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. We undertake no obligation to update such forward-looking statements. 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.
About Xilinx
Xilinx, Inc. (NASDAQ: XLNX) is the worldwide leader of programmable logic solutions. Additional information about Xilinx is available at http://www.xilinx.com.
Xilinx, the Xilinx Logo, Virtex, Spartan, ISE and other brands designated herein are trademarks of Xilinx in the United States and other countries. All other trademarks are the property of their respective owners.
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Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com
XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Three Months Ended Year Ended
Mar. 29, Mar. 31, Dec. 29, Mar. 29, Mar. 31,
2008 2007 2007 2008 2007
(Unaudited)(Unaudited)(Unaudited) (Unaudited) (1)
Net revenues $475,760 $443,472 $474,806 $1,841,372 $1,842,739
Cost of revenues 173,974 168,041 174,414 686,988 718,643
Gross margin 301,786 275,431 300,392 1,154,384 1,124,096
Operating expenses:
Research and
development 90,888 98,476 91,011 358,063 388,101
Selling, general
and administrative 92,469 95,657 92,453 365,325 375,510
Amortization of
acquisition-
related
intangibles 1,426 1,940 1,582 6,802 8,009
Litigation
settlements and
contingencies - - - - 2,500
Stock-based
compensation
related to prior
years - - - - 2,209
Total operating
expenses 184,783 196,073 185,046 730,190 776,329
Operating income 117,003 79,358 115,346 424,194 347,767
Impairment loss on
investments (2,850) - - (2,850) (1,950)
Interest and other,
net 5,328 21,916 14,385 52,750 85,329
Income before income
taxes 119,481 101,274 129,731 474,094 431,146
Provision for income
taxes 23,002 13,648 26,139 100,047 80,474
Net income $96,479 $87,626 $103,592 $374,047 $350,672
Net income per
common share:
Basic $0.34 $0.27 $0.36 $1.27 $1.04
Diluted $0.34 $0.27 $0.35 $1.25 $1.02
Cash dividends
declared per common
share $0.12 $0.09 $0.12 $0.48 $0.36
Shares used in per
share calculations:
Basic 284,523 325,115 289,703 295,050 337,920
Diluted 286,321 330,243 293,036 298,636 343,636
(1) Derived from audited financial statements
XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 29, March 31,
2008 2007
(Unaudited) (1)
ASSETS
Current assets:
Cash, cash equivalents and
short-term investments $1,296,435 $1,137,915
Accounts receivable, net 249,147 182,295
Inventories 130,250 174,572
Deferred tax assets and other
current assets 144,364 205,320
Total current assets 1,820,196 1,700,102
Net property, plant and equipment 404,430 413,036
Long-term investments 564,269 675,713
Investment in United Microelectronics
Corporation - 67,050
Other assets 348,212 323,454
Total Assets $3,137,107 $3,179,355
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $228,988 $214,317
Deferred income on shipments to
distributors 111,678 89,052
Total current liabilities 340,666 303,369
Convertible debentures 999,851 999,597
Deferred tax liabilities 84,486 102,329
Other long-term liabilities 40,281 1,320
Stockholders' equity 1,671,823 1,772,740
Total Liabilities and Stockholders'
Equity $3,137,107 $3,179,355
(1) Derived from audited financial statements
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(In thousands)
Three Months Ended Year Ended
Mar. 29, Mar. 31, Dec. 29, Mar. 29, Mar. 31,
2008 2007 2007 2008 2007
(Unaudited)(Unaudited)(Unaudited)(Unaudited) (1)
SELECTED CASH FLOW
INFORMATION:
Depreciation $13,876 $17,895 $13,497 $54,199 $55,998
Amortization 4,219 4,536 4,328 17,756 17,926
Stock-based
compensation 17,697 20,135 16,456 66,427 90,292
Net cash provided
by operating
activities 101,841 105,633 207,744 580,975 551,568
Purchases of
property, plant
and equipment (6,238) (63,183) (10,737) (45,593) (110,777)
Payment of
dividends to
stockholders (34,093) (29,613) (34,480) (139,974) (120,833)
Repurchases of
common stock (200,000) (1,030,000) (200,000) (550,000) (1,430,000)
Proceeds from
issuance of
common stock to
employees and
excess tax
benefit 57,700 51,376 11,610 148,094 155,549
STOCK-BASED
COMPENSATION
INCLUDED IN:
Cost of revenues $1,820 $1,985 $1,937 $7,605 $10,345
Research and
development 8,908 9,407 7,977 31,433 41,610
Selling, general
and
administrative 6,970 8,742 6,542 27,389 38,337
(1) Derived from audited financial statements
Web site: http://www.xilinx.com/
