2014

Xilinx Announces 2014 Fiscal Q3 Results; 28nm Sales Reach $100 Million

SAN JOSE, Calif., Jan. 21, 2014 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced third quarter fiscal 2014 sales of $587 million, down 2% from the prior quarter and up 15% from the same quarter of the prior fiscal year.  Third quarter fiscal 2014 net income was $176 million or $0.61 per diluted share; including the reversal of a litigation reserve with a net impact of $19 million, or $0.06 per diluted share.

(Logo: http://photos.prnewswire.com/prnh/20020822/XLNXLOGO)

The Xilinx Board of Directors announced a quarterly cash dividend of $0.25 per outstanding share of common stock, payable on February 27, 2014 to all stockholders of record at the close of business on February 6, 2014.

Additional third quarter comparisons are represented in the charts below:

GAAP Results
(In millions, except EPS)





 Growth Rates


Q3

FY 2014

Q2

FY 2014

Q3

FY 2013


 

Q-T-Q

Y-T-Y

Net revenues

$586.8

$598.9

$509.8


-2%

15%

Operating income

$202.7

$163.8

$120.8


24%

68%

Net income

$175.9

$141.5

$103.6


24%

70%

Diluted earnings per share

$0.61

$0.49

$0.38


24%

61%

 

"Sales from Xilinx's 28nm products were $100 million in the December quarter, driven by particularly strong and broad-based Kintex™-7 sales.  Sales from the Zynq™-7000 product family were also strong during the quarter, more than doubling sequentially, as key designs in wireless communication, industrial and aerospace and defense applications commenced production," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.   "The phenomenal success of our 28nm product families has driven Xilinx PLD share gains for the second consecutive calendar year." 

Net Revenues by Geography:








Percentages


Growth Rates


Q3

FY 2014

Q2

FY 2014

Q3

FY 2013


 

Q-T-Q

 

Y-T-Y

North America

29%

31%

32%


-9%

5%

Asia Pacific

40%

38%

34%


3%

36%

Europe

22%

22%

24%


-5%

4%

Japan

9%

9%

10%


6%

5%








Net Revenues by End Market:








Percentages


Growth Rates


Q3

FY 2014

Q2

FY 2014

Q3

FY 2013


 

Q-T-Q

 

Y-T-Y

Communications & Data Center

44%

43%

47%


0%

9%

Industrial, Aerospace & Defense

37%

38%

36%


-5%

18%

Broadcast, Consumer & Automotive

16%

16%

15%


-3%

22%

Other

3%

3%

2%


9%

40%








Net Revenues by Product:








Percentages


Growth Rates


Q3

FY 2014

Q2

FY 2014

Q3

FY 2013


 

Q-T-Q

 

Y-T-Y

New

38%

36%

25%


5%

79%

Mainstream

33%

34%

41%


-5%

-10%

Base

26%

27%

30%


-7%

0%

Support

3%

3%

4%


-5%

-7%

 

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™‐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 2014

Q2

FY 2014

Q3

FY 2013





Annual Return on Equity (%)*

20

19

17





Operating Cash Flow

$216

$255

$123





Depreciation Expense

$14

$14

$14





Capital Expenditures

$11

$8

$8





Combined Inventory Days

114

102

131





Revenue Turns (%)

52

54

58





   *Return on equity calculation: Annualized net income/average equities, including temporary equity

 

Highlights – December Quarter Fiscal 2014

  • Xilinx shipped the industry's first 20nm product in November 2013, continuing to execute on an aggressive rollout of its All Programmable UltraScale™ portfolio. The UltraScale product portfolio delivers the industry's only ASIC-class programmable architecture and extends Xilinx's market leading Kintex, and Virtex FPGA and 3D IC families. When combined with Vivado™ and the recently introduced UltraFast™ design methodology, Ultrascale devices enable next generation smarter systems such as 400G OTN, WCDMA Radio, and Intelligence Surveillance and Reconnaissance and high performance computing applications for the data center.

  • Xilinx announced a record breaking 4.4M logic cell device, more than doubling its industry leading highest capacity Virtex-7 device. This is Xilinx's second generation Stacked Silicon Interconnect technology built on TSMC's CoWoS manufacturing technology, enabling Xilinx to deliver devices with 2-4X the capacity of competing devices and continue to stay ahead of what Moore's Law could otherwise offer.

Business Outlook – March Quarter Fiscal 2014

  • Sales are expected to be up 2% to up 6% sequentially.
  • Gross margin is expected to be approximately 68%.
  • Operating expenses are expected to be approximately $226 million, including $2.5 million of amortization of acquisition-related intangibles.
  • Other income and expenses are expected to be a net expense of approximately $7 million.
  • Fully diluted share count is expected to be approximately 289 million.
  • March quarter tax rate is expected to be approximately 13%.

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the December 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 30665781. 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 of fiscal 2014.  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, costs and liabilities associated with current and future litigation, 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.

#1403F

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

 

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)


Three Months Ended


Nine Months Ended












December 28, 2013


September 28, 2013


December 29, 2012


December 28, 2013


December 29, 2012

Net revenues

$                   586,816


$                    598,937


$                   509,767


$                1,764,708


$                1,636,484

Cost of revenues

180,792


182,816


170,493


543,308


556,617

Gross margin

406,024


416,121


339,274


1,221,400


1,079,867

Operating expenses:










   Research and development

128,092


125,002


129,055


364,635


364,389

   Selling, general and administrative

91,794


96,339


86,823


280,520


274,952

   Amortization of acquisition-related intangibles

2,589


2,418


2,554


7,425


7,021

   Litigation and contingencies

(19,190)


28,600



9,410


Total operating expenses

203,285


252,359


218,432


661,990


646,362











Operating income

202,739


163,762


120,842


559,410


433,505

Interest and other expense, net

4,807


10,997


5,149


25,734


24,824

Income before income taxes

197,932


152,765


115,693


533,676


408,681

Provision for income taxes

22,055


11,304


12,045


59,315


51,765

Net income

$                   175,877


$                    141,461


$                   103,648


$                   474,361


$                   356,916

Net income per common share:










   Basic

$                         0.66


$                          0.53


$                         0.40


$                         1.78


$                         1.36

   Diluted

$                         0.61


$                          0.49


$                         0.38


$                         1.66


$                         1.31

Cash dividends per common share

$                         0.25


$                          0.25


$                         0.22


$                         0.75


$                         0.66

Shares used in per share calculations:










   Basic

267,780


268,478


260,690


266,068


261,723

   Diluted

288,195


290,685


271,174


285,380


271,861

 

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)









December 28, 2013


March 30, 2013 *


(unaudited)



ASSETS




Current assets:




  Cash, cash equivalents and short-term investments

$                2,457,419


$             1,714,745

  Accounts receivable, net

207,248


229,175

  Inventories

206,728


201,250

  Deferred tax assets and other current assets

76,431


152,469

Total current assets

2,947,826


2,297,639

Net property, plant and equipment

354,800


365,687

Long-term investments

1,287,392


1,651,033

Other assets

411,783


415,092

Total Assets

$                5,001,801


$             4,729,451









LIABILITIES , TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY




Current liabilities:




  Accounts payable and accrued  liabilities

$                   309,009


$                333,379

  Deferred income on shipments to distributors

48,075


53,358

  Deferred tax liabilities

140,601


51

  Convertible debentures

934,392


Total current liabilities

1,432,077


386,788

Convertible debentures


922,666

Deferred tax liabilities

279,696


415,442

Other long-term liabilities

13,057


41,259

Temporary equity

355,243


Stockholders' equity

2,921,728


2,963,296

Total Liabilities, Temporary Equity and Stockholders' Equity

$                5,001,801


$             4,729,451

 

XILINX, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In thousands)


Three Months Ended


Nine Months Ended












December 28, 2013


September 28, 2013


December 29, 2012


December 28, 2013


December 29, 2012

SELECTED CASH FLOW INFORMATION:










Depreciation

$                     13,595


$                      13,976


$                     13,680


$                     41,604


$                     42,434

Amortization

5,058


4,885


4,423


14,828


12,878

Stock-based compensation

24,339


23,060


19,762


68,353


56,616

Net cash provided by operating activities

216,390


254,943


122,568


615,542


482,884

Purchases of property, plant and equipment

10,975


8,441


8,075


30,717


24,053

Payment of dividends to stockholders

67,096


67,198


57,326


200,301


172,647

Repurchases of common stock

97,140


69,981


19,541


167,121


197,689

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

12,729


110,925


20,547


157,611


58,201











STOCK-BASED COMPENSATION INCLUDED IN:










Cost of revenues

$                       1,966


$                        1,858


$                       1,517


$                       5,628


$                       4,718

Research and development

11,912


11,343


9,654


33,474


27,681

Selling, general and administrative

10,461


9,859


8,591


29,251


24,217

SOURCE Xilinx, Inc.



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