Xilinx Announces Q1 Fiscal 2013 Results; Q1 Sales Increase 4% Sequentially
SAN JOSE, Calif., July 18, 2012 /PRNewswire via COMTEX/ -- Xilinx, Inc. (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.
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
Q1Q4Q1Q-T-QY-T-Y
FY 2013 FY 2012 FY 2012
Net revenues$582.8$559.0$615.54%-5%
Operating income$164.6$147.5$188.312%-13%
Net income$129.8$122.4$154.46%-16%
Diluted earnings per share $0.47$0.44$0.567%-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(TM)-7 FPGAs, Virtex?-7 3D IC, and
Zynq(TM)-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:
PercentagesGrowth Rates
Q1Q4Q1Q-T-QY-T-Y
FY 2013 FY 2012 FY 2012
North America 30%32%30%-4%-5%
Asia Pacific35%31%35%16%-6%
Europe26%27%26%2%-5%
Japan9%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
investor.xilinx.com that presents results based on previous
classifications.
Net Revenues by End Market:
PercentagesGrowth Rates
Q1Q4Q1Q-T-QY-T-Y
FY 2013 FY 2012 FY 2012
Communications & Data Center45%43%46%8%-9%
Industrial, Aerospace & Defense34%37%34%-5%-6%
Broadcast, Consumer & Automotive 16%15%14%12%14%
Other5%5%6%11%-19%
Net Revenues by Product:
PercentagesGrowth Rates
Q1Q4Q1Q-T-QY-T-Y
FY 2013 FY 2012 FY 2012
New17%13%9%31%78%
Mainstream 43%44%49%4%-16%
Base36%39%37%-5%-10%
Support4%4%5%10%-19%
Products are classified as follows:
New products: Virtex-7, Kintex-7, Zynq-7000, Virtex-6, Spartan(TM)-6, products
Mainstream products: Virtex-5, Spartan-3 and CoolRunner(TM)-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)
Q1Q4Q1
FY 2013 FY 2012 FY 2012
Annual Return on Equity (%)* 192125
Operating Cash Flow$163$208$238
Depreciation Expense$15$15$14
Capital Expenditures$8$20$14
Combined Inventory Days99110117
Revenue Turns (%)555757
*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(TM)-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 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 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, 2012March 31, 2012July 2, 2011
Net revenues$582,784$558,973$615,463
Cost of revenues198,411187,577223,132
Gross margin384,373371,396392,331
Operating expenses:
Research and development121,447115,240106,017
Selling, general and administrative96,20191,26196,396
Amortization of acquisition-related intangibles 2,1481,9811,623
Litigation-15,400-
Total operating expenses219,796223,882204,036
Operating income164,577147,514188,295
Interest and other expense, net9,6727,1267,811
Income before income taxes154,905140,388180,484
Provision for income taxes25,07417,98326,110
Net income$129,831122,405$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:
Basic263,055263,261265,313
Diluted273,820276,166276,077
XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, 2012March 31, 2012 *
(unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short-term investments$1,743,127$1,917,627
Accounts receivable, net257,944214,965
Inventories193,316204,866
Deferred tax assets and other current assets107,793112,851
Total current assets2,302,1802,450,309
Net property, plant and equipment388,721394,982
Long-term investments1,399,6841,209,228
Other assets402,646409,603
Total Assets$4,493,231$4,464,122
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accruedliabilities$303,460$275,774
Deferred income on shipments to distributors56,70067,002
Total current liabilities360,160342,776
Convertible debentures911,135906,569
Deferred tax liabilities477,622463,045
Other long-term liabilities40,23444,047
Stockholders' equity2,704,0802,707,685
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, 2012March 31, 2012July 2, 2011
SELECTED CASH FLOW INFORMATION:
Depreciation$14,603$14,702$13,698
Amortization4,2674,3273,710
Stock-based compensation17,60818,90913,767
Net cash provided by operating activities162,946208,491237,694
Purchases of property, plant and equipment8,34219,67013,789
Payment of dividends to stockholders58,06649,99150,456
Repurchases of common stock90,707-65,654
Proceeds from issuance of common stock to employees and excess tax benefit 9,02748,78431,450
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues$1,728$1,686$1,310
Research and development8,6239,0656,487
Selling, general and administrative7,2578,1585,970 |
