Xilinx Announces Q3 Fiscal 2013 Results

                   Xilinx Announces Q3 Fiscal 2013 Results

PR Newswire

SAN JOSE, Calif., Jan. 17, 2013

SAN JOSE, Calif., Jan. 17, 2013 /PRNewswire-FirstCall/ -- Xilinx, Inc.
(Nasdaq: XLNX) today announced third quarter fiscal 2013 sales of $509.8
million, down 6% sequentially and flat from the third quarter of the prior
fiscal year. Third quarter fiscal 2013 net income was $103.6 million, or
$0.38 per diluted share.

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

The Xilinx Board of Directors announced a quarterly cash dividend of $0.22 per
outstanding share of common stock,  payable on February 27, 2013 to all
stockholders of record at the close of business on February 6, 2013.

Additional third quarter comparisons are represented in the charts below:

GAAP Results

(In millions, except EPS)
                                                    Growth Rates
                           Q3      Q2      Q3             

                           FY 2013 FY 2013 FY 2012  Q-T-Q  Y-T-Y
Net revenues               $509.8  $543.9  $511.1   -6%    0%
Operating income           $120.8  $148.1  $137.1   -18%   -12%
Net income                 $103.6  $123.4  $127.0   -16%   -18%
Diluted earnings per share $0.38   $0.46   $0.47    -17%   -19%



"New Product sales increased 17% sequentially in the December quarter, driven
by robust adoption of Kintex™-7 and Virtex®-6 FPGAs. Strength from New
Products is an encouraging sign in the face of macroeconomic conditions that
remained challenging during the quarter," said Moshe Gavrielov, Xilinx
President and Chief Executive Officer. "Exiting calendar 2012, I believe we
have the strongest product portfolio in our history, a generation ahead of the
competition. Our 28-nm products have gained significant momentum across a
broad base of applications with clear leadership in performance, power and
integration. Sales from these product families increased nearly 20%
sequentially in the December quarter, exceeding expectations."

Net Revenues by Geography:


              Percentages              Growth Rates
              Q3      Q2      Q3             

              FY 2013 FY 2013 FY 2012  Q-T-Q  Y-T-Y
North America 32%     28%     32%      6%     0%
Asia Pacific  34%     36%     35%      -11%   -3%
Europe        24%     26%     23%      -15%   1%
Japan         10%     10%     10%      -4%    5%



Net Revenues by End Market:


                                 Percentages              Growth Rates
                                 Q3      Q2      Q3             

                                 FY 2013 FY 2013 FY 2012  Q-T-Q  Y-T-Y
Communications & Data Center     47%     49%     46%      -11%   2%
Industrial, Aerospace & Defense  36%     32%     34%      7%     5%
Broadcast, Consumer & Automotive 15%     15%     15%      -7%    -2%
Other                            2%      4%      5%       -42%   -52%



Net Revenues by Product:


           Percentages              Growth Rates
           Q3      Q2     Q3             

           FY 2013 FY 2013 FY 2012  Q-T-Q  Y-T-Y
New        25%     20%     14%      17%    79%
Mainstream 41%     47%     43%      -18%   -4%
Base       30%     29%     39%      -3%    -24%
Support    4%      4%      4%       1%     3%



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)


                                  Q3             Q2             Q3

                                  FY 2013        FY 2013        FY 2012
Annual Return on Equity (%)*      17             19             22
Operating Cash Flow               $123           $197           $181
Depreciation Expense              $14            $14            $14
Capital Expenditures              $8             $8             $19
Combined Inventory Days           131            109            142
Revenue Turns (%)                 57             57             56


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



Highlights - December Quarter Fiscal 2013

  oXilinx announced its strategy for its 20-nm 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 Vivado™ Design Suite is co-optimized with
    the 20-nm products to enable an unprecedented level of routability,
    quality of results, and up to a 4X improvement in design productivity.
  oXilinx estimates its share of the PLD market increased by nearly three
    percentage points in calendar 2012. Share gains were driven by
    particularly strong customer adoption of our 40-nm and 28-nm product
    families. These product families are being designed into a broad base of
    applications within wired and wireless communications, industrial,
    defense, audio video broadcast and automotive.

Business Outlook – March Quarter Fiscal 2013

  oSales are expected to be up 2% to 6% sequentially.
  oGross margin is expected to be approximately 66%.
  oOperating expenses are expected to be approximately $208 million,
    including $2 million of amortization of acquisition-related intangibles. 
  oOther income and expense is expected to be an expense of approximately $7
    million.
  oFully diluted share count is expected to be approximately 274 million.
  oMarch 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
third 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 81590004. 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 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.

#1303

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               Nine Months Ended
                                                       December     December
                      December   September  December   29,          31,
                      29, 2012   29, 2012   31, 2011
                                                       2012         2011
                      $      $      $      $       $    
Net revenues                                         
                      509,767    543,933   511,091    1,636,484   1,681,763
Cost of revenues      170,493    187,713    174,805    556,617      598,501
Gross margin          339,274    356,220    336,286    1,079,867    1,083,262
Operating expenses:
Research and          129,055    113,887    108,245    364,389      320,036
development
Selling, general and  86,823     91,928     88,934     274,952      274,011
administrative
Amortization of
acquisition-related   2,554      2,319      1,982      7,021        5,587
intangibles
Restructuring charges —          —          —          —            3,369
Total operating       218,432    208,134    199,161    646,362      603,003
expenses
Operating income      120,842    148,086    137,125    433,505      480,259
Interest and other    5,149      10,003     7,187      24,824       23,596
expense, net
Income before income  115,693    138,083    129,938    408,681      456,663
taxes
Provision for income  12,045     14,646     2,924      51,765       48,989
taxes
                      $      $      $      $       $    
Net income                                           
                      103,648    123,437   127,014    356,916      407,674
Net income per common
share:
                      $      $      $      $       $    
Basic                                              
                                               1.36          1.54
                      0.40       0.47      0.49
                      $      $      $      $       $    
Diluted                                            
                                               1.31          1.50
                      0.38       0.46      0.47
                      $      $      $      $       $    
Cash dividends per                                 
common share                                   0.66          0.57
                      0.22       0.22      0.19
Shares used in per
share calculations:
Basic                 260,690    260,605    261,257    261,723      264,183
Diluted               271,174    270,265    267,884    271,861      271,713



XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)


                                         December 29, 2012    March 31, 2012 *
                                         (unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short-term    $             $      
investments                              1,686,631           1,917,627
Accounts receivable, net                 232,257              214,965
Inventories                              225,985              204,866
Deferred tax assets and other current    118,698              112,851
assets
Total current assets                     2,263,571            2,450,309
Net property, plant and equipment        373,369              394,982
Long-term investments                    1,560,132            1,209,228
Other assets                             415,835              409,603
Total Assets                             $             $      
                                         4,612,907           4,464,122
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $           $       
                                         285,525              275,774
Deferred income on shipments to          50,017               67,002
distributors
Total current liabilities                335,542              342,776
Convertible debentures                   918,883              906,569
Deferred tax liabilities                 506,995              463,045
Other long-term liabilities              35,362               44,047
Stockholders' equity                     2,816,125            2,707,685
Total Liabilities and Stockholders'      $             $      
Equity                                   4,612,907           4,464,122
* Derived from audited financial statements



SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)


                       Three Months Ended                 Nine Months Ended
                       December   September    December   December   December
                       29, 2012   29, 2012     31, 2011   29, 2012   31, 2011
SELECTED CASH FLOW
INFORMATION:
                       $      $       $      $      $    
Depreciation                                         
                        13,680   14,151       13,862    42,434    40,956
Amortization           4,423      4,188        4,327      12,878     12,363
Stock-based            19,762     19,246       17,843     56,616     48,509
compensation
Net cash provided by   122,568    197,370      180,970    482,884    618,248
operating activities
Purchases of property, 8,075      7,636        18,984     24,053     50,401
plant and equipment
Payment of dividends   57,326     57,255       49,566     172,647    150,370
to stockholders
Repurchases of common  19,602     87,441       42,447     197,750    219,638
stock
Proceeds from issuance
of common stock to     20,608     28,627       12,017     58,262     71,836
employees and excess
tax benefit
STOCK-BASED
COMPENSATION INCLUDED
IN:
                       $      $       $      $      $    
Cost of revenues                                    
                         1,517  1,473         1,350    4,718    3,944
Research and           9,654      9,404        8,655      27,681     23,245
development
Selling, general and   8,591      8,369        7,838      24,217     21,320
administrative



SOURCE Xilinx, Inc.

Website: http://www.xilinx.com