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Xilinx Announces Q2 Fiscal 2012 Results
SAN JOSE, Calif., Oct. 19, 2011 /PRNewswire via COMTEX/ --
Xilinx, Inc. (Nasdaq: XLNX) today announced second quarter fiscal 2012 sales of $555.2 million, down 10% sequentially from the prior quarter and down 10% from the same quarter of the prior year. Second quarter net income was $126.3 million, or $0.47 per diluted share.
The Xilinx Board of Directors announced a quarterly cash dividend of $0.19 per outstanding share of common stock, payable on November 30, 2011 to all stockholders of record at the close of business on November 9, 2011.
Additional second quarter comparisons are represented in the charts below:
"Sales growth during the September quarter was impacted by weaker than expected business conditions particularly in the Communications and Industrial and Other categories. In spite of declining sales, operating margin for the quarter was 28% as a result of higher-than-expected gross margin and a commensurate slow down of spending in recognition of the environment," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Additionally, we continued to demonstrate leadership on the 28-nm node by recently taping out our sixth device, achieving to date over 200 design wins, and shipping parts to 50 discrete customers."
Xilinx continued to pioneer programmable systems integration leadership during the quarter achieving a number of key milestones:
- Xilinx taped out the PLD industry's first embedded systems platform, the Zynq™-7000 device. The Zynq-7000 product family combines an industry-standard ARM® dual-core Cortex™-A9 MPCore™ processing system with Xilinx 28-nm unified programmable logic architecture. With significant time-to-market leadership versus the competition, design win momentum for this product family is strong and broad-based. Current designs wins include applications in the automotive, defense, test and measurement and industrial, scientific and medical market segments.
- The Company's first Stacked Silicon Interconnect (SSI) product, Virtex-7 2000T FPGA, generated considerable design win activity during the quarter. This device, scheduled to ship in the December quarter, is the world's highest-capacity programmable logic device delivering twice the capacity of competitive offerings, 2.8 times the systems bandwidth and 50-70% reduced system level power and cost via single chip FPGA integrations.
- Xilinx has also delivered the third generation of integrated Agile Mixed Signal (AMS) at the 28-nm node. Now available across all product families, the highly flexible integrated AMS block eliminates a wide range of discrete analog functions and delivers a typical cost savings of $2-$7 along with greatly enhanced system level performance, board savings, and reliability. Xilinx is the only company to offer AMS at 28-nm. This innovative capability has been well received by customers across the board ranging from the cost-sensitive, low power markets addressed by Artix™-7 FPGAs, the enhanced reliability and high performance markets addressed by the Kintex-7 and Virtex-7 product families, and the embedded markets addressed by the Zynq-7000 product family.
Business Outlook - December Quarter Fiscal 2012
- Sales are expected to be down 3% to down 8% sequentially.
- Gross margin is expected to be approximately 64%.
- Operating expenses are expected to be approximately $203 million, including approximately $2 million of amortization of acquisition-related intangibles.
- Other income and expense is expected to be an expense of approximately $8 million.
- Fully diluted share count is expected to be approximately 266 million.
- December quarter tax rate is expected to be approximately 14%.
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the second quarter financial results and management's outlook for the December quarter. The webcast and subsequent replay will be available in the investor relations section of the Company's web site at www.investor.xilinx.com. A telephonic replay of the call may be accessed later in the day by calling (855) 859-2056 and referencing confirmation code 12324688. The telephonic replay will be available for two weeks following the live call.
This release contains forward-looking statements and projections. Forward-looking statements and projections can often be identified by the use of forward-looking words such as "expect," "believe," "may," "will," "could," "anticipate," "estimate," "continue," "plan," "intend," "project" or other similar expressions. Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements related to the semiconductor market, the growth and acceptance of our programmable platforms, expected revenue growth, the demand and growth in the markets we serve, opportunity for expansion into new markets, and our expectations regarding our business outlook for the December quarter for fiscal 2012. Undue reliance should not be placed on such forward-looking statements and projections, which speak only as of the date they are made. We undertake no obligation to update such forward-looking statements. Actual events and results may differ materially from those in the forward-looking statements and are subject to risks and uncertainties including customer acceptance of our new products, current global economic conditions, the health of our customers and the end markets in which they participate, our ability to forecast end customer demand, a high dependence on turns business, more customer volume discounts than expected, greater product mix changes than anticipated, fluctuations in manufacturing yields, our ability to deliver product in a timely manner, variability in wafer pricing, and other risk factors listed in our most recent Forms 10-K and 10-Q.
Xilinx is the world's leading provider of programmable platforms. For more information, visit http://www.xilinx.com/.
Xilinx, the Xilinx logo, Virtex, Spartan, ISE, and other brands designated herein are trademarks of Xilinx in the United States and other countries. All other trademarks are the property of their respective owners.
Investor Relations Contact: Lori Owen Xilinx, Inc. (408) 879-6911 firstname.lastname@example.org