XILINX, INC. 
By SAN JOSE, Calif., Jan. 21, 2014 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced third quarter fiscal 2014 sales of $587 million, down 2% from the prior quarter and up 15% from the same quarter of the prior fiscal year. Third quarter fiscal 2014 net income was $176 million or $0.61 per diluted share; including the reversal of a litigation reserve with a net impact of $19 million, or $0.06 per diluted share.
(Logo: http://photos.prnewswire.com/prnh/20020822/XLNXLOGO)
The Xilinx Board of Directors announced a quarterly cash dividend of $0.25 per outstanding share of common stock, payable on February 27, 2014 to all stockholders of record at the close of business on February 6, 2014.
Additional third quarter comparisons are represented in the charts below:
GAAP Growth
Results Rates
(In
millions,
except
EPS)
Q3 Q2 Q3 Y-T-Y
FY 2014 FY 2014 FY 2013 Q-T-Q
------- ------- ------- -----
Net
revenues $586.8 $598.9 $509.8 -2% 15%
Operating
income $202.7 $163.8 $120.8 24% 68%
Net income $175.9 $141.5 $103.6 24% 70%
Diluted
earnings
per share $0.61 $0.49 $0.38 24% 61%
"Sales from Xilinx's 28nm products were $100 million in the December quarter, driven by particularly strong and broad-based Kintex(TM)-7 sales. Sales from the Zynq(TM)-7000 product family were also strong during the quarter, more than doubling sequentially, as key designs in wireless communication, industrial and aerospace and defense applications commenced production," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "The phenomenal success of our 28nm product families has driven Xilinx PLD share gains for the second consecutive calendar year."
Net
Revenues
by
Geography:
Percentages Growth
Rates
Q3 Q2 Q3
FY 2014 FY 2014 FY 2013 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
North
America 29% 31% 32% -9% 5%
Asia
Pacific 40% 38% 34% 3% 36%
Europe 22% 22% 24% -5% 4%
Japan 9% 9% 10% 6% 5%
Net
Revenues
by End
Market:
Percentages Growth Rates
Q3 Q2 Q3
FY 2014 FY 2014 FY 2013 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
Communications
& Data
Center 44% 43% 47% 0% 9%
Industrial,
Aerospace &
Defense 37% 38% 36% -5% 18%
Broadcast,
Consumer &
Automotive 16% 16% 15% -3% 22%
Other 3% 3% 2% 9% 40%
Net Revenues
by Product:
Percentages Growth
Rates
Q3 Q2 Q3
FY 2014 FY 2014 FY 2013 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
New 38% 36% 25% 5% 79%
Mainstream 33% 34% 41% -5% -10%
Base 26% 27% 30% -7% 0%
Support 3% 3% 4% -5% -7%
Products are classified as follows:
New products: Virtex®?7, Kintex?7, Artix(TM)-7, Zynq-7000, Virtex?6, Spartan(TM)?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 2014 FY 2014 FY 2013
------- ------- -------
Annual
Return
on
Equity
(%)* 20 19 17
Operating
Cash Flow $216 $255 $123
Depreciation
Expense $14 $14 $14
Capital
Expenditures $11 $8 $8
Combined
Inventory
Days 114 102 131
Revenue
Turns
(%) 52 54 58
*Return on equity calculation: Annualized net income/average
equities, including temporary equity
Highlights - December Quarter Fiscal 2014
-- Xilinx shipped the industry's first 20nm product in November 2013,
continuing to execute on an aggressive rollout of its All Programmable
UltraScale(TM) portfolio. The UltraScale product portfolio delivers the
industry's only ASIC-class programmable architecture and extends
Xilinx's market leading Kintex, and Virtex FPGA and 3D IC families. When
combined with Vivado(TM) and the recently introduced UltraFast(TM)
design methodology, Ultrascale devices enable next generation smarter
systems such as 400G OTN, WCDMA Radio, and Intelligence Surveillance and
Reconnaissance and high performance computing applications for the data
center.
-- Xilinx announced a record breaking 4.4M logic cell device, more than
doubling its industry leading highest capacity Virtex-7 device. This is
Xilinx's second generation Stacked Silicon Interconnect technology built
on TSMC's CoWoS manufacturing technology, enabling Xilinx to deliver
devices with 2-4X the capacity of competing devices and continue to stay
ahead of what Moore's Law could otherwise offer.
Business Outlook - March Quarter Fiscal 2014
-- Sales are expected to be up 2% to up 6% sequentially.
-- Gross margin is expected to be approximately 68%.
-- Operating expenses are expected to be approximately $226 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 289 million.
-- March 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 December 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 30665781. 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 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, 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.
#1403F
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
XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
------------------
December 28, 2013 September 28, 2013 December 29, 2012 December 28, 2013 December 29, 2012
----------------- ------------------ ----------------- ----------------- -----------------
Net revenues $586,816 $598,937 $509,767 $1,764,708 $1,636,484
Cost of
revenues 180,792 182,816 170,493 543,308 556,617
------- ------- ------- ------- -------
Gross margin 406,024 416,121 339,274 1,221,400 1,079,867
------- ------- ------- --------- ---------
Operating expenses:
Research and
development 128,092 125,002 129,055 364,635 364,389
Selling,
general and
administrative 91,794 96,339 86,823 280,520 274,952
Amortization
of
acquisition-
related
intangibles 2,589 2,418 2,554 7,425 7,021
Litigation
and
contingencies (19,190) 28,600 - 9,410 -
------- ------ --- ----- ---
Total
operating
expenses 203,285 252,359 218,432 661,990 646,362
------- ------- ------- ------- -------
Operating
income 202,739 163,762 120,842 559,410 433,505
Interest and
other
expense,
net 4,807 10,997 5,149 25,734 24,824
----- ------ ----- ------ ------
Income
before
income
taxes 197,932 152,765 115,693 533,676 408,681
Provision
for income
taxes 22,055 11,304 12,045 59,315 51,765
------ ------ ------ ------ ------
Net income $175,877 $141,461 $103,648 $474,361 $356,916
======== ======== ======== ======== ========
Net income per common share:
Basic $0.66 $0.53 $0.40 $1.78 $1.36
===== ===== ===== ===== =====
Diluted $0.61 $0.49 $0.38 $1.66 $1.31
===== ===== ===== ===== =====
Cash
dividends
per common
share $0.25 $0.25 $0.22 $0.75 $0.66
===== ===== ===== ===== =====
Shares used in per share calculations:
Basic 267,780 268,478 260,690 266,068 261,723
======= ======= ======= ======= =======
Diluted 288,195 290,685 271,174 285,380 271,861
======= ======= ======= ======= =======
XILINX,
INC.
CONDENSED
CONSOLIDATED
BALANCE
SHEETS
(In
thousands)
December 28, 2013 March 30, 2013 *
----------------- ---------------
(unaudited)
ASSETS
Current
assets:
Cash, cash
equivalents
and
short-
term
investments $2,457,419 $1,714,745
Accounts
receivable,
net 207,248 229,175
Inventories 206,728 201,250
Deferred
tax
assets
and other
current
assets 76,431 152,469
Total
current
assets 2,947,826 2,297,639
Net
property,
plant and
equipment 354,800 365,687
Long-term
investments 1,287,392 1,651,033
Other
assets 411,783 415,092
Total
Assets $5,001,801 $4,729,451
========== ==========
LIABILITIES
,
TEMPORARY
EQUITY
AND
STOCKHOLDERS'
EQUITY
Current
liabilities:
Accounts
payable
and
accrued
liabilities $309,009 $333,379
Deferred
income on
shipments
to
distributors 48,075 53,358
Deferred
tax
liabilities 140,601 51
Convertible
debentures 934,392 -
Total
current
liabilities 1,432,077 386,788
Convertible
debentures - 922,666
Deferred
tax
liabilities 279,696 415,442
Other
long-
term
liabilities 13,057 41,259
Temporary
equity 355,243 -
Stockholders'
equity 2,921,728 2,963,296
Total
Liabilities,
Temporary
Equity
and
Stockholders'
Equity $5,001,801 $4,729,451
========== ==========
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
Three Months Ended Nine Months Ended
------------------
December 28, 2013 September 28, 2013 December 29, 2012 December 28, 2013 December 29, 2012
----------------- ------------------ ----------------- ----------------- -----------------
SELECTED CASH FLOW INFORMATION:
Depreciation $13,595 $13,976 $13,680 $41,604 $42,434
Amortization 5,058 4,885 4,423 14,828 12,878
Stock-based
compensation 24,339 23,060 19,762 68,353 56,616
Net cash provided by
operating activities 216,390 254,943 122,568 615,542 482,884
Purchases of
property, plant and
equipment 10,975 8,441 8,075 30,717 24,053
Payment of dividends
to stockholders 67,096 67,198 57,326 200,301 172,647
Repurchases of common
stock 97,140 69,981 19,541 167,121 197,689
Proceeds from
issuance of common
stock to employees
and excess tax
benefit 12,729 110,925 20,547 157,611 58,201
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues $1,966 $1,858 $1,517 $5,628 $4,718
Research and
development 11,912 11,343 9,654 33,474 27,681
Selling, general and
administrative 10,461 9,859 8,591 29,251 24,217
SOURCE Xilinx, Inc.
