Xilinx Announces Q1 Fiscal 2015 Results; EPS $0.62

SAN JOSE, Calif., July 22, 2014 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2015 sales of $613 million, down 1% from the prior quarter and up 6% from the same quarter of the prior fiscal year.  First quarter fiscal 2015 net income was $174 million or $0.62 per diluted share.

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The Xilinx Board of Directors announced a quarterly cash dividend of $0.29 per outstanding share of common stock, payable on August 27, 2014 to all stockholders of record at the close of business on August 6, 2014.

Additional first quarter comparisons are represented in the charts below:

"June quarter revenues were impacted by weaker than anticipated sales from our defense and wireless businesses," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "However, I am pleased by our continued focus on supply chain efficiencies and cost reduction efforts, which resulted in gross and operating margins of 69.1% and 33.7%, respectively.  Looking ahead to the second half of our fiscal year, I believe Xilinx is positioned to benefit from a recovery in wireless and defense programs as well as improved business conditions in wired communications and industrial applications." 

Products are classified as follows:

New products: Virtex® Ultrascale™, Kintex® Ultrascale,  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

Highlights – June Quarter Fiscal 2015

• Xilinx announced the first customer shipment of the Virtex® UltraScale™ All Programmable FPGA, and the expansion of the industry's only 20nm high-end family. Virtex UltraScale devices provide unprecedented levels of performance, system integration, and bandwidth for a wide range of applications, such as wired communication, test and measurement, aerospace and defense, and data center.
• For the quarter, Xilinx reported a gross margin of 69.1%, up from 67.6% in the prior quarter and better than anticipated. The improvement in gross margin underscores the Company's continued commitment to driving cost reduction and efficiencies across the supply chain.
• Xilinx continued to demonstrate a strong commitment to returning value to stockholders. During the June quarter, the Company repurchased 2.1 million shares of stock for $100 million and paid a record $77 million in quarterly dividends.

Business Outlook – September Quarter Fiscal 2015

• Sales are expected to be flat to down 4% sequentially.
• Gross margin is expected to be approximately 70%.
• Operating expenses are expected to be approximately $236 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 282 million.
• June 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 June quarter financial results and management's outlook for the September 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 59028978. 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 September quarter of fiscal 2015.  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.

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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.

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

SOURCE Xilinx, Inc.