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2014

Xilinx Announces Fiscal 2013 Results; Q4 Sales Increase 4% Sequentially

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SAN JOSE, Calif., April 24, 2013 /PRNewswire-FirstCall/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced fiscal 2013 sales of $2.17 billion, down 3% from the prior fiscal year. Fiscal 2013 net income decreased 8% to $487.5 million, or $1.79 per diluted share, versus fiscal 2012 net income of $530.1 million or $1.95 per diluted share.  

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

Fourth quarter fiscal 2013 sales were $532.2 million, up 4% sequentially and down 5% from the fourth quarter of the prior fiscal year.  Fourth quarter fiscal 2013 net income was $130.6 million, or $0.47 per diluted share. 

Additional fourth quarter comparisons are represented in the charts below:                 

GAAP Results

(In millions, except EPS)

Growth Rates


Q4

FY 2013

Q3

FY 2013

Q4

FY 2012


 

Q-T-Q

 

Y-T-Y

Net revenues

$532.2

$509.8

$559.0


4%

-5%

Operating income

$147.2

$120.8

$147.5


22%

0%

Net income

$130.6

$103.6

$122.4


26%

7%

Diluted earnings per share

$0.47

$0.38

$0.44


24%

7%

 

"During fiscal 2013, Xilinx completed the rollout of the PLD industry's broadest 28-nm product portfolio.  Sales from these products exceeded $40 million during the quarter, significantly exceeding our expectations," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "As we embark on the new fiscal year, I expect continued strong growth from these new products fueled by ASIC and ASSP displacement as well as increased participation in high-growth megatrends such as nx100G wired networks, datacenter, video, vision and wireless HetNets."  

                                                         

Net Revenues by Geography:









Percentages

Growth Rates


Q4

FY 2013

Q3

FY 2013

Q4

FY 2012


 

Q-T-Q

 

Y-T-Y

North America

31%

32%

32%


3%

-7%

Asia Pacific

34%

34%

31%


3%

3%

Europe

26%

24%

27%


14%

-9%

Japan

9%

10%

10%


-8%

-10%

                                                                                                      

Net Revenues by End Market:









Percentages

Growth Rates


Q4

FY 2013

Q3

FY 2013

Q4

FY 2012


 

Q-T-Q

 

Y-T-Y

Communications & Data Center

44%

47%

43%


-1%

-2%

Industrial, Aerospace & Defense

37%

36%

37%


7%

-5%

Broadcast, Consumer & Automotive

17%

15%

15%


15%

3%

Other

2%

2%

5%


7%

-48%

 

Net Revenues by Product:









Percentages

Growth Rates


Q4

FY 2013

Q3

FY 2013

Q4

FY 2012


 

Q-T-Q

 

Y-T-Y

New

27%

25%

13%


13%

86%

Mainstream

41%

41%

44%


3%

-11%

Base

28%

30%

39%


0%

-31%

Support

4%

4%

4%


2%

5%

 

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)






Q4

FY 2013

Q3

FY 2013

Q4

FY 2012





Annual Return on Equity (%)*

17

17

21





Operating Cash Flow

$174

$123

$208





Depreciation Expense

$14

$14

$15





Capital Expenditures

$6

$8

$20





Combined Inventory Days

110

131

110





Revenue Turns (%)

58

57

57

 

*Return on equity calculation: Annualized net income/average stockholders' equity

 

Product and Financial Highlights – Fiscal 2013

  • During fiscal year 2013, sales from Xilinx's 28-nm product portfolio, which includes the 7 series FPGAs and the Zynq-7000 family, surpassed $100 million.  In the March quarter, over 500 customers received shipments for a broad base of applications including wired and wireless communications, industrial, defense and broadcast.   
  • Xilinx expanded its software leadership with the introduction of the Vivado™ Design Suite, a design environment built from the ground up, providing customers with up to a 4X productivity advantage.  Currently, Vivado is used for approximately 50 percent of 28-nm designs and 100 percent of 3D IC designs. 
  • Xilinx announced its strategy for its 20-nm product 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 Company achieved a record 66% gross margin in fiscal year 2013, up from 65% in the prior fiscal year.  This improvement is a testament to the Company's continued focus on margin expansion projects across our product portfolio.
  • Xilinx continued to demonstrate a strong commitment to returning shareholder value through dividend increase and repurchase activity.   Xilinx recently increased its quarterly dividend $0.03 per share to $0.25 per share. During the fiscal year, Xilinx paid its stockholders a record $230 million in dividends and repurchased 6.2 million shares for $198 million.

Business Outlook – June Quarter Fiscal 2014

  • Sales are expected to be up 1% to 5% sequentially.
  • Gross margin is expected to be approximately 66% - 67%.
  • Operating expenses are expected to be approximately $206 million, including $2 million of amortization of acquisition-related intangibles.
  • Other income and expenses are expected to be a net expense of approximately $8 million.
  • Fully diluted share count is expected to be approximately 277 million.
  • June 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 March quarter financial results and management's outlook for the June 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 29883361. 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 June 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, and other risk factors listed in our most recent Forms 10-Q and 10-K.

About Xilinx

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.

#1319F

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


Twelve Months Ended


March 30, 2013


December 29, 2012


March 31, 2012


March 30, 2013


March 31, 2012

Net revenues

$          532,168


$                509,767


$          558,973


$       2,168,652


$       2,240,736

Cost of revenues

180,589


170,493


187,577


737,206


786,078

Gross margin

351,579


339,274


371,396


1,431,446


1,454,658

Operating expenses:










Research and development

111,133


129,055


115,240


475,522


435,276

Selling, general and administrative

90,732


86,823


91,261


365,684


365,272

Amortization of acquisition-related intangibles

2,487


2,554


1,981


9,508


7,568

Restructuring charges





3,369

Litigation



15,400



15,400

Total operating expenses

204,352


218,432


223,882


850,714


826,885

Operating income

147,227


120,842


147,514


580,732


627,773

Interest and other expense, net

8,902


5,149


7,126


33,726


30,722

Income before income taxes

138,325


115,693


140,388


547,006


597,051

Provision for income taxes

7,705


12,045


17,983


59,470


66,972

Net income

$          130,620


$                103,648


$          122,405


$          487,536


$          530,079

Net income per common share:










Basic

$                0.50


$                      0.40


$                0.46


$                1.86


$                2.01

Diluted

$                0.47


$                      0.38


$                0.44


$                1.79


$                1.95

Cash dividends per common share

$                0.22


$                      0.22


$                0.19


$                0.88


$                0.76

Shares used in per share calculations:










Basic

263,035


260,690


263,261


261,652


263,783

Diluted

277,090


271,174


276,166


272,573


272,157

 

XILINX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)


March 30, 2013


March 31, 2012 *


(unaudited)



ASSETS




Current assets:




Cash, cash equivalents and short-term investments

$       1,714,745


$          1,917,627

Accounts receivable, net

229,175


214,965

Inventories

201,250


204,866

Deferred tax assets and other current assets

152,469


112,851

Total current assets

2,297,639


2,450,309

Net property, plant and equipment

365,687


394,982

Long-term investments

1,651,033


1,209,228

Other assets

415,092


409,603

Total assets

$       4,729,451


$          4,464,122









LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable and accrued  liabilities

$          333,430


$             275,774

Deferred income on shipments to distributors

53,358


67,002

Total current liabilities

386,788


342,776

Convertible debentures

922,666


906,569

Deferred tax liabilities

415,442


463,045

Other long-term liabilities

41,259


44,047





Stockholders' equity

2,963,296


2,707,685

Total Liabilities and Stockholders' Equity

$       4,729,451


$          4,464,122









* Derived from audited financial statements

 

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In thousands)


Three Months Ended


Twelve Months Ended


March 30, 2013


December 29, 2012


March 31, 2012


March 30, 2013


March 31, 2012

SELECTED CASH FLOW INFORMATION:










Depreciation

$            13,893


$                  13,680


$            14,702


$            56,327


$            55,658

Amortization

4,355


4,423


4,327


17,233


16,690

Stock-based compensation

21,246


19,762


18,909


77,862


67,418

Net cash provided by operating activities

173,653


122,568


208,491


656,537


826,739

Purchases of property, plant and equipment

6,212


8,075


19,670


30,265


70,071

Payment of dividends to stockholders

57,822


57,326


49,991


230,469


200,361

Repurchases of common stock


19,602



197,750


219,638

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

59,671


20,608


48,784


117,933


120,620











STOCK-BASED COMPENSATION INCLUDED IN:










Cost of revenues

$              1,638


$                    1,517


$              1,686


$              6,356


$              5,630

Research and development

10,256


9,654


9,065


37,937


32,310

Selling, general and administrative

9,352


8,591


8,158


33,569


29,478

 

SOURCE Xilinx, Inc.



RELATED LINKS
http://www.xilinx.com

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