Xilinx Announces Q1 Fiscal 2012 Results; Sales Increase 5% Sequentially
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Xilinx Announces Q1 Fiscal 2012 Results; Sales Increase 5% Sequentially

(PRNewswire) — Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2012 sales of $615.5 million, up 5% sequentially from the prior quarter and up 3% from the same quarter of the prior year.  First quarter net income was $154.4 million, or $0.56 per diluted share.  

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

The Xilinx Board of Directors announced a quarterly cash dividend of $0.19 per outstanding share of common stock, payable on August 31, 2011 to all stockholders of record at the close of business on August 10, 2011.

Additional first quarter comparisons are represented in the charts below:

GAAP Results

(In millions, except EPS)


Growth Rates



Q1

FY 2012

Q4

FY 2011

Q1

FY 2011


Q-T-Q

Y-T-Y

Net revenues

$615.5

$587.9

$594.7


5%

3%

Operating income

$188.3

$181.2

$208.0


4%

-9%

Net income

$154.4

$160.1

$158.6


-4%

-3%

Diluted earnings per share

$0.56

$0.59

$0.58


-5%

-3%




"Sales in the June quarter exceeded our expectations," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "New product sales were exceptionally strong increasing 17% sequentially.  Much of this growth came from strong customer demand for our 40-nm Virtex®-6 and Spartan®-6 families as well as our 65-nm Virtex-5 family.   In addition, we continued to demonstrate our 28-nm technology leadership by shipping our second FPGA family, Virtex-7, during the quarter.  With the industry's highest performance, density and bandwidth, Virtex-7 FPGAs achieved design wins in a broad base of applications including wired and wireless communications, broadcast infrastructure, aerospace and defense and high performance computing."  

Net Revenues by Geography:



Percentages

Growth Rates


Q1

FY 2012

Q4

FY 2011

Q1

FY 2011


Q-T-Q

Y-T-Y

North America

30%

27%

32%


14%

-6%

Asia Pacific

35%

35%

34%


6%

6%

Europe

26%

30%

26%


-8%

4%

Japan

9%

8%

8%


18%

29%




Net Revenues by End Market:



Percentages

Growth Rates


Q1

FY 2012

Q4

FY 2011

Q1

FY 2011



Q-T-Q


Y-T-Y

Communications

45%

47%

47%


1%

-2%

Industrial & Other

34%

32%

32%


11%

8%

Consumer & Automotive

14%

14%

15%


0%

-1%

Data Processing

7%

7%

6%


15%

28%




Net Revenues by Product:



Percentages

Growth Rates


Q1

FY 2012

Q4

FY 2011

Q1

FY 2011


Q-T-Q

Y-T-Y

New

51%

46%

39%


17%

35%

Mainstream

23%

26%

30%


-6%

-19%

Base

21%

23%

27%


-5%

-18%

Support

5%

5%

4%


-3%

6%




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)



Q1

FY 2012

Q4

FY 2011

Q1

FY 2011





Annual Return on Equity (%)*

25

28

32





Operating Cash Flow

$238

$245

$105





Depreciation Expense

$14

$13

$12





Capital Expenditures

$14

$17

$18





Combined Inventory Days

117

133

80





Revenue Turns (%)

57

53

53

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




Product Highlights


Business Outlook – September Quarter Fiscal 2012


Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the first 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 (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.  Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements.  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 September 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,  variability in wafer pricing, and other risk factors listed in our most recent Form 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. 

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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












Jul. 2,


Apr. 2,


Jul. 3,




2011


2011


2010









Net revenues

$ 615,463


$ 587,852


$ 594,737

Cost of revenues

223,132


203,703


208,176









Gross margin

392,331


384,149


386,561









Operating expenses:






  Research and development

106,017


102,967


94,484

  Selling, general and administrative

96,396


92,863


84,058

  Amortization of acquisition-related intangibles

1,623


1,034


-

  Restructuring charges

-


6,070


-










Total operating expenses


204,036


202,934


178,542

















Operating income

188,295


181,215


208,019

Impairment loss on investments

-


(5,904)


-

Interest and other expense, net

(7,811)


(6,499)


(5,130)









Income before income taxes

180,484


168,812


202,889

Provision for income taxes

26,110


8,760


44,302









Net income

$ 154,374


$ 160,052


$ 158,587

















Net income per common share:






 Basic

$       0.58


$       0.61


$       0.58









 Diluted

$       0.56


$       0.59


$       0.58

















Cash dividends declared per common share

$       0.19


$       0.16


$       0.16









Shares used in per share calculations:






 Basic

265,313


263,603


272,097









 Diluted

276,077


272,161


275,541



XILINX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS  

(In thousands)




Jul. 2,


Apr. 2,




2011


2011










(Unaudited)



ASSETS




Current assets:




 Cash, cash equivalents and short-term investments

$  1,973,386


$ 1,926,413

 Accounts receivable, net

244,683


286,464

 Inventories

250,158


264,745

 Deferred tax assets and other current assets

152,813


145,164







Total current assets

2,621,040


2,622,786

Net property, plant and equipment

380,661


380,570

Long-term investments

899,570


766,452

Other assets

429,901


371,042







Total Assets

$  4,331,172


$ 4,140,850













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




 Accounts payable and accrued  liabilities

$     342,001


$    268,377

 Deferred income on shipments to distributors

92,125


99,763







Total current liabilities

434,126


368,140

Convertible debentures

894,478


890,980

Deferred tax liabilities

420,581


403,990

Other long-term liabilities

81,919


63,123







Stockholders' equity

2,500,068


2,414,617







Total Liabilities and Stockholders' Equity

$  4,331,172


$ 4,140,850



XILINX, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited)

(In thousands)

Three Months Ended








Jul. 2,


Apr. 2,


Jul. 3,


2011


2011


2010













SELECTED CASH FLOW INFORMATION:






 Depreciation

$ 13,698


$ 12,923


$ 12,191

 Amortization

3,710


2,972


1,743

 Stock-based compensation

13,767


14,963


15,120

 Net cash provided by operating activities

237,694


244,967


105,042

 Purchases of property, plant and equipment

13,789


16,655


18,267

 Payment of dividends to stockholders

50,456


42,121


43,817

 Repurchases of common stock

65,654


-


433,333

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

31,450


105,135


5,817







STOCK-BASED COMPENSATION INCLUDED IN:






  Cost of revenues

$   1,310


$   1,154


$   1,267

  Research and development

6,487


7,115


7,204

  Selling, general and administrative

5,970


6,694


6,649



SOURCE Xilinx, Inc.

Contact:
Xilinx, Inc.
Web: http://www.xilinx.com