Maria Quillard
(408) 879-4988
XILINX ANNOUNCES FIRST QUARTER RESULTS; NET INCOME UP 10% SEQUENTIALLY
SAN JOSE, CA, JULY 17, 1997 -- Xilinx, Inc. (NASDAQ:XLNX) today announced
record revenues for the fiscal quarter ended June 28, 1997. Revenues for
the quarter totaled $160.8 million, up 6% from $151.8 million in the fourth
quarter of the prior fiscal year, and up 7% from $150.2 million in the
first quarter of fiscal 1997. Net income was $33.4 million, or $0.41/share,
up 10% from $30.4 million, or $0.38/share, for the preceding quarter, and
up 3% from $32.5 million, or $0.41/share, in the first quarter of the last
fiscal year.
Gross margin rose to just over 62% while operating expenses as a percentage of revenues decreased relative to the preceding quarter. Selling, general and administrative expenses declined from 20.8% of revenues in the previous quarter to 20.3% of revenues in the current quarter, while research and development expenses remained constant at 12.4% of revenues for both periods.
"I continue to be pleased by the revenue contributions of our new products which constituted nearly $7 million this quarter", remarked Wim Roelandts, Xilinx Chief Executive Officer. "The XC9500 In-System-Programmable (ISP) CPLD family doubled in revenue this quarter, and the high-density, high-speed XC4000X family is currently the fastest ramping FPGA in the industry's history. On the software side, we shipped approximately 1,700 revenue seats this quarter, and our new Alliance/M1 software continues to be well-received in the marketplace."
First quarter North American sales to major end markets were as follows:
communications, 37%; dataprocessing, 29%; and industrial, 15%. In addition,
Xilinx continued to realize strong revenues from networking companies,
which represented an all-time high 15% of North American revenues. Geographically,
revenues from North America, Europe and Asia/Pacific were up sequentially,
while revenues from Japan declined.
Additionally, Xilinx reduced its own inventory levels during the June quarter.
Inventory days fell from 96 at the end of the March quarter, to 76 at the
end of June.
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.
--30-
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.
#9731
| XILINX, INC. | ||||||
| Summary Consolidated Financial Statements (Thousands except per share amounts) | ||||||
| (Unaudited) Three months ended |
||||||
| Jun. 28, 1997 |
Jun. 29, 1996 |
Mar. 29, 1997 |
||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||
| Revenues | $160,761 | $150,200 | $151,777 | |||
| Cost of revenues | 60,906 | 53,325 | 58,198 | |||
| Research and development | 19,938 | 17,837 | 18,792 | |||
| Marketing, general and administrative | 32,666 | 29,548 | 31,583 | |||
| Operating income | 47,251 | 49,490 | 43,204 | |||
| Interest income, net | 2,295 | 885 | 1,896 | |||
| Income before taxes | 49,546 | 50,375 | 45,100 | |||
| Provision for income taxes | 16,102 | 17,883 | 14,657 | |||
| Net income | $33,444 | $32,492 | $30,443 | |||
| Net income per share | $0.41 | $0.41 | $0.38 | |||
| Weighted average common and common equivalent shares used in computing per share amounts |
81,326 | 78,944 | 80,586 | |||
| Jun. 28, 1997 |
Mar. 29, 1997 |
|||||
| CONSOLIDATED BALANCE SHEETS | (Unaudited) | (Audited) | ||||
| Current assets | ||||||
| Cash, cash equivalents and short term investments | $465,485 | $425,847 | ||||
| Accounts receivable | 72,704 | 72,248 | ||||
| Inventories | 51,232 | 62,367 | ||||
| Advances for wafer purchases | 18,000 | - | ||||
| Deferred income taxes and other current assets | 43,581 | 41,093 | ||||
| Total current assets | 651,002 | 601,555 | ||||
| Property, plant and equipment, net | 85,446 | 86,580 | ||||
| Restricted investments | 36,743 | 36,257 | ||||
| Investment in joint venture | 35,522 | 35,286 | ||||
| Advances for wafer purchases | 72,000 | 60,000 | ||||
| Developed technology and other assets | 27,510 | 28,015 | ||||
| Total assets | $908,223 | $847,693 | ||||
| Current liabilities | ||||||
| Accounts payable and accrued liabilities | 71,282 | 60,898 | ||||
| Deferred revenue on shipments to distributors | 43,750 | 36,355 | ||||
| Total current liabilities | 115,032 | 97,253 | ||||
| Long-term debt | 250,000 | 250,000 | ||||
| Deferred tax liabilities | 11,943 | 9,760 | ||||
| Stockholders' equity | ||||||
| Common stock and additional paid-in capital | 119,923 | 112,799 | ||||
| Retained earnings | 411,325 | 377,881 | ||||
| Total stockholders' equity | 531,248 | 490,680 | ||||
| Total liabilities and stockholders' equity | $908,223 | $847,693 | ||||