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Xilinx Inc. Reports Operating Results (10-Q)

February 04, 2009 | About:

Xilinx Inc. (XLNX) filed Quarterly Report for the period ended 2008-12-27.

Xilinx Inc. designs develops and markets complete programmable logic solutions including advanced integrated circuits software design tools predefined system functions delivered as cores of logic and field engineering support. Its programmable logic devices include field programmable gate arrays and complex programmable logic devices. These devices are standard products that its customers program to perform desired logic functions. Xilinx Inc. has a market cap of $4.38 billion; its shares were traded at around $17.13 with a P/E ratio of 11.5 and P/S ratio of 2.38. The dividend yield of Xilinx Inc. stocks is 3.5%. Xilinx Inc. had an annual average earning growth of 9.1% over the past 10 years.

Highlight of Business Operations:

The Companys short-term and long-term investments include marketable debt securities and non-marketable equity securities. As of December 27, 2008, the Company had marketable debt securities with a fair value of $1.24 billion and non-marketable equity securities in private companies of $20.2 million (adjusted cost).

As of December 27, 2008, we had $102.6 million of deferred revenue and $31.1 million of deferred cost of goods sold recognized as a net $71.5 million of deferred income on shipments to distributors. As of March 29, 2008, we had $158.0 million of deferred revenue and $46.3 million of deferred cost of goods sold recognized as a net $111.7 million of deferred income on shipments to distributors. The deferred income on shipments to distributors that will ultimately be recognized in our consolidated statement of income will be different than the amount shown on the consolidated balance sheet due to actual price adjustments issued to the distributors when the product is sold to their end customers.

Net revenues of $458.4 million in the third quarter of fiscal 2009 represented a 3% decrease from the comparable prior year period of $474.8 million. The decrease in net revenues was largely due to the current economic recessionary environment which impacted our sales across a broad base of end markets, particularly from Base and Mainstream Products. We expect the current recessionary economic environment to continue to adversely impact our net revenues, especially for our more mature products. Net revenues for the first nine months of fiscal 2009 were $1.43 billion, a 5% increase from the comparable prior year period of $1.37 billion. The increase was driven primarily by sales growth from our New Products, specifically our Virtex®-4 and Virtex-5 field programmable gate array (FPGA) families, which were partially offset by declines in revenues from our Base and Mainstream Products. Total unit sales declined in the third quarter and the first nine months of fiscal 2009 but average selling price per unit increased compared to the comparable prior year periods.

Read the The complete Report

Gurus who own XLNX

XLNX is in the portfolios of Joel Greenblatt, John Hussman.

Rating: 2.4/5 (5 votes)

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