 64,394
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$ 53,710
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Net income per share (1) |
$ 0.38
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$ 0.27
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$ 0.41
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$ 0.79
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$ 0.68
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Weighted average common and common equivalent shares outstanding |
81,416
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79,378
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81,326
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81,371
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79,161
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(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. | |||||||
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CONSOLIDATED BALANCE SHEETS | (Unaudited) |
(Audited)
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Current assets |
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Cash, cash equivalents and short term investments |
$ 434,613
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$ 425,847
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Accounts receivable |
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65,985
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72,248
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Inventories |
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54,313
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62,367
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Advances for wafer purchases |
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37,000
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-
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Deferred income taxes and other current assets |
44,641
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41,093
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Total current assets |
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636,552
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601,555
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Property, plant and equipment, net |
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83,715
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86,580
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Restricted investments |
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36,263
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36,257
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Investment in joint venture |
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101,116
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35,286
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Advances for wafer purchases |
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53,000
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60,000
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Developed technology and other assets |
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25,641
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28,015
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Total assets |
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$ 936,287
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$ 847,693
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Current liabilities |
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Accounts payable and accrued liabilities |
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$ 66,592
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$ 60,898
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Deferred revenue on shipments to distributors |
46,881
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36,355
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Total current liabilities |
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113,473
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97,253
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Long-term debt |
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250,000
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250,000
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Deferred tax liabilities |
10,753
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9,760
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Stockholders' equity |
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Common stock and additional paid-in capital |
119,786
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112,799
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Retained earnings |
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442,275
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377,881
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Total stockholders' equity |
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562,061
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490,680
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Total liabilities and stockholders' equity |
$ 936,287
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$ 847,693
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