Xilinx Announces December Quarter Results; New Product Sales Increase 24% Sequentially

SAN JOSE, Calif., Jan. 19 /PRNewswire-FirstCall/ -- Xilinx, Inc. (NASDAQ: XLNX) today announced net revenues of $450 million in the third quarter of fiscal 2006, up 13% sequentially from the prior quarter and up 27% from the same quarter a year ago. Third quarter net income was $81 million, or $0.23 per diluted share, compared to net income of $86 million or $0.24 per diluted share in the prior quarter.

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

The tax provision for the third quarter of fiscal 2006 includes a $25.3 million charge related to the planned repatriation of $500 million in foreign earnings pursuant to the provisions of the American Jobs Creation Act of 2004. In addition, the Company recorded a tax benefit of $9.5 million primarily related to the ability to use certain credits that were previously accounted for as unusable. The net impact of these items added $15.8 million to the Company's third quarter tax provision.

Xilinx also announced that its Board of Directors declared a quarterly cash dividend of $0.07 per outstanding share of common stock, payable on March 1, 2006, to all stockholders of record at the close of business on February 8, 2006.

    Additional third quarter comparisons are represented in the chart below.

     Quarterly Information
     (In millions, except EPS)
                                                                 Growth Rates
                            Q3 FY 2006  Q2 FY 2006  Q3 FY 2005  Q-T-Q   Y-T-Y
     Net revenues              $449.6      $398.9      $355.4     13%     27%
     Operating income          $119.8       $82.3       $69.3     46%     73%
     Net income                 $81.0       $85.6       $64.1     -5%     26%
     Diluted earnings per share $0.23       $0.24       $0.18     -4%     28%

December quarter sales were better than expected as a result of broad based product and end market strength. Sales from each of Xilinx's Virtex(TM) products were strong during the quarter contributing to strength in both the New and Mainstream product categories. From an end market perspective, sales from the Industrial and Other category were particularly strong, fueled by applications in defense and test and measurement.

"Xilinx's New Product sales were strong in the third quarter," said Wim Roelandts, Chief Executive Officer and Chairman of the Board. "Sales from these products increased 24% sequentially driven by strong sales of Xilinx's Virtex-4(TM), Virtex-II Pro(TM), Spartan-3(TM) and CoolRunner(TM)-II families. New Products currently represent 33% of total sales, up from 30% last quarter and up from 20% in the same quarter a year ago. I am also pleased with our continued manufacturing efficiencies and solid financial management which contributed to improved gross and operating margins. Gross margin in the quarter increased to 63%, up from 61% in the prior quarter and operating margin increased to 27%, up from 21% in the prior quarter."

    Business Review -- December Quarter FY06
    -- Total inventory days at Xilinx and distribution were 144 days, down
       from 146 days last quarter.
    -- Accounts receivable days sales outstanding were 29, down from 44 in the
       prior quarter.
    -- Capital expenditures and depreciation were $14 million and $13 million,
       respectively.


     Net revenues by Geography:
                                Percentages             Growth Rates
                             Q3      Q2       Q3
                          FY 2006  FY 2006  FY 2005    Q-T-Q     Y-T-Y


     North America          43%      41%      42%       18%       28%
     Europe                 20%      20%      21%       14%       24%
     Japan                  14%      16%      14%       -4%       25%
     Asia Pacific/ROW       23%      23%      23%       14%       27%


     Net revenues by End Market:
                                 Percentages            Growth Rates
                             Q3       Q2      Q3
                          FY 2006  FY 2006  FY 2005    Q-T-Q     Y-T-Y

     Communications         48%      48%      47%       11%       13%
     Storage & Servers      11%      13%      16%       -4%      -16%
     Consumer & Automotive  14%      15%      15%        9%       18%
     Industrial & Other     27%      24%      22%       26%       56%


     Net revenues by Product*:
                                 Percentages            Growth Rates
                                      Q3              Q2            Q3
                                                    FY  2006    FY  2006    FY  2005        Q-T-Q          Y-T-Y

          New                                        33%            30%            20%              24%            112%
          Mainstream                          47%            48%            57%              11%                5%
          Base                                      14%            16%            17%              -1%                4%
          Support                                  6%              6%              6%                8%                9%


        *Products  are  classified  as  follows:
 


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