Analyst Conference Summary


conference date: January 17, 2008 @ 2:00 PM Pacific Time
for quarter ending: December 31, 2007 (fiscal Q3 2008)

Forward-looking statements

The following info is from the press release. I missed the conference.

Overview: Pretty good quarter, with net income growing faster than revenues.

Basic data:

Revenues were $474.8 million, up 7% sequentially from $444.9 million and up 5% from $450.7 million in the year-earlier quarter.

Net income was $103.6 million, up 15% sequentially from $89.7 million and up 18% from $87.5 million year-earlier.

EPS (earnings per share) were $0.35, up 17% sequentially from $0.30 and up 35% from $0.26 year earlier.


Revenue in March quarter 2008 are expected to be sequentially down 1% to up 3%. Gross margin 63%. Operating expenses flat.

Conference Highlights:

Cash divident of $0.12 per share declared.

Stronger than expected revenues came from defense and consumer applications sectors. North American sales were particularly strong (up 14% sequentially) but Asia Pacific sales decreased.

Operating margin was over 24% as "we fired on all cyllinders this quarter."

Newer products generated 35% of revenues, compared to 30% in prior quarter. Virtex-5, Virtex-4 and Spartan-3 lines led growth.

Moshe Gavrielov was appointed president and CEO.

Inventories decreased slightly.

By end market, revenues were: communications 41%, industrial 33%, consumer & automotive 17%, data processing 9%.

Cost of revenues was $174.4 million, leaving gross margin of $300.4 million. R&D expense was $91.0 million, selling general and administrative $92.5 million, total operating expense $185.0 million, leaving operating income of $115.3 million. Interest income $14.4 million. Provision for income taxes $26.1 million.

Cash and equivalents ended at $1.3 billion.




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Disclaimer: Our analyst summaries may include both our condensations of statements made by company representatives and our own analysis. They are not covered by any warranty. We cannot guarantee anything said by company representatives is true. We try not to make errors, but it is possible. Before making or terminating an investment you should always verify any factual basis of your decision.

Copyright 2007 William P. Meyers