XLNX ($40-$35-$39) P/E 608 !! Beats revised by 1 Cent, Rev's fell 29%
Thursday July 19, 4:20 pm Eastern Time
Press Release
SOURCE: Xilinx, Inc.
Xilinx First Quarter Revenues Down 29% Sequentially
SAN JOSE, Calif., July 19 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX - news) 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(R), Virtex products (0.22-micron to 0.35-micron);
-- Base products: XC2000, XC3000, XC3100, XC4000, XC7000, XC5200, XC9500,
Spartan(R), XC4000E, XC4000EX products (0.5-micron or greater);
-- Support products: Configuration solutions, HardWire(TM), 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: 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. |
