Xilinx Announces Q1 Fiscal 2015 Results; EPS $0.62

 

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.

#1438F

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
Email Contact

XILINX, INC.






CONDENSED CONSOLIDATED STATEMENTS OF INCOME






(Unaudited)






(In thousands, except per share amounts)





Three Months Ended


June 28,
2014


March 29,
2014


June 29,
2013

Net revenues

$ 612,633


$  617,823


$ 578,955

Cost of revenues

189,189


199,945


179,700

Gross margin

423,444


417,878


399,255

Operating expenses:






Research and development

122,013


127,812


111,541

Selling, general and administrative

92,513


98,087


92,387

Amortization of acquisition-related intangibles

2,418


2,462


2,418

Total operating expenses

216,944


228,361


206,346

Operating income

206,500


189,517


192,909

Loss on extinguishment of convertible debentures


9,848


Interest and other expense, net

6,222


3,819


9,930

Income before income taxes

200,278


175,850


182,979

Provision for income taxes

26,667


19,823


25,956

Net income

$ 173,611


$  156,027


$ 157,023

Net income per common share:






Basic

$       0.65


$        0.58


$       0.59

Diluted

$       0.62


$        0.53


$       0.56

Cash dividends per common share

$       0.29


$        0.25


$       0.25

Shares used in per share calculations:






Basic

267,648


268,134


264,153

Diluted

281,579


294,536


280,291


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