Xilinx announces fiscal 2012 results

SAN JOSE, Calif., April 25, 2012 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced fourth quarter fiscal 2012 sales of $559.0 million, up 9% sequentially and down 5% from the fourth quarter of the prior fiscal year.  Fourth quarter fiscal 2012 net income was $134.1 million, or $0.49 per diluted share. 

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

Fiscal 2012 sales were $2.24 billion, down 5% from the prior fiscal year.  Fiscal 2012 net income decreased 16% to $541.8 million, or $1.99 per diluted share, versus fiscal 2011 net income of $641.9 million or $2.39 per diluted share.  

Additional fourth quarter comparisons are represented in the charts below:

                                                                                                                                                           

"Fiscal 2012 was highlighted by robust growth from our 40-nm product families and an aggressive introduction of our 28-nm product families.  Design win momentum for these product families continues to be strong, giving me confidence that Xilinx will continue to gain PLD share in the new fiscal year," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "Additionally, the Company's cost reduction efforts and operating efficiencies contributed to consecutive quarterly gross margin improvement during the year and a record gross margin of 66.4% in the recently ended March quarter."                                                           

                                                                                                                          

                                                                                                                          

Products are classified as follows:

New Products: Virtex®-7, Kintex™-7, Zynq™-7000, Virtex-6, Virtex-5, Spartan®-6, Spartan-3A and Spartan-3E products
Mainstream Products: Virtex-4, Spartan-3, Spartan-II and CoolRunner™-II products
Base Products: Virtex, Virtex-E, Virtex-II, Spartan, XC4000, CoolRunner and XC9500 products
Support Products: Configuration products, HardWire, Software & Support/Services

Product and Financial Highlights – Fiscal 2012

• Xilinx recently unveiled its Vivado™ Design Suite, a new IP and system-centric design environment built from the ground up to accelerate design productivity for the next decade of what Xilinx calls 'All-Programmable' Devices.  These devices go beyond programmable logic and IO to enable programmable systems integration leveraging 3D stacked silicon interconnect technology, ARM based embedded systems, Analog Mixed Signal, advanced high speed serial transceivers, and a growing percentage of IP cores.  The Vivado Design Suite is estimated to provide customers with up to a 4X productivity advantage over last generation development environments, and is key to enabling customers to take full advantage of Xilinx's market leading 28-nm offerings. 
• Xilinx continued its aggressive rollout of its 28-nm product portfolio.  Xilinx was the industry's first to release an FPGA at 28-nm with its optimized Kintex-7 product family, the first to introduce a programmable 3D IC product with over 6.8 billion transistors and the first to introduce a device integrating a full ARM-based embedded processing system along with programmable Analog Mixed Signal data converters, effectively expanding the Xilinx portfolio to cover all types of programmable technologies.  This now includes hardware and software, digital and analog, single and multiple die programmability.
• Xilinx established a new benchmark for single chip serial bandwidth with the recent release of the Virtex-7 X690T device with over 2 Tbps aggregate serial bandwidth to address the most demanding next generation wired communications equipment.
• Xilinx generated record operating cash flow of $827 million in fiscal 2012 up from $724 million in the prior fiscal year.  During the fiscal year, Xilinx continued to demonstrate a strong commitment to returning shareholder value by increasing its quarterly dividend $0.03 per share to $0.22 per share.  Dividends paid to shareholders were a record $200 million and seven million shares were repurchased for $220 million during the fiscal year.   

Business Outlook – June Quarter Fiscal 2013

• Sales are expected to be up 1% to up 5% sequentially.
• Gross margin is expected to be approximately 65% - 66%.
• Operating expenses are expected to be approximately $220 million, including $2 million of amortization of acquisition-related intangibles.
• Other income and expense is expected to be an 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 16%.

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the fourth 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 70310997. 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 June 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.

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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.

Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
[email protected]

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
			Three Months Ended						Twelve Months Ended
			Mar. 31		Dec. 31,		Apr. 2,		Mar. 31		Apr. 2,
			2012		2011		2011		2012		2011
Net revenues			$ 558,973		$ 511,091		$ 587,852		$ 2,240,736		$ 2,369,445
Cost of revenues			187,577		174,805		203,703		786,078		819,558
Gross margin			371,396		336,286		384,149		1,454,658		1,549,887
Operating expenses:
Research and development			115,240		108,245		102,967		435,276		392,482
Selling, general and administrative			91,261		88,934		92,863		365,272		350,626
Amortization of acquisition-related intangibles			1,981		1,982		1,034		7,568		1,034
Restructuring charges			-		-		6,070		3,369		10,346
		Total operating expenses	208,482		199,161		202,934		811,485		754,488
Operating income			162,914		137,125		181,215		643,173		795,399
Impairment loss on investments			-		-		(5,904)		-		(5,904)
Interest and other expense, net			(7,126)		(7,187)		(6,499)		(30,722)		(18,415)
Income before income taxes			155,788		129,938		168,812		612,451		771,080
Provision for income taxes			21,641		2,924		8,760		70,630		129,205
Net income			$ 134,147		$ 127,014		$ 160,052		$    541,821		$    641,875
Net income per common share:
Basic			$       0.51		$       0.49		$       0.61		$          2.05		$          2.43
Diluted			$       0.49		$       0.47		$       0.59		$          1.99		$          2.39
Cash dividends declared per common share			$       0.19		$       0.19		$       0.16		$          0.76		$          0.64
Shares used in per share calculations:
Basic			263,261		261,257		263,603		263,783		264,094
Diluted			276,166		267,884		272,161		272,157		268,061

SOURCE Xilinx, Inc.