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Xilinx Announces Third Quarter Fiscal 2011 Results

SAN JOSE, Calif. Jan. 19, 2011 $567.2 million $152.3 million $0.58

http://photos.prnewswire.com/prnh/20020822/XLNXLOGO

$0.16 March 2, 2011 February 9, 2011

Additional third quarter comparisons are represented in the charts below:

GAAP Results

(In millions , except EPS)

Growth Rates

Q3

FY 2011

Q2

FY 2011

Q3

FY 2010

Q-T-Q

Y-T-Y

Net revenues

$567.2

$619.7

$513.3

-8%

10%

Operating income

$183.5

$222.7

$136.6

-18%

34%

Net income

$152.3

$170.9

$106.9

-11%

42%

Diluted earnings per share

$0.58

$0.65

$0.38

-11%

53%

Europe North America

Moshe Gavrielov

Net Revenues by Geography:

Percentages

Growth Rates

Q3

FY 2011

Q2

FY 2011

Q3

FY 2010

Q-T-Q

Y-T-Y

North America

30%

30%

35%

-7%

-5%

Asia Pacific

38%

35%

36%

-1%

19%

Europe

22%

26%

20%

-22%

21%

Japan

10%

9%

9%

-3%

14%

Net Revenues by End M arket:

Percentages

Growth Rates

Q3

FY 2011

Q2

FY 2011

Q3

FY 2010

Q-T-Q

Y-T-Y

Communications

45%

48%

46%

-14%

8%

Industrial & Other

34%

31%

32%

-2%

15%

Consumer & Automotive

15%

15%

15%

-6%

15%

Data Processing

6%

6%

7%

-6%

-6%

Net Revenues by Product:

Percentages

Growth Rates

Q3

FY 2011

Q2

FY 2011

Q3

FY 2010

Q-T-Q

Y-T-Y

New

43%

44%

33%

-10%

46%

Mainstream

27%

27%

33%

-11%

-11%

Base

25%

25%

29%

-7%

-6%

Support

5%

4%

5%

13%

13%

Products are classified as follows:

New Products: Virtex®-6, Virtex-5, Spartan®-6, Spartan-3A and Spartan-3E product families

Mainstream Products: Virtex-4, Spartan-3, Spartan-II and CoolRunner™-II product families

Base Products: Virtex, Virtex-E, Virtex-II, Spartan, XC4000, CoolRunner and XC9500 product families

Support Products: Configuration products, HardWire, Software & Support/Services

Key Statistics:

(Dollars in millions)

Q3

FY 2011

Q2

FY 2011

Q3

FY 2010

Annual Return on Equity (%)*

30

32

14

Operating Cash Flow

$333

$42

$185

Depreciation Expense

$13

$13

$13

Capital Expenditures

$15

$15

$9

Combined Inventory Days

130

89

85

Revenue Turns (%)

44

48

58

*Return on equity calculation: Annualized net income/average stockholders’ equity

Highlights – Third Quarter Fiscal 2011

  • Xilinx announced the industry’s first stacked silicon interconnect technology for delivering breakthrough capacity, bandwidth and power savings using multiple FPGA die in a single package.  This platform approach is the result of five years of Xilinx research and development efforts coupled with industry leading technology from TSMC and our assembly suppliers.  Representing a significant step in FPGA evolution, this innovation is expected to extend the range of applications addressed by programmable logic.    
  • Xilinx demonstrated its commitment to delivering superior transceiver performance for optical communications by announcing the availability of Virtex-6 HXT FPGAs that support 40Gbps and 100Gbps.  Additionally, with its Virtex-7 HT FPGAs, Xilinx demonstrated 28Gbps serial transceiver performance required for next generation 100-400Gbps applications.  These 28nm devices are equipped with the industry’s highest-speed and lowest jitter serial transceivers available in an FPGA to support stringent optical and backplane protocols.  

Business Outlook – March Quarter Fiscal 2011

  • Sales are expected to be flat to up 5% sequentially.
  • Gross margin is expected to be approximately 65% plus or minus one percentage point.
  • $195 million $6 million
  • $9 million
  • Fully diluted share count is expected to be approximately 266 million.
  • March quarter tax rate is expected to be approximately 21%.

Conference Call

2:00 p.m. Pacific Time www.investor.xilinx.com

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," "believe,"  "may," "will," "could," "anticipate," "estimate," "continue," "plan," "intend," "project" or other similar expressions to identify such forward-looking statements that include, but are not limited to, statements related to the semiconductor market, the growth and acceptance of our programmable platforms, expected revenue growth, the demand and growth in the markets we serve, opportunity for expansion into new markets, and our expectations regarding our business outlook for the March quarter for fiscal 2011.  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 customer acceptance of our new products, current global economic conditions, the health of our customers and the end markets in which they participate, our ability to forecast end customer demand, 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-Q and 10-K.

About Xilinx

www.xilinx.com

the United States

#1102F

Investor Relations Contact:

Lori Owen

Xilinx, Inc.

(408) 879-6911

[email protected]

XILINX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Nine Months Ended

Jan. 1,

Oct. 2,

Jan. 2,

Jan. 1,

Jan. 2,

2011

2010

2010

2011

2010

Net revenues

$ 567,190

$ 619,666

$ 513,349

$ 1,781,593

$ 1,304,534

Cost of revenues

194,419

213,260

184,320

615,855

486,319

Gross margin

372,771

406,406

329,029

1,165,738

818,215

Operating expenses:

  Research and development

98,453

96,578

101,867

289,515

275,245

  Selling, general and administrative

86,531

87,174

85,037

257,763

237,214

  Amortization of acquisition-related intangibles

2,493

  Restructuring charges

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