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Xilinx Third Quarter Revenues Up 3% Sequentially; Earnings Before Goodwill (EBG*) $0.31 Per Share

PRNewswire
SAN JOSE, Calif.
Jan 17, 2001

Xilinx, Inc. (NASDAQ: XLNX) today announced financial results for the third quarter of fiscal year 2001.

  (In millions, except per share EBG* amounts)
                        Q3 FY        Q2 FY        Q-Q       Q3 FY      Y-Y
                        2001         2001        Change      2000    Change
   Revenues           $ 450.1      $ 437.4         3%     $ 264.3      70%
   Operating
    income(EBG)         143.4        147.1        -2%        85.1      68%
   Net income(EBG)      109.3        114.1        -4%        68.5      60%
   Diluted EPS (EBG)    $0.31        $0.32        -3%       $0.20      55%

  *Earnings before goodwill, amortization, acquisition-related costs and
   one-time charges

"The December quarter was impacted by the well-publicized inventory correction taking place at several of our global communications customers. While Advanced Products grew double-digits sequentially, Mature and Mainstream Products declined," said Wim Roelandts, Xilinx's president and chief executive officer. "We continue to be encouraged by the strong growth of our newest Virtex™-E and Spartan™-II FPGA families. In addition, we are pleased by the customer interest in our recently announced Virtex-II family of FPGAs."

  Business Review - Q3 FY 2001:

  -- End customer bookings and backlog for the December quarter declined on
     a sequential basis.
  -- Turns bookings were 48 percent for the quarter as compared to
     50 percent last quarter.
  -- Inventory days at Xilinx and at worldwide distribution were 135 days
     and 52 days, respectively, compared to 102 days and 56 days last
     quarter.
  -- Capital expenditures and depreciation were $32 million and $12 million,
     respectively.
  -- Days sales outstanding declined by 6 days to 44 days.

  Revenue by Geography:

                    Q3 FY     Q2 FY        Q-Q        Q3 FY         Y-Y
                     2001      2001       Change       2000       Change
   North America     62%       66%         -3%         65%         63%
   Europe            18%       20%         -6%         20%         57%
   Japan             11%        8%         37%         10%         79%
   Asia Pacific       9%        6%         51%          5%        194%

  Revenue by End Market:

                    Q3 FY     Q2 FY        Q-Q        Q3 FY         Y-Y
                     2001      2001       Change       2000        Change
   Communications    77%       78%          2%         67%         96%
   Computing         15%       15%          3%         24%          6%
   Other              8%        7%         18%          9%         51%

  Revenue by Technology:

                    Q3 FY     Q2 FY        Q-Q        Q3 FY         Y-Y
                     2001      2001       Change      2000        Change
   Base               5%        7%        -16%         13%        -30%
   Mainstream        34%       37%         -6%         52%         12%
   Advanced          53%       49%         11%         27%        235%
   Support            8%        7%          7%          8%         56%

  Product segments are defined as follows:

  -- Base products:  XC2000, XC3000, XC3100, XC4000, and XC7000 (0.6 micron
     or greater);
  -- Mainstream products:  XC4000E, XC4000EX, XC4000XL, XC5200, XC9500,
     XC9500XL, Spartan and CoolRunner™ products (0.35 micron - 0.5
     micron);
  -- Advanced products:  XC4000XV, XC4000XLA, SpartanXL, Spartan-II, Virtex,
     and Virtex-E (0.25 micron or less);
  -- Support products:  Configuration solutions, HardWire™, and Software
     and Support Services

  Fourth Quarter Fiscal Year 2001 Business Updates

Fourth quarter business updates will be posted to the Xilinx Investor Relations web site at: http://www.investor.xilinx.com/ after the market closes on Monday, February 5, and Monday, March 5, 2001. Financial guidance to the investment community will be limited to the points mentioned in the business update document. Please sign up for a push email alert, which is available from our investor relations web site.

About Xilinx

Xilinx is the leading supplier of complete programmable logic solutions, including advanced integrated circuits, software design tools, predefined system functions delivered as cores, and unparalleled field engineering support. Founded in 1984 and headquartered in San Jose, Calif., Xilinx invented the field programmable gate array (FPGA) and fulfills more than half of the world demand for these devices today. Xilinx solutions enable customers to reduce significantly the time required to develop products for the computer, peripheral, telecommunications, networking, industrial control, instrumentation, aerospace, defense, and consumer markets. For more information, visit the Xilinx web site at http://www.xilinx.com/ .

                                 XILINX, INC.

                                  PRO FORMA
  CONDENSED CONSOLIDATED STATEMENTS OF INCOME
  (Thousands except per
  share amounts)        (Unaudited)
                              Three months ended        Nine months ended

                          Dec. 30,  Jan. 1,   Sep. 30,   Dec. 30,   Jan. 1,
                            2000      2000      2000       2000       2000

  Net revenues           $450,103  $264,259  $437,360  $1,252,338  $714,424

  Cost of revenues        179,199    99,576   168,325     484,453   269,539
  Research and
   development             56,408    31,590    51,433     151,034    86,944
  Sales, general and
   administrative          71,082    47,950    70,514     204,995   131,391
  Write-off of in-
   process technology          --        --        --          --     4,560
  Amortization of
   acquisition related
   items including
   intangibles and
   non-cash deferred
   stock compensation          --        --        --          --        --

  Operating income - Pro
   Forma                  143,414    85,143   147,088     411,856   221,990
  Interest and other
   income, net              8,436     7,254    11,323      28,719    19,253

  Income before
   provision for taxes
   on income and equity
   in joint venture       151,850    92,397   158,411     440,575   241,243
  Provision for taxes on
   income                  42,518    26,795    44,355     123,361    69,960

  Income (Loss) before
   equity in joint
   venture                109,333    65,602   114,056     317,214   171,283
  Equity in net income
   of joint venture            --     2,902        --          --     4,810

  Net income (loss) -
   Pro Forma             $109,333   $68,504  $114,056    $317,214  $176,093

  Basic net income
   (loss) per share         $0.33     $0.21     $0.35       $0.97     $0.56
  Diluted net income
   (loss) per share         $0.31     $0.20     $0.32       $0.90     $0.52

  Common and equivalent
   shares used in
   computing net income
   (loss) per share
   amounts:
    Basic                 329,643   319,891   329,650     327,720   315,678
    Diluted               353,424   346,162   356,046     353,863   341,068


                                 XILINX, INC.

  CONDENSED CONSOLIDATED STATEMENTS OF INCOME
  (Thousands except per
  share amounts)        (Unaudited)
                              Three months ended        Nine months ended

                          Dec. 30,  Jan. 1,   Sep. 30,   Dec. 30,   Jan. 1,
                           2000      2000      2000       2000       2000

  Net revenues           $450,103  $264,259  $437,360  $1,252,338  $714,424

  Cost of revenues        179,199    99,576   168,325     484,453   269,539
  Research and
   development             56,408    31,590    51,433     151,034    86,944
  Sales, general and
   administrative          71,082    47,950    70,514     204,995   131,391
  Write-off of in-
   process technology      90,700        --        --      90,700     4,560
  Amortization of
   acquisition related
   items including
   intangibles and non-
   cash deferred stock
   compensation             9,574        --        --       9,574        --

  Operating income         43,140    85,143   147,088     311,582   221,990
  Interest and other
   income, net              8,436     7,254    11,323      28,719    19,253

  Income before
   provision for taxes
   on income and equity
   in joint venture        51,576    92,397   158,411     340,301   241,243
  Provision for taxes on
   income                  62,083    26,795    44,355     142,926    69,960

  Income (Loss) before
   equity in joint
   venture                (10,507)   65,602   114,056     197,375   171,283
  Equity in net income
   of joint venture            --     2,902        --          --     4,810

  Net income (loss)      $(10,507)  $68,504  $114,056    $197,375  $176,093

  Basic net income
   (loss) per share        $(0.03)    $0.21     $0.35       $0.60     $0.56
  Diluted net income
   (loss) per share        $(0.03)    $0.20     $0.32       $0.56     $0.52

  Common and equivalent
   shares used in
   computing net income
   (loss) per share
   amounts:
    Basic                 329,643   319,891   329,650     327,720   315,678
    Diluted               329,643   346,162   356,046     353,863   341,068


                                XILINX, INC.

  CONDENSED CONSOLIDATED BALANCE SHEETS  (Thousands)
                                                 Dec. 30,          Apr. 1,
                                                  2000              2000
                                               (Unaudited)        (Audited)

  Current assets
  Cash, cash equivalents and short term
   investments                                  $402,118          $607,750
  Accounts receivable, net                       222,267           135,048
  Inventories                                    267,915           131,307
  Advances for wafer purchases                        --            22,485
  Deferred income taxes and other
   current assets                                129,722           144,335

  Total current assets                         1,022,022         1,040,925

  Property, plant and equipment, net             385,184           240,374
  Long-term investments                          288,461           185,073
  Investment in UMC                              551,502           838,923
  Developed technology and other assets          256,785            43,344

  Total assets                                $2,503,954        $2,348,639

  Current liabilities
  Accounts payable and accrued
   liabilities                                  $203,268          $129,710
  Deferred income on shipments to
   distributors                                  157,169           115,002

  Total current liabilities                      360,437           244,712

  Deferred tax liabilities                       234,640           327,272

  Stockholders' equity
  Common stock and additional paid-in
   capital                                       778,539           490,889
  Retained earnings                            1,456,884         1,259,510
  Treasury stock, at cost                       (186,187)               --
  Accumulated other comprehensive
   income (loss)                                (140,359)           26,256

  Total stockholders' equity                   1,908,877         1,776,655

  Total liabilities and stockholders'
   equity                                     $2,503,954        $2,348,639

SOURCE: Xilinx, Inc.

Contact: Investor Relations, Lori Owen of Xilinx, Inc., 408-879-6911, or
ir@xilinx.com

Website: http:/// http://www.investor.xilinx.com/

Website: http://www.xilinx.com/


Worldwide Media Contacts

Silvia E. Gianelli
Phone: 408-626-4328
Email: silvia.gianelli@xilinx.com

 

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