October 17, 2012

Xilinx Announces Q2 Fiscal 2013 Results

SAN JOSE, Calif., Oct. 17, 2012 /PRNewswire-FirstCall/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced second quarter fiscal 2013 sales of $543.9 million, down 7% sequentially and down 2% from the second quarter of the prior fiscal year.  Second quarter fiscal 2013 net income was $123.4 million, or $0.46 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 November 28, 2012 to all stockholders of record at the close of business on November 7, 2012.

Additional second quarter comparisons are represented in the charts below:

GAAP Results

(In millions, except EPS)











Growth Rates



Q2

FY 2013


Q1

FY 2013


Q2

FY 2012


Q-T-Q


Y-T-Y

Net revenues


$

543.9



$

582.8



$

555.2



(7)

%


(2)

%

Operating income


$

148.1



$

164.6



$

154.8



(10)

%


(4)

%

Net income


$

123.4



$

129.8



$

126.3



(5)

%


(2)

%

Diluted earnings per share


$

0.46



$

0.47



$

0.47



(2)

%


(2)

%

"Sales from our industry-leading, All Programmable 28-nm products exceeded $20 million during the quarter with sales from all five family members.  Our 28-nm product portfolio is the industry's broadest; and design win activity for all five family members continues to be exceptionally strong across a broad base of end markets and applications.  This is particularly impressive given the backdrop of a challenging macroeconomic environment," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.   "With All Programmable FPGAs, SoCs, and 3D ICs available today, leadership in performance, power and integration and unmatched productivity gains with Vivado™ Design Suite, Xilinx is unequivocally a generation ahead at 28-nm."

Net Revenues by Geography:








Percentages


Growth Rates



Q2

FY 2013


Q1

FY 2013


Q2

FY 2012


Q-T-Q


Y-T-Y

North America


28

%


30

%


29

%


(11)

%


(5)

%

Asia Pacific


36

%


35

%


31

%


(4)

%


14

%

Europe


26

%


26

%


29

%


(8)

%


(13)

%

Japan


10

%


9

%


11

%


%


(9)

%

 

Net Revenues by End Market:








Percentages


Growth Rates



Q2

FY 2013


Q1

FY 2013


Q2

FY 2012


Q-T-Q


Y-T-Y

Communications & Data Center


49

%


45

%


46

%


3

%


5

%

Industrial, Aerospace & Defense


32

%


34

%


33

%


(13)

%


(8)

%

Broadcast, Consumer & Automotive


15

%


16

%


16

%


(15)

%


(5)

%

Other


4

%


5

%


5

%


(24)

%


(17)

%

 

Net Revenues by Product:








Percentages


Growth Rates



Q2

FY 2013


Q1

FY 2013


Q2

FY 2012


Q-T-Q


Y-T-Y

New


20

%


17

%


11

%


7

%


81

%

Mainstream


47

%


43

%


49

%


3

%


(5)

%

Base


29

%


36

%


36

%


(24)

%


(21)

%

Support


4

%


4

%


4

%


(8)

%


(14)

%

Products are classified as follows:

New products: Virtex®‐7, Kintex™‐7, Zynq™-7000, Artix™ - 7, 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)










Q2

FY 2013


Q1

FY 2013


Q2

FY 2012

Annual Return on Equity (%)*


19



19



23


Operating Cash Flow


$

197



$

163



$

200


Depreciation Expense


$

14



$

15



$

13


Capital Expenditures


$

8



$

8



$

18


Combined Inventory Days


109



99



126


Revenue Turns (%)


57



55



51


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

Highlights - September Quarter Fiscal 2013

  • Xilinx announced the acquisition of substantially all of the assets of two companies during the quarter:   Modesat Communications and PetaLogix.  The acquisition of Modesat, a high performance wireless backhaul solutions provider, allows customers to retain their proprietary IP, while leveraging the backhaul solutions and the flexibility of Xilinx All Programmable FPGAs and SoC devices to achieve faster time-to-market.  The acquisition of PetaLogix, an embedded Linux solutions provider, enables Xilinx to strengthen its capabilities and commitment to customers to provide the best Linux solutions possible.
  • Xilinx remains committed to delivering stockholder value.   In spite of a challenging macroeconomic environment, Xilinx generated nearly $200 million in operating cash flow during the quarter, paid $57 million in dividends to stockholders and repurchased 2.5 million shares. 

Business Outlook - December Quarter Fiscal 2013 

  • Sales are expected to be down 1% to down 5% sequentially.
  • Gross margin is expected to be approximately 66%.
  • Operating expenses are expected to be approximately $224 million, including $3 million of amortization of acquisition-related intangibles.
  • Other income and expense is expected to be an expense of approximately $7 million.
  • Fully diluted share count is expected to be approximately 269 million.
  • Full year fiscal 2013 tax rate is expected to be approximately 15%.

Conference Call

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 30459116. 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 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 Forms 10-Q and 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.

#1279F

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
lori.owen@xilinx.com

 

 

 

XILINX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)







Three Months Ended


Six Months Ended


September 29, 2012


June 30, 2012


October 1, 2011


September 29, 2012


October 1, 2011

Net revenues

$                    543,933


$          582,784


$             555,209


$                 1,126,717


$          1,170,672

Cost of revenues

187,713


198,411


200,564


386,124


423,696

Gross margin

356,220


384,373


354,645


740,593


746,976

Operating expenses:










Research and development

113,887


121,447


105,774


235,334


211,791

Selling, general and administrative

91,928


96,201


88,681


188,129


185,077

Amortization of acquisition-related intangibles

2,319


2,148


1,982


4,467


3,605

Restructuring charges

-


-


3,369


-


3,369

Total operating expenses

208,134


219,796


199,806


427,930


403,842











Operating income

148,086


164,577


154,839


312,663


343,134

Interest and other expense, net

10,003


9,672


8,598


19,675


16,409

Income before income taxes

138,083


154,905


146,241


292,988


326,725

Provision for income taxes

14,646


25,074


19,955


39,720


46,065

Net income

$                    123,437


$          129,831


$             126,286


$                    253,268


$             280,660

Net income per common share:










Basic

$                          0.47


$                0.49


$                   0.48


$                          0.97


$                   1.06

Diluted

$                          0.46


$                0.47


$                   0.47


$                          0.93


$                   1.03

Cash dividends per common share

$                          0.22


$                0.22


$                   0.19


$                          0.44


$                   0.38

Shares used in per share calculations:










Basic

260,605


263,055


264,006


262,143


264,853

Diluted

270,265


273,820


267,927


272,182


273,009

 

 

 

XILINX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)


September 29, 2012


March 31, 2012 *


(unaudited)



ASSETS




Current assets:




Cash, cash equivalents and short-term investments

$                 1,706,457


$             1,917,627

Accounts receivable, net

222,269


214,965

Inventories

204,067


204,866

Deferred tax assets and other current assets

117,265


112,851

Total current assets

2,250,058


2,450,309

Net property, plant and equipment

382,206


394,982

Long-term investments

1,497,394


1,209,228

Other assets

418,976


409,603

Total Assets

$                 4,548,634


$             4,464,122









LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable and accrued  liabilities

$                    294,689


$                275,774

Deferred income on shipments to distributors

47,967


67,002

Total current liabilities

342,656


342,776

Convertible debentures

915,109


906,569

Deferred tax liabilities

499,709


463,045

Other long-term liabilities

39,469


44,047





Stockholders' equity

2,751,691


2,707,685

Total Liabilities and Stockholders' Equity

$                 4,548,634


$             4,464,122









* Derived from audited financial statements

 

 

 

XILINX, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In thousands)


Three Months Ended


Six Months Ended


September 29, 2012


June 30, 2012


October 1, 2011


September 29, 2012


October 1, 2011











SELECTED CASH FLOW INFORMATION:










Depreciation

$                      14,151


$            14,603


$               13,396


$                      28,754


$               27,094

Amortization

4,188


4,267


4,326


8,455


8,036

Stock-based compensation

19,246


17,608


16,899


36,854


30,666

Net cash provided by operating activities

197,370


162,946


199,584


360,316


437,278

Purchases of property, plant and equipment

7,636


8,342


17,628


15,978


31,417

Payment of dividends to stockholders

57,255


58,066


50,348


115,321


100,804

Repurchases of common stock

87,441


90,707


111,537


178,148


177,191

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

28,627


9,027


28,369


37,654


59,819











STOCK-BASED COMPENSATION INCLUDED IN:










Cost of revenues

$                        1,473


$              1,728


$                 1,284


$                        3,201


$                 2,594

Research and development

9,404


8,623


8,103


18,027


14,590

Selling, general and administrative

8,369


7,257


7,512


15,626


13,482

 

SOURCE Xilinx, Inc.

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