XILINX, INC. 
By SAN JOSE, Calif., Jan. 17, 2013 /PRNewswire-FirstCall/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced third quarter fiscal 2013 sales of $509.8 million, down 6% sequentially and flat from the third quarter of the prior fiscal year. Third quarter fiscal 2013 net income was $103.6 million, or $0.38 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 February 27, 2013 to all stockholders of record at the close of business on February 6, 2013.
Additional third quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
Growth Rates
Q3 Q2 Q3
FY 2013 FY 2013 FY 2012 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
Net
revenues $509.8 $543.9 $511.1 -6% 0%
Operating
income $120.8 $148.1 $137.1 -18% -12%
Net
income $103.6 $123.4 $127.0 -16% -18%
Diluted
earnings
per
share $0.38 $0.46 $0.47 -17% -19%
"New Product sales increased 17% sequentially in the December quarter, driven by robust adoption of Kintex(TM)-7 and Virtex®-6 FPGAs. Strength from New Products is an encouraging sign in the face of macroeconomic conditions that remained challenging during the quarter," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Exiting calendar 2012, I believe we have the strongest product portfolio in our history, a generation ahead of the competition. Our 28-nm products have gained significant momentum across a broad base of applications with clear leadership in performance, power and integration. Sales from these product families increased nearly 20% sequentially in the December quarter, exceeding expectations."
Net Revenues by Geography:
Percentages Growth
Rates
Q3 Q2 Q3
FY 2013 FY 2013 FY 2012 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
North
America 32% 28% 32% 6% 0%
Asia
Pacific 34% 36% 35% -11% -3%
Europe 24% 26% 23% -15% 1%
Japan 10% 10% 10% -4% 5%
Net Revenues by End Market:
Percentages Growth Rates
Q3 Q2 Q3
FY 2013 FY 2013 FY 2012 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
Communications
& Data
Center 47% 49% 46% -11% 2%
Industrial,
Aerospace &
Defense 36% 32% 34% 7% 5%
Broadcast,
Consumer &
Automotive 15% 15% 15% -7% -2%
Other 2% 4% 5% -42% -52%
Net Revenues by Product:
Percentages Growth Rates
Q3 Q2 Q3
FY 2013 FY 2013 FY 2012 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
New 25% 20% 14% 17% 79%
Mainstream 41% 47% 43% -18% -4%
Base 30% 29% 39% -3% -24%
Support 4% 4% 4% 1% 3%
Products are classified as follows:
New products: Virtex?7, Kintex?7, Artix(TM)-7, Zynq(TM)-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)
Q3 Q2 Q3
FY 2013 FY 2013 FY 2012
------- ------- -------
Annual
Return on
Equity (%)* 17 19 22
Operating
Cash Flow $123 $197 $181
Depreciation
Expense $14 $14 $14
Capital
Expenditures $8 $8 $19
Combined
Inventory
Days 131 109 142
Revenue
Turns (%) 57 57 56
*Return on equity calculation: Annualized net income/average
stockholders' equity
Highlights - December Quarter Fiscal 2013
-- Xilinx announced its strategy for its 20-nm portfolio, including the
next-generation 8 series All Programmable FPGAs and second generation of
3D ICs and SoCs. This next generation product family builds on a
substantial competitive technology lead and addresses the rigorous
requirements of next-generation ever 'smarter,' highly integrated,
bandwidth hungry systems. The Vivado(TM) Design Suite is co-optimized
with the 20-nm products to enable an unprecedented level of routability,
quality of results, and up to a 4X improvement in design productivity.
-- Xilinx estimates its share of the PLD market increased by nearly three
percentage points in calendar 2012. Share gains were driven by
particularly strong customer adoption of our 40-nm and 28-nm product
families. These product families are being designed into a broad base
of applications within wired and wireless communications, industrial,
defense, audio video broadcast and automotive.
Business Outlook - March Quarter Fiscal 2013
-- Sales are expected to be up 2% to 6% sequentially.
-- Gross margin is expected to be approximately 66%.
-- Operating expenses are expected to be approximately $208 million,
including $2 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 274 million.
-- March quarter tax rate is expected to be approximately 13 - 14%.
Conference Call
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the third quarter financial results and management's outlook for the March 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 81590004. 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 products, 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 March 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.
#1303
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 Nine Months Ended
------------------ -----------------
December 29, 2012 September 29, 2012 December 31, 2011 December 29, December 31,
2012 2011
----
Net revenues $509,767 $543,933 $511,091 $1,636,484 $1,681,763
Cost of revenues 170,493 187,713 174,805 556,617 598,501
------- ------- ------- -------
Gross margin 339,274 356,220 336,286 1,079,867 1,083,262
------- ------- ------- --------- ---------
Operating expenses:
Research and development 129,055 113,887 108,245 364,389 320,036
Selling, general and administrative 86,823 91,928 88,934 274,952 274,011
Amortization of acquisition-
related intangibles 2,554 2,319 1,982 7,021 5,587
Restructuring charges - - - - 3,369
--- ---
Total operating expenses 218,432 208,134 199,161 646,362 603,003
------- ------- ------- ------- -------
Operating income 120,842 148,086 137,125 433,505 480,259
Interest and other expense, net 5,149 10,003 7,187 24,824 23,596
----- ----- ------ ------
Income before income taxes 115,693 138,083 129,938 408,681 456,663
Provision for income taxes 12,045 14,646 2,924 51,765 48,989
------ ----- ------ ------
Net income $103,648 $123,437 $127,014 $356,916 $407,674
======== ======== ======== ======== ========
Net income per common share:
Basic $0.40 $0.47 $0.49 $1.36 $1.54
===== ===== ===== ===== =====
Diluted $0.38 $0.46 $0.47 $1.31 $1.50
===== ===== ===== ===== =====
Cash dividends per common share $0.22 $0.22 $0.19 $0.66 $0.57
===== ===== ===== ===== =====
Shares used in per share calculations:
Basic 260,690 260,605 261,257 261,723 264,183
======= ======= ======= ======= =======
Diluted 271,174 270,265 267,884 271,861 271,713
======= ======= ======= ======= =======
XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 29, 2012 March 31, 2012 *
----------------- ---------------
(unaudited)
ASSETS
Current assets:
Cash, cash equivalents
and short-term
investments $1,686,631 $1,917,627
Accounts receivable,
net 232,257 214,965
Inventories 225,985 204,866
Deferred tax assets and
other current assets 118,698 112,851
-------
Total current assets 2,263,571 2,450,309
Net property, plant and
equipment 373,369 394,982
Long-term investments 1,560,132 1,209,228
Other assets 415,835 409,603
-------
Total Assets $4,612,907 $4,464,122
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities $285,525 $275,774
Deferred income on
shipments to
distributors 50,017 67,002
Total current
liabilities 335,542 342,776
Convertible debentures 918,883 906,569
Deferred tax
liabilities 506,995 463,045
Other long-term
liabilities 35,362 44,047
Stockholders' equity 2,816,125 2,707,685
Total Liabilities and
Stockholders' Equity $4,612,907 $4,464,122
========== ==========
* Derived from audited financial statements
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
Three Months Ended Nine Months Ended
------------------ -----------------
December 29, 2012 September 29, 2012 December 31, 2011 December 29, 2012 December 31, 2011
----------------- ------------------ ----------------- ----------------- -----------------
SELECTED CASH FLOW INFORMATION:
Depreciation $13,680 $14,151 $13,862 $42,434 $40,956
Amortization 4,423 4,188 4,327 12,878 12,363
Stock-based compensation 19,762 19,246 17,843 56,616 48,509
Net cash provided by operating activities 122,568 197,370 180,970 482,884 618,248
Purchases of property, plant and equipment 8,075 7,636 18,984 24,053 50,401
Payment of dividends to stockholders 57,326 57,255 49,566 172,647 150,370
Repurchases of common stock 19,602 87,441 42,447 197,750 219,638
Proceeds from issuance of common stock to
employees and excess tax benefit 20,608 28,627 12,017 58,262 71,836
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues $1,517 $1,473 $1,350 $4,718 $3,944
Research and development 9,654 9,404 8,655 27,681 23,245
Selling, general and administrative 8,591 8,369 7,838 24,217 21,320
SOURCE Xilinx, Inc.
