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Xilinx Announces Record Fiscal 2011 Results; Q4 Sales Increase 4% Sequentially

Xilinx is the worldwide leader of programmable logic solutions. (PRNewsFoto/Xilinx) (PRNewsFoto/)

News provided by

Xilinx, Inc.

Apr 27, 2011, 04:20 ET

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SAN JOSE, Calif., April 27, 2011 /PRNewswire-FirstCall/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced record fiscal 2011 sales of $2.37 billion, up 29% from the prior fiscal year.  Fiscal 2011 net income increased 80% to of $641.9 million, or $2.39 per diluted share, versus fiscal 2010 net income of $357.5 million or $1.29 per diluted share.  

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

Fourth quarter fiscal 2011 sales were $587.9 million, up 4% sequentially and up 11% from the fourth quarter of the prior fiscal year.  Fourth quarter fiscal 2011 net income was $160.1 million, or $0.59 per diluted share.  

Additional fourth quarter comparisons are represented in the charts below:

GAAP Results

(In millions, except EPS)

Growth Rates


Q4

FY 2011

Q3

FY 2011

Q4

FY 2010



Q-T-Q


Y-T-Y

Net revenues

$587.9

$567.2

$529.0


4%

11%

Operating income

$181.2

$183.5

$156.1


-1%

16%

Net income

$160.1

$152.3

$148.5


5%

8%

Diluted earnings per share

$0.59

$0.58

$0.54


2%

9%


"I am very pleased with our fiscal 2011 results.  Record sales and continued fiscal discipline contributed to significant improvements in our profitability.  Gross and operating margins were a record 65.4% and 33.6%, respectively, in fiscal 2011.  This is up from 63.4% and 23.6%, respectively, in the prior fiscal year," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "In fiscal 2012, we will continue to demonstrate clear 28-nm technology leadership with our game changing product strategy. Xilinx was the first PLD company to tape out 28-nm product, the first to deliver 28-nm silicon to customers, and the first and only company to demonstrate working 28-nm silicon at the recent NAB Conference and Globalpress Electronics Summit.  We have already taped out three 28-nm FPGAs thus far and we continue to expect the product rollout at this technology node to be the fastest in our history."

Net Revenues by Geography:


Percentages

Growth Rates


Q4

FY 2011

Q3

FY 2011

Q4

FY 2010



Q-T-Q


Y-T-Y

North America

27%

30%

33%


-8%

-8%

Asia Pacific

35%

38%

35%


-5%

12%

Europe

30%

22%

24%


40%

35%

Japan

8%

10%

8%


-7%

10%


Net Revenues by End Market:


Percentages

Growth Rates


Q4

FY 2011

Q3

FY 2011

Q4

FY 2010



Q-T-Q


Y-T-Y

Communications

47%

45%

47%


8%

10%

Industrial & Other

32%

34%

30%


-1%

18%

Consumer & Automotive

14%

15%

15%


-1%

8%

Data Processing

7%

6%

8%


12%

-2%


Net Revenues by Product:


Percentages

Growth Rates


Q4

FY 2011

Q3

FY 2011

Q4

FY 2010



Q-T-Q


Y-T-Y

New

46%

43%

36%


10%

42%

Mainstream

26%

27%

31%


1%

-6%

Base

23%

25%

28%


-5%

-10%

Support

5%

5%

5%


4%

13%


Products are classified as follows:


New Products: Virtex®-6, Virtex-5, Spartan®-6, Spartan-3A and Spartan-3E product families

Mainstream Products: Virtex-4, Spartan-3, Spartan-II and CoolRunner™-II product families

Base Products: Virtex, Virtex-E, Virtex-II, Spartan, XC4000, CoolRunner and XC9500 product families

Support Products: Configuration products, HardWire, Software & Support/Services

Key Statistics:

(Dollars in millions)


Q4

FY 2011

Q3

FY 2011

Q4

FY 2010





Annual Return on Equity (%)*

28

30

18





Operating Cash Flow

$245

$333

$104





Depreciation Expense

$13

$13

$12





Capital Expenditures

$17

$15

$11





Combined Inventory Days

133

130

79





Revenue Turns (%)

53

44

56

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


Product and Financial Highlights – Fiscal 2011

  • Xilinx fortified its 28-nm leadership by shipping the industry's first 28-nm FPGA, a Kintex™-7 device, in March.  As Xilinx's first mid-range FPGA family, Kintex-7 leverages the unified architecture shared across the 7 series families to enable the industry's fastest product rollout of next generation programmable logic devices.  At the same time, customers benefit with the ability to begin designs now that may ultimately migrate to Virtex®-7 or Artix™ -7 FPGAs.  
  • Xilinx extended its competitive leadership by taping out the industry's first stacked silicon interconnect technology for delivering breakthrough capacity, bandwidth and power savings using multiple FPGA die in a single package.  This FPGA-based platform approach currently has no competition in the marketplace.  It is the result of five years of Xilinx research and development efforts coupled with industry leading technology from TSMC and our assembly suppliers.  
  • Xilinx unveiled the Zynq™7000 family, the industry's first Extensible Processing Platform, which tightly integrates a complete ARM(R) Cortex™-A9 MPCore™ processor-based system with 28-nm, low-power programmable logic.  This product targets end markets such as video surveillance, automotive driver assistance, factory automation, and audio, video and broadcast and has already received a number of design wins.
  • Xilinx generated record cash flow and returned record value to shareholders in fiscal 2011 as measured by total dollars invested in buyback and dividend.  In fiscal 2011, Xilinx generated over $720 million in cash, up from $554 million in the prior fiscal year.  During the fiscal year, Xilinx increased its dividend by $0.03 per diluted share to $0.19 per diluted share and repurchased $469 million in stock.  

Business Outlook – June Quarter Fiscal 2012

  • Sales are expected to be flat to up 4% sequentially.
  • Gross margin is expected to be approximately 64% to 65%.
  • Operating expenses are expected to be approximately $206 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 274 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 (800) 642-1687 and referencing confirmation code 57880006. 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 to identify such forward-looking statements that 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 2012.  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 is the world's leading provider of programmable platforms.   For more information, visit www.xilinx.com.

Xilinx, the Xilinx logo, Virtex, Spartan, ISE, and other brands designated herein are trademarks of Xilinx in the United States and other countries. All other trademarks are the property of their respective owners. 

#1127F

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
















Apr. 2,


Apr. 3,


Jan. 1,


Apr. 2,


Apr. 3,




2011


2010


2011


2011


2010













Net revenues



$ 587,852


$ 529,020


$ 567,190


$ 2,369,445


$ 1,833,554

Cost of revenues



203,703


185,484


194,419


819,558


671,803













Gross margin



384,149


343,536


372,771


1,549,887


1,161,751













Operating expenses:












  Research and development



102,967


94,240


98,453


392,482


369,485

  Selling, general and administrative



92,863


90,346


86,531


350,626


327,560

  Amortization of acquisition-related intangibles



1,034


-


-


1,034


2,493

  Restructuring charges



6,070


2,847


4,276


10,346


30,064














Total operating expenses



202,934


187,433


189,260


754,488


729,602

























Operating income



181,215


156,103


183,511


795,399


432,149

Impairment loss on investments



(5,904)


(764)


-


(5,904)


(3,805)

Interest and other income (expense), net



(6,499)


6,655


(3,302)


(18,415)


(6,579)













Income before income taxes



168,812


161,994


180,209


771,080


421,765

Provision for income taxes



8,760


13,462


27,868


129,205


64,281













Net income



$ 160,052


$ 148,532


$ 152,341


$    641,875


$    357,484

























Net income per common share:












 Basic



$       0.61


$       0.54


$       0.59


$          2.43


$          1.30













 Diluted



$       0.59


$       0.54


$       0.58


$          2.39


$          1.29

























Cash dividends declared per common share



$       0.16


$       0.16


$       0.16


$          0.64


$          0.60













Shares used in per share calculations:












 Basic



263,603


274,686


259,418


264,094


276,012













 Diluted



272,161


277,290


263,612


268,061


276,953













XILINX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS  

(In thousands)





Apr. 2,


Apr. 3,





2011


2010












(Unaudited)










ASSETS







Current assets:







 Cash, cash equivalents and short-term investments




$  1,926,413


$ 1,386,605

 Accounts receivable, net




286,464


262,735

 Inventories




264,745


130,628

 Deferred tax assets and other current assets




145,164


127,098








Total current assets




2,622,786


1,907,066

Net property, plant and equipment




380,570


365,878

Long-term investments




766,452


582,202

Other assets




371,042


329,172








Total Assets




$  4,140,850


$ 3,184,318















LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:







 Accounts payable and accrued  liabilities




$     268,377


$    277,029

 Deferred income on shipments to distributors




99,763


80,132








Total current liabilities




368,140


357,161

Convertible debentures




890,980


354,798

Deferred tax liabilities




403,990


294,149

Other long-term liabilities




63,123


57,740








Stockholders' equity




2,414,617


2,120,470








Total Liabilities and Stockholders' Equity




$  4,140,850


$ 3,184,318








XILINX, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In thousands)



Three Months Ended


Twelve Months Ended














Apr. 2,


Apr. 3,


Jan. 1,


Apr. 2,


Apr. 3,



2011


2010


2011


2011


2010























SELECTED CASH FLOW INFORMATION:











 Depreciation


$ 12,923


$ 12,248


$ 12,500


$ 50,361


$ 50,180

 Amortization


2,972


3,205


1,873


8,531


14,982

 Stock-based compensation


14,963


15,471


14,754


60,258


56,481

 Net cash provided by operating activities


244,967


103,870


332,527


724,152


554,291

 Purchases of property, plant and equipment


16,655


10,612


14,880


64,979


28,152

 Payment of dividends to stockholders


42,121


44,031


41,489


169,072


165,648

 Repurchases of common stock


-


124,997


2,634


468,943


149,997

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


105,135


50,389


24,991


177,759


63,556












STOCK-BASED COMPENSATION INCLUDED IN:











  Cost of revenues


$   1,154


$   1,501


$   1,092


$   4,825


$   5,180

  Research and development


7,115


7,276


7,120


28,780


25,766

  Selling, general and administrative


6,694


6,694


6,542


26,653


24,590

  Restructuring charges


-


-


-


-


945

SOURCE Xilinx, Inc.

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