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



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

PR Newswire

SAN JOSE, Calif., April 24, 2013

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      Q3      Q4              

                           FY 2013 FY 2013 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      Q3      Q4               

              FY 2013 FY 2013 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      Q3      Q4               

                                 FY 2013 FY 2013 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      Q3      Q4               

           FY 2013 FY 2013 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      Q3      Q4

                             FY 2013 FY 2013 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

  o 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.   
  o 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. 
  o 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. 
  o 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.
  o 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

  o Sales are expected to be up 1% to 5% sequentially.
  o Gross margin is expected to be approximately 66% - 67%.
  o Operating expenses are expected to be approximately $206 million,
    including $2 million of amortization of acquisition-related intangibles. 
  o Other income and expenses are expected to be a net expense of
    approximately $8 million.
  o Fully diluted share count is expected to be approximately 277 million.
  o 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,  December   March 31,  March 30,  March 31,
                         2013       29, 2012   2012       2013       2012
                         $          $          $          $          $      
Net revenues              532,168               558,973   2,168,652  2,240,736
                                     509,767
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     90,732     86,823     91,261     365,684    365,272
administrative
Amortization of
acquisition-related      2,487      2,554      1,981      9,508      7,568
intangibles
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       8,902      5,149      7,126      33,726     30,722
expense, net
Income before income     138,325    115,693    140,388    547,006    597,051
taxes
Provision for income     7,705      12,045     17,983     59,470     66,972
taxes
                         $          $          $          $          $        
Net income                130,620               122,405    487,536    530,079
                                     103,648
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           $       1,714,745   $          1,917,627
short-term investments
Accounts receivable, net             229,175             214,965
Inventories                          201,250             204,866
Deferred tax assets and other        152,469             112,851
current assets
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         $          333,430  $             275,774
liabilities
Deferred income on shipments to      53,358              67,002
distributors
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'  $       4,729,451   $          4,464,122
Equity
* Derived from audited financial statements

 

SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
                     Three Months Ended                   Twelve Months Ended
                     March 30,   December     March 31,   March 30,  March 31,
                     2013        29, 2012     2012        2013       2012
SELECTED CASH FLOW
INFORMATION:
                     $           $            $           $          $        
Depreciation            13,893                   14,702      56,327     55,658
                                  13,680
Amortization         4,355       4,423        4,327       17,233     16,690
Stock-based          21,246      19,762       18,909      77,862     67,418
compensation
Net cash provided by 173,653     122,568      208,491     656,537    826,739
operating activities
Purchases of
property, plant and  6,212       8,075        19,670      30,265     70,071
equipment
Payment of dividends 57,822      57,326       49,991      230,469    200,361
to stockholders
Repurchases of       —           19,602       —           197,750    219,638
common stock
Proceeds from
issuance of common
stock to employees   59,671      20,608       48,784      117,933    120,620
and excess tax
benefit
STOCK-BASED
COMPENSATION
INCLUDED IN:
                     $           $            $           $          $        
Cost of revenues          1,638                    1,686                
                                  1,517                    6,356      5,630
Research and         10,256      9,654        9,065       37,937     32,310
development
Selling, general and 9,352       8,591        8,158       33,569     29,478
administrative

 

SOURCE Xilinx, Inc.

Website: http://www.xilinx.com
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