Xilinx Inc. turned a profit on stronger-than-expected sales in its fiscal fourth quarter of 2003, which ended March 29.
The supplier of programmable logic chips today reported revenue of $305.5 million for the quarter, up 8% from the previous quarter's $282.7 million. Net income grew to $49.4 million, or 14 cents a share, following a third-quarter net loss of $3.4 million, or 1 cent a share.
Xilinx's operating margin for the quarter was 20%, up from 15% in the same quarter of 2002.
"Sales in the March quarter exceeded our expectations," said Wim Roelandts, president and chief executive of Xilinx, San Jose. "Demand in Europe and Asia was particularly strong during the quarter, increasing 20% and 26% sequentially, respectively."
Europe's strength was broad-based, while sales in Asia were driven by consumer electronics business from North American customers that have moved manufacturing operations to the Far East, he said.
Sales into the "consumer, industrial, and other" category increased to $76.4 million from $73.5 million in the third quarter, representing 25% of total revenue. Communications represented 50% and storage/servers 25% of revenue.
By product line, Spartan series FPGAs represented 17% of revenue, Virtex-II FPGAs 20%, and CPLDs 8%, with the balance made up of Virtex-E and other mature product lines.
For the full 2003 fiscal year, Xilinx recorded $1.6 billion in revenue, up from $1 billion in fiscal 2002. Net income for the year was $125.7 million, or 36 cents a share, compared with a net loss in the prior year of $113.6 million, or 34 cents a share.
Xilinx increased its cash, equivalents, and short-term investments to $675.6 million from $509.7 million in fiscal 2002. Inventories, which reached a low of $79.3 million in fiscal 2002, were $111.5 million in fiscal 2003.
In the current quarter, ending in June, Xilinx said it expects revenue to be up 1% to 5% sequentially.