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Xilinx Announces Q3 Fiscal 2013 Results

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

FY 2013

Q2

FY 2013

Q3

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™-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

FY 2013

Q2

FY 2013

Q3

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

FY 2013

Q2

FY 2013

Q3

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

FY 2013

 Q2

FY 2013

Q3

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™-7, Zynq™-7000, Virtex‐6, Spartan™‐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

FY 2013

Q2

FY 2013

Q3

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™ 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,

2012


December 31,

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.

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