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Earnings roundup: Xilinx, Komag top forecasts

Xilinx (Nasdaq: XLNX) edged past the consensus expectation in the fourth quarter.

After market close Thursday, the provider of programmable logic circuits, cores and design tools reported fiscal fourth quarter net income of $78.3 million, or 22 cents per share, excluding one-time events. First Call's survey of 24 analysts predicted a profit of 21 cents per share for the quarter ended April 1.

Including a non-recurring gain related to the merger of United Silicon and United Microelectronics, Xilinx earned $476.4 million, or $1.36 per share.

Fourth quarter revenue of $306.6 million represented a 16 percent improvement sequentially and 66 percent gain year-over-year.

Communications companies generated $221 million in sales, up 25 percent from the third quarter. Among product lines, advanced chips at 0.25 micron or less saw the strongest growth, with a 45 percent sequential gain. Mainstream chips at 0.5 and 0.35 micron remained the single largest source of sales, generating 49 percent of Xilinx's total revenue.

For the full fiscal 2000, Xilinx earned $257.6 million, or 75 cents per share, excluding one-time gains. Full year revenue rose 54 percent year-over-year to $1.02 billion.

European revenue increased 21 percent in the fourth quarter. North American sales rose 17 percent. Japanese revenue fell 2 percent. Revenue from the rest of the world grew 19 percent.

Shares of Xilinx slid to 65 1/16 in afterhours activity on the Island electronic communications network immediately following the earnings report. The stock closed Thursday's regular trading at 67 9/16, up 15/16 for the session.

Other companies reporting quarterly results Thursday afternoon:

  • Komag
  • (Nasdaq: KMAG) easily exceeded analyst forecasts in the first quarter.

    The maker of hard disk drive media reported a first quarter net loss of $5.3 million, or 8 cents per share. Analyst consensus predicted a loss of 19 cents per share for the quarter ended April 2.

    Strong demand should continue at least until June, said T.H. Tan, president and CEO. Shipments in the second quarter should be flat or slightly higher sequentially, although average selling prices continue to fall, Tan said.

    First quarter revenue increased 16 percent sequentially to $79.6 million from $68.8 million in the fourth quarter. Komag shipped 10.8 million disks, more than it had expected at the beginning of the quarter and in line with a March preannouncement.

    Gross margin of 16 percent was the best for Komag since the second quarter of 1997 as the company finished restructuring actions begun last year. Expenses were flat for R&D, sales, general and administrative items. Since the second quarter of last year, Komag's fixed costs have fallen more than $30 million.

    The company saw strong demand for disks with 10 gigabyte platters. Those products generated 79 percent of Komag's shipments.

    Western Digital (NYSE: WDC) and Maxtor (Nasdaq: MXTR) generated 66 and 22 percent of Komag's sales.

  • Telcom Semiconductor
  • (Nasdaq: TLCM) reported first quarter profits ahead of analyst forecasts.

    The maker of integrated circuits posted first quarter net income of $2.9 million, or 17 cents per share, excluding non-recurring events and equity gains and losses. First Call's survey of four analysts predicted a profit of 16 cents per share.

    Including profits from sales of Cypress Semiconductor (NYSE: CY) stock, an equity loss on Silicon Aquarius and one-time charges related to closing a foundry, Telcom Semiconductor posted net income of $3.7 million, or 21 cents per share.

    First quarter revenue of $17.2 million represented a 9 percent sequential gain and 34 percent year-over-year improvement. "We exceeded our goals for revenue and profitability," CEO Phillip Drayer said.

    Telcom expects second quarter revenue to grow more than 15 percent from the first, President Bob Gargus said.

  • National Instruments
  • (Nasdaq: NATI) met analyst estimates in the first quarter.

    The company, which sells scientific measurement software and equipment, reported first quarter net income of $12.7 million, or 24 cents per share. That was in line with First Call consensus.

    First quarter revenue rose 28 percent year-over-year to $94.1 million. The company credited new products for helping drive sales gains.>