Xilinx Announces Third Quarter Fiscal 2009 Results

- Operating margin of 26.1% is highest reported in three years - Virtex-5(R) sales post strong growth

SAN JOSE, Calif., Jan. 14 /PRNewswire-FirstCall/ -- Xilinx, Inc. (NASDAQ: XLNX) today announced net revenues of $458.4 million in the third quarter of fiscal 2009, down 5% sequentially from the prior quarter and down 3% compared to the same quarter a year ago. Third quarter net income was $139.4 million, or $0.51 per diluted share, including an $89.7 million pre-tax gain on the early extinguishment of convertible debentures and a $19.5 million pre-tax impairment charge on investments. Collectively, these income and expense items represented approximately $0.19 per diluted share after tax.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO)

The Xilinx Board of Directors declared a quarterly cash dividend of $0.14 per outstanding share of common stock, payable on February 25, 2009 to all stockholders of record at the close of business on February 4, 2009.

    Additional third quarter comparisons are represented in the charts below:



    GAAP Results
    (In millions, except EPS)
                                                            Growth Rates
                 Q3 FY 2009   Q2 FY 2009   Q3 FY 2008      Q-T-Q       Y-T-Y
    Net revenues   $458.4       $483.5       $474.8         -5%         -3%
    Operating
     income        $119.6       $124.6       $115.3         -4%          4%
    Net income     $139.4        $81.8       $103.6         70%         35%
    Diluted
     earnings
     per share      $0.51        $0.29        $0.35         76%         46%


Sales in the month of December were particularly weak as the current economic recessionary environment began impacting customers in most Xilinx end markets. With the exception of sales to Industrial and Other which were flat, sales to other end markets declined sequentially in the December quarter.

Continued cost reduction efforts contributed to improved gross and operating margins during the quarter. Operating margin of 26.1% was up from 24.3% in the same quarter of the prior year and the highest reported in over three years. Gross margin of 63.9% was up from 63.3% in the same quarter of the prior year and the highest reported in over four years.

"Sales from the Company's flagship Virtex-5 family posted exceptionally strong growth in the December quarter increasing 35% sequentially and representing 15% of total sales, up from 10% in the prior quarter," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "The success of this product family in today's challenging economic environment underscores a growing affinity for programmable solutions versus ASIC alternatives. Programmable solutions provide customers with lower risk, greater flexibility and, in many cases, lower total overall cost."



    Net Revenues by Geography:
                              Percentages                   Growth Rates
                      Q3           Q2          Q3
                   FY 2009      FY 2009      FY 2008       Q-T-Q       Y-T-Y
    North America     34%          34%          41%         -4%        -20%
    Asia Pacific      33%          32%          27%         -1%         20%
    Europe            22%          23%          22%        -12%         -4%
    Japan             11%          11%          10%         -4%          1%



    Net Revenues by End Market:
                              Percentages                   Growth Rates
                      Q3           Q2           Q3
                   FY 2009      FY 2009      FY 2008       Q-T-Q       Y-T-Y
    Communications    44%          43%          41%         -3%          4%
    Industrial &
     Other            33%          32%          33%          0%         -2%
    Consumer &
     Automotive       16%          17%          17%        -12%        -11%
    Data Processing    7%           8%           9%        -21%        -27%



    Net Revenues by Product*:
                              Percentages                   Growth Rates
                                       Q3                      Q2                      Q3
                                      FY  2009            FY  2009            FY  2008              Q-T-Q              Y-T-Y
        New                              48%                    45%                    35%                    2%                  34%
        Mainstream                36%                    38%                    45%                  -9%                -22%
        Base                            11%                    12%                    14%                -17%                -29%
        Support                        5%                      5%                      6%                -11%                -19%



        *  Products  are  classified  as  follows: 


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