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Xilinx Announces Q2 Fiscal 2013 Results

PR Newswire
SAN JOSE, Calif.
Oct 17, 2012

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        Q1             Q2   Q-T-Q            Y-T-Y
                               FY 2013   FY 2013        FY 2012
                               -------   -------        -------
    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                   Q1              Q2    Q-T-Q         Y-T-Y
                               FY 2013              FY 2013         FY 2012
                               -------              -------         -------
    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                   Q1              Q2    Q-T-Q       Y-T-Y
                                     FY 2013              FY 2013         FY 2012
                                     -------              -------         -------
    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                   Q1              Q2    Q-T-Q       Y-T-Y
                             FY 2013              FY 2013         FY 2012
                             -------              -------         -------
    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       Q1           Q2
                                 FY 2013  FY 2013      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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SOURCE: Xilinx, Inc.

Web Site: http://www.xilinx.com


Worldwide Media Contacts

Silvia E. Gianelli
Phone: 408-626-4328
Email: silvia.gianelli@xilinx.com

 

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