SAN FRANCISCOProgrammable logic vendor Xilinx Inc. Wednesday (March 22) reported a net income of $70.5 million on revenue of $395 million for the company's fiscal fourth quarter, which closed in March.
Quarterly revenue declined 17 percent year-to-year and 14 percent sequentially, Xilinx said, in line with revised guidance that the company issued in March.
Net income declined 49 percent sequentially and 27 percent year-to-year, Xilinx said. Fiscal four quarter net income, which equates to 26 cents per share, included a 20.9 million pre-tax gain on the early extinguishment of convertible debentures and a $1 million pre-tax impairment charge on investments, Xilinx said.
In a statement, Xilinx President and CEO Moshe Gavrielov said the company's results benefited from strong 65-nm design wins and its increasing participation in end markets such as wireless communications and defense.
"Current economic conditions remain challenging for the semiconductor industry and Xilinx is no exception," Gavrielov said.
For fiscal 2009, Xilinx posted a net income of $375.6 million, or $1.36 per diluted share, on revenue of $1.83 billion, the company said. Net income for the year was roughly flat with fiscal 2008, while revenue declined about 1 percent, the company said.
Xilinx said it expects fiscal first quarter 2010 revenue to be between $379.2 million and $410.8 million, or plus or minus 4 percent compared to the fiscal fourth quarter.
Xilinx (San Jose, Calif.) said its board of directors declared a quarterly cash dividend of 14 cents per share, payable on June 3 for shareholder of record on May 13.
On Tuesday, Altera Corp., Xilinx' main competitor, said its first quarter revenue declined 16 percent sequentially in 21 percent year-to-year, in line with revised guidance issued by the company in March. Altera posted a net income of $44 million, or 15 cents per diluted share, on revenue of $264.6 million for the quarter.
Last week Xilinx announced it would cut up to 200 jobs, or 6 percent of its global workforce, as part of a series of restructuring measures designed to improve structural operating efficiencies.
In March, Xilinx revised its guidance upward, saying it expected revenue to be down 13 to 18 percent from $458.4 million in the fiscal third quarter. Xilinx posted a new income of $139.4 million for the fiscal third quarter, which closed on Dec. 27, 2008.