July 18, 2012

Xilinx Announces Q1 Fiscal 2013 Results; Q1 Sales Increase 4% Sequentially

Financial Tables

SAN JOSE, Calif., July 18, 2012 /PRNewswire-FirstCall/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2013 sales of $582.8 million, up 4% sequentially and down 5% from the first quarter of the prior fiscal year.  First quarter fiscal 2013 net income was $129.8 million, or $0.47 per diluted share. 

(Logo: http://photos.prnewswire.com/prnh/20020822/XLNXLOGO)

The Xilinx Board of Directors announced a quarterly cash dividend of $0.22 per outstanding share of common stock, payable on August 29, 2012 to all stockholders of record at the close of business on August 8, 2012.

Additional first quarter comparisons are represented in the charts below:

GAAP Results
(In millions, except EPS)

 
         

Growth Rates

 

Q1

FY 2013

Q4

FY 2012

Q1

FY 2012

 

 

Q-T-Q

 

Y-T-Y

Net revenues

$582.8

$559.0

$615.5

 

4%

-5%

Operating income

$164.6

$147.5

$188.3

 

12%

-13%

Net income

$129.8

$122.4

$154.4

 

6%

-16%

Diluted earnings per share

$0.47

$0.44

$0.56

 

7%

-16%

"Sales from our 28-nm products are off to an excellent start, as we are realizing the advantages of our breakout portfolio that now includes not only FPGAs but our pioneering All Programmable 3DICs and SoCs.  In the June quarter, sales from these products, including Virtex®-7 and Kintex™-7 FPGAs, Virtex®-7 3D IC, and Zynq™-7000 SoC products, increased significantly, passing our $10 million milestone.  We continue to expect the 28-nm node to be Xilinx's most successful ever," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "In addition, gross margin remained very healthy during the quarter at 66.0%.  This was at the high end of our forecast due primarily to a continued focus by the Company on yield improvement and cost reduction."                                      

Net Revenues by Geography:

 
 

Percentages

 

Growth Rates

 

Q1

FY 2013

Q4

FY 2012

Q1

FY 2012

 

 

Q-T-Q

 

Y-T-Y

North America

30%

32%

30%

 

-4%

-5%

Asia Pacific

35%

31%

35%

 

16%

-6%

Europe

26%

27%

26%

 

2%

-5%

Japan

9%

10%

9%

 

1%

-5%

Note:  The end market categories have been restated to reflect the reclassification of Data Center customers into the Communications category.  End market categories have also been renamed to be more descriptive and to better reflect actual composition of sales.  Additionally, the product categories represented below have been modified to make categories more meaningful given new product introductions and maturing of products.  For comparative purposes, we have provided supplemental information on our website at www.investor.xilinx.com that presents results based on previous classifications.                                                                                                      

Net Revenues by End Market:

 
 

Percentages

 

Growth Rates

 

Q1

FY 2013

Q4

FY 2012

Q1

FY 2012

 

 

Q-T-Q

 

Y-T-Y

Communications & Data Center

45%

43%

46%

 

8%

-9%

Industrial, Aerospace & Defense

34%

37%

34%

 

-5%

-6%

Broadcast, Consumer & Automotive

16%

15%

14%

 

12%

14%

Other

5%

5%

6%

 

11%

-19%

Net Revenues by Product:

 
 

Percentages

 

Growth Rates

 

Q1

FY 2013

 Q4

FY 2012

Q1

FY 2012

 

 

Q-T-Q

 

Y-T-Y

New

17%

13%

9%

 

31%

78%

Mainstream

43%

44%

49%

 

4%

-16%

Base

36%

39%

37%

 

-5%

-10%

Support

4%

4%

5%

 

10%

-19%

Products are classified as follows:

New products: Virtex-7, Kintex-7, Zynq-7000, Virtex-6, Spartan™-6, products
Mainstream products: Virtex-5, Spartan-3 and CoolRunner-II products
Base products: Virtex-4, Virtex-II, Virtex-E, Virtex, Spartan-II, Spartan, CoolRunner and XC9500 products
Support products: Configuration solutions, HardWire, Software & Support/Services

Key Statistics:
(Dollars in millions)

       
 

Q1

FY 2013

Q4

FY 2012

Q1

FY 2012

       

Annual Return on Equity (%)*

19

21

25

       

Operating Cash Flow

$163

$208

$238

       

Depreciation Expense

$15

$15

$14

       

Capital Expenditures

$8

$20

$14

       

Combined Inventory Days

99

110

117

       

Revenue Turns (%)

55

57

57

*Return on equity calculation: Annualized net income/average stockholders' equity

Highlights — June Quarter Fiscal 2013

  • Xilinx extended its 28-nm leadership by announcing initial shipments of the Virtex-7 H580T FPGA, the world's first 3D heterogeneous all programmable product. Virtex-7 HT devices use Xilinx's stacked silicon interconnect (SSI) technology to deliver the industry's highest bandwidth FPGAs, featuring up to sixteen 28 Gbps and seventy-two 13.1 Gbps transceivers, making them the only single-chip solutions for addressing key Nx100G and 400G line card applications and functions. 
  • Xilinx announced first shipments of its Artix™-7 FPGA family. The new devices extend the reach of FPGA technology to applications requiring performance capabilities traditionally served by Virtex-class FPGAs, but the form-factor of small, low-cost programmable devices. Artix-7 devices are securing design wins in a number of applications including portable medical, hand-held radio and small cellular base stations.
  • New Product sales increased 31% sequentially with strong growth from our 28-nm, 40-nm and 45-nm families.  These product families have achieved widespread customer adoption in applications such as: Communications, Data Center, Aerospace and Defense and Broadcast.

Business Outlook — September Quarter Fiscal 2013 

  • Sales are expected to be down 4% to 8% sequentially.
  • Gross margin is expected to be approximately 66%.
  • Operating expenses are expected to be approximately $220 million, including $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 274 million.
  • September quarter tax rate is expected to be approximately 16%.

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the first quarter financial results and management's outlook for the September 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 94512167. 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 September quarter for fiscal 2013.  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, our ability to successfully manage production at multiple foundries, variability in wafer pricing, and other risk factors listed in our most recent Form 10-K.

About Xilinx

Xilinx develops All Programmable technologies and devices, beyond hardware to software, digital to analog, and single to multiple die in 3D ICs.  These industry leading devices are coupled with a next-generation design environment and IP to serve a broad range of customer needs, from programmable logic to programmable systems integration.  For more information visit www.xilinx.com.

#1256F

Xilinx, the Xilinx logo, Artix, ISE, Kintex, Spartan, Virtex, Zynq, Vivado, and other designated brands included herein are trademarks of Xilinx in the United States and other countries. All other trademarks are the property of their respective owners.

XLNX-F

Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com

XILINX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 
 

Three Months Ended

 

June 30, 2012

 

March 31, 2012

 

July 2, 2011

Net revenues

$          582,784

 

$             558,973

 

$      615,463

Cost of revenues

198,411

 

187,577

 

223,132

Gross margin

384,373

 

371,396

 

392,331

Operating expenses:

         

Research and development

121,447

 

115,240

 

106,017

Selling, general and administrative

96,201

 

91,261

 

96,396

Amortization of acquisition-related intangibles

2,148

 

1,981

 

1,623

Litigation

-

 

15,400

 

-

Total operating expenses

219,796

 

223,882

 

204,036

           

Operating income

164,577

 

147,514

 

188,295

Interest and other expense, net

9,672

 

7,126

 

7,811

Income before income taxes

154,905

 

140,388

 

180,484

Provision for income taxes

25,074

 

17,983

 

26,110

Net income

$          129,831

 

122,405

 

$      154,374

Net income per common share:

         

Basic

$                0.49

 

$                   0.46

 

$            0.58

Diluted

$                0.47

 

$                   0.44

 

$            0.56

Cash dividends per common share

$                0.22

 

$                   0.19

 

$            0.19

Shares used in per share calculations:

         

Basic

263,055

 

263,261

 

265,313

Diluted

273,820

 

276,166

 

276,077

XILINX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS  

(In thousands)

 
   

June 30, 2012

 

March 31, 2012 *

   

(unaudited)

   

ASSETS

       

Current assets:

       

Cash, cash equivalents and short-term investments

 

$       1,743,127

 

$             1,917,627

Accounts receivable, net

 

257,944

 

214,965

Inventories

 

193,316

 

204,866

Deferred tax assets and other current assets

 

107,793

 

112,851

Total current assets

 

2,302,180

 

2,450,309

Net property, plant and equipment

 

388,721

 

394,982

Long-term investments

 

1,399,684

 

1,209,228

Other assets

 

402,646

 

409,603

Total Assets

 

$       4,493,231

 

$             4,464,122

         
         

LIABILITIES AND STOCKHOLDERS' EQUITY

       

Current liabilities:

       

Accounts payable and accrued  liabilities

 

$          303,460

 

$                275,774

Deferred income on shipments to distributors

 

56,700

 

67,002

Total current liabilities

 

360,160

 

342,776

Convertible debentures

 

911,135

 

906,569

Deferred tax liabilities

 

477,622

 

463,045

Other long-term liabilities

 

40,234

 

44,047

         

Stockholders' equity

 

2,704,080

 

2,707,685

Total Liabilities and Stockholders' Equity

 

$       4,493,231

 

$             4,464,122

         
         

* Derived from audited financial statements

XILINX, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In thousands)

 

Three Months Ended

 

June 30, 2012

 

March 31, 2012

 

July 2, 2011

           

SELECTED CASH FLOW INFORMATION:

         

Depreciation

$          14,603

 

$               14,702

 

$        13,698

Amortization

4,267

 

4,327

 

3,710

Stock-based compensation

17,608

 

18,909

 

13,767

Net cash provided by operating activities

162,946

 

208,491

 

237,694

Purchases of property, plant and equipment

8,342

 

19,670

 

13,789

Payment of dividends to stockholders

58,066

 

49,991

 

50,456

Repurchases of common stock

90,707

 

-

 

65,654

Proceeds from issuance of common stock to employees and excess tax benefit

9,027

 

48,784

 

31,450

           

STOCK-BASED COMPENSATION INCLUDED IN:

         

Cost of revenues

$          1,728

 

$                1,686

 

$         1,310

Research and development

8,623

 

9,065

 

6,487

Selling, general and administrative

7,257

 

8,158

 

5,970

SOURCE Xilinx, Inc.

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