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Xilinx First Quarter Revenues Down 29% Sequentially

PRNewswire
SAN JOSE, Calif.
Jul 19, 2001

Xilinx, Inc. (NASDAQ: XLNX) today announced results for the first quarter of fiscal 2002.

  Quarterly Information
  (In millions, except per share EBG* amounts)
                  Q1 FY 2002  Q4 FY 2001  Q-Q Change  Q1 FY 2001  Y-Y Change
  Revenues          $289.3      $407.0      -29%       $364.9       -21%
  Operating income
   (EBG)              30.3        85.3      -64%        121.4       -75%
  Net income(EBG)     29.0        65.7      -56%         93.8       -69%
  Diluted EPS (EBG)  $0.08       $0.19      -58%        $0.27       -70%
  *Earnings before goodwill, amortization, acquisition-related costs and
  one-time charges

"The macroeconomic climate continues to be difficult for the semiconductor industry," said Wim Roelandts, Xilinx's president and chief executive officer. "Xilinx continues to be impacted by weakness in our primary end markets of communications and storage and servers and by excess inventory levels held by our major customers. Gross margin declined to 51% for the June quarter as new products, which have lower gross margins, continued to increase as a percent of total Xilinx revenues. Sales from the Virtex®-E family, for example, now represent 31% of total Xilinx revenues, up from 26% last quarter and up from 7% in the same quarter a year ago. Sales from our older products were particularly weak during the quarter accounting for over seventy-five percent of the sequential revenue decline during the June quarter. On a positive note, our newly introduced Virtex-II family of FPGAs continues to meet with market success and sales from the highest density member of this family surpassed one million dollars in the June quarter."

  Business Review for Q1 FY 2002:

  -- End customer bookings and backlog for the June quarter declined double
     digits sequentially.
  -- Turns bookings were 65 percent for the quarter as compared to
     74 percent last quarter.
  -- Inventory days at Xilinx and at worldwide distribution were 205 days
     and 46 days, respectively, compared to 158 days and 48 days last
     quarter.
  -- Days sales outstanding declined by 1 day to 38 days.
  -- Capital expenditures and depreciation were $35 million and $14 million,
     respectively.

  Revenue by Geography:

                Q1 FY 2002  Q4 FY 2001    Q-Q Change  Q1 FY 2001 Y-Y Change
  North America     49%          56%         -38%          64%        -39%
  Europe            28%          23%         -13%          20%         10%
  Japan             14%          12%         -14%           9%         27%
  Asia Pacific       9%           9%         -33%           7%         -1%

Revenue by End Market:

                  Q1 FY 2002  Q4 FY 2001  Q-Q Change  Q1 FY 2001  Y-Y Change
  Communications       75%       79%         -33%          77%       -23%
  Storage & Servers    16%       13%         -11%          15%       -14%
  Other                 9%        8%         -21%           8%       -12%

Revenue by Technology:

                Q1 FY 2002   Q4 FY 2001   Q-Q Change  Q1 FY 2001 Y-Y Change
  Advanced          34%          28%         -15%           7%       280%
  Mainstream        36%          41%         -37%          50%       -42%
  Base              23%          23%         -30%          36%       -49%
  Support            7%           8%         -34%           7%       -23%

This quarter, product segments have been reclassified by technology. The new product segments are defined as follows:

  -- Advanced products: Spartan-II, Virtex-E, Virtex-II products
     (0.18-micron or less);
  -- Mainstream products:  XC4000XL, XC4000XLA, XC4000XV, SpartanXL,
     XC9500XL, CoolRunner®, Virtex products (0.22-micron  to 0.35-micron);
  -- Base products:  XC2000, XC3000, XC3100, XC4000, XC7000, XC5200, XC9500,
     Spartan®, XC4000E, XC4000EX products (0.5-micron or greater);
  -- Support products:  Configuration solutions, HardWire™, and Software
     and Support Services

  Second Quarter Fiscal Year 2002 Business Update

A second quarter business update will be posted to the Xilinx Investor Relations web site at: http://www.investor.xilinx.com/ after the market closes on Monday, September 10. 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 intellectual property 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

                                          Jun. 30,     Jul. 1,    Mar. 31,
                                            2001        2000        2001

  Net revenues                            $289,326    $364,875    $407,020

  Cost of revenues                         140,948     136,929     194,949
  Research and development                  52,705      43,193      57,696
  Sales, general and administrative         65,397      63,399      69,098

  Operating income - Pro Forma              30,276     121,354      85,277
  Interest and other income, net             8,374       8,960       5,915

  Income before provision for taxes
    on income and equity in joint
     venture                                38,650     130,314      91,192
  Provision for taxes on income              9,663      36,488      25,534

  Net income (loss) - Pro Forma            $28,987     $93,826     $65,658

  Basic net income (loss) per share          $0.09       $0.29       $0.20
  Diluted net income (loss) per share        $0.08       $0.27       $0.19

  Common and equivalent shares used in
   computing net income (loss) per
   share amounts:
    Basic                                  332,637     326,030     330,682
    Diluted                                352,704     353,448     351,986


                                 XILINX, INC.

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

                                          Jun. 30,     Jul. 1,      Mar. 31,
                                            2001        2000         2001

  Net revenues                            $289,326    $364,875     $407,020

  Cost of revenues                         140,948     136,929      194,949
  Research and development                  52,705      43,193       57,696
  Sales, general and administrative         65,397      63,399       69,098
  Amortization of acquisition related
   items including
    intangibles and non-cash deferred
     stock compensation                     12,981        --         12,806

  Operating income                          17,295     121,354       72,471
  Capital loss from UMC investment            --          --       (362,124)
  Interest and other income, net             8,374       8,960       10,455

  Income before provision for taxes
    on income and equity in joint
     venture                                25,669     130,314     (279,198)
  Provision for taxes on income (loss)       7,187      36,488     (117,081)

  Income (Loss) before equity in joint
   venture                                  18,482      93,826     (162,117)

  Net income (loss)                        $18,482     $93,826    $(162,117)

  Basic net income (loss) per share          $0.06       $0.29       $(0.49)
  Diluted net income (loss) per share        $0.05       $0.27       $(0.49)

  Common and equivalent shares used in
   computing net income (loss) per
   share amounts:
    Basic                                  332,637     326,030      330,682
    Diluted                                352,704     353,448      330,682


                                 XILINX, INC.

  Pro Forma & GAAP Net Income Reconciliation
  (Thousands except per share amounts)
                                                Three months ended

                                        Jun. 30,       Jul. 1,      Mar. 31,
                                          2001          2000          2001

  Pro Forma Net Income                   $28,987       $93,826      $65,658

     Total acquisition related items
      including
        amortization of intangibles and
         non-cash
        deferred stock compensation      (12,981)                   (12,806)

     Total other investments gain
      /(loss)                                  0                   (357,584)

     Provision for taxes                   2,476                    142,615

  Net income (loss)                      $18,482      $93,826     $(162,117)


                            XILINX, INC.

  CONDENSED CONSOLIDATED BALANCE SHEETS  (Thousands)
                                                   Jun. 30,       Mar. 31,
                                                     2001           2001
                                                 (Unaudited)     (Audited)

  Current assets
  Cash, cash equivalents and short term
   investments                                      $307,804      $370,784
  Accounts receivable, net                           121,930       172,768
  Inventories                                        320,792       342,453
  Deferred income taxes and other
   current assets                                    205,208       215,874

  Total current assets                               955,734     1,101,879

  Property, plant and equipment, net                 438,381       417,176
  Long-term investments                              296,126       288,972
  Investment in UMC                                  386,013       430,894
  Other Assets                                       252,887       263,275

  Total assets                                    $2,329,141    $2,502,196

  Current liabilities
  Accounts payable and accrued
   liabilities                                      $128,478      $219,909
  Deferred income on shipments to
   distributors                                       67,196       130,501

  Total current liabilities                          195,674       350,410

  Deferred tax liabilities                           210,876       233,470

  Stockholders' equity
  Common stock and additional paid-in
   capital                                           680,383       728,937
  Retained earnings                                1,275,565     1,257,083
  Treasury stock, at cost                             (8,587)      (70,584)
  Accumulated other comprehensive
   income                                            (24,770)        2,880

  Total stockholders' equity                       1,922,591     1,918,316

  Total liabilities and stockholders'
   equity                                         $2,329,141    $2,502,196

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SOURCE: Xilinx, Inc.

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

Website: 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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