Xilinx Announces 04 Fiscal Q Results; Sales Increase 9% Sequentially

SAN JOSE, Calif., July 17, 2013 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2014 sales of $579 million, up 9% from the prior quarter and down 1% from the same quarter of the prior fiscal year. First quarter fiscal 2014 net income was $157 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 $0.25 per outstanding share of common stock, payable on August 28, 2013 to all stockholders of record at the close of business on August 7, 2013.

Additional first quarter comparisons are represented in the charts below:

GAAP Results

(In millions, except EPS)

Growth Rates

Q1

FY 2014

Q4

FY 2013

Q1

FY 2013

Q-T-Q

Y-T-Y

Net revenues

$579.0

$532.2

$582.8

9%

-1%

Operating income

$192.9

$147.2

$164.6

31%

17%

Net income

$157.0

$130.6

$129.8

20%

21%

Diluted earnings per share

$0.56

$0.47

$0.47

19%

19%

The June quarter was exceptional on many fronts. Better than expected sales during the quarter were driven by broad-based end market strength, with particularly strong growth from wired communications and aerospace and defense applications. Gross margin was 69% in the quarter, up from 66% in prior quarter, and a new record for the Company. Operating margin of 33% was up from 28% in the prior quarter and a direct result of improved gross margin and continued spending discipline, said Moshe Gavrielov, Xilinx President and Chief Executive Officer. Sales of our 28-nm products exceeded $50 million during the quarter, once again surpassing our expectations with strong growth from all five products. With the first 20-nm product in the semiconductor industry recently taped out by the Company, I am confident that Xilinx will continue to drive market expansion opportunities and augment our PLD leadership.

Net Revenues by Geography:

Percentages

Growth Rates

Q1

FY 2014

Q4

FY 2013

Q1

FY 2013

Q-T-Q

Y-T-Y

North America

31%

31%

30%

9%

6%

Asia Pacific

36%

34%

35%

15%

2%

Europe

24%

26%

26%

1%

-9%

Japan

9%

9%

9%

5%

-7%

Net Revenues by End Market:

Percentages

Growth Rates

Q1

FY 2014

Q4

FY 2013

Q1

FY 2013

Q-T-Q

Y-T-Y

Communications & Data Center

44%

44%

45%

8%

-2%

Industrial, Aerospace & Defense

37%

37%

34%

10%

9%

Broadcast, Consumer & Automotive

16%

17%

16%

4%

-5%

Other

3%

2%

5%

27%

-40%

Net Revenues by Product:

Percentages

Growth Rates

Q1

FY 2014

Q4

FY 2013

Q1

FY 2013

Q-T-Q

Y-T-Y

New

30%

27%

17%

24%

75%

Mainstream

36%

41%

43%

-3%

-17%

Base

30%

28%

36%

14%

-17%

Support

4%

4%

4%

0%

-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 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)

Q1

FY 2014

Q4

FY 2013

Q1

FY 2013

Annual Return on Equity (%)*

21

17

19

Operating Cash Flow

$144

$174

$163

Depreciation Expense

$14

$14

$15

Capital Expenditures

$11

$6

$8

Combined Inventory Days

105

110

99

Revenue Turns (%)

56

58

55

*Return on equity calculation: Annualized net income/average equities, including temporary equity

Highlights - June Quarter Fiscal 2014

Xilinx recently announced it has taped out the semiconductor industrys first 20-nm device and the PLD industrys first 20-nm All Programmable device. Xilinx has also implemented the industrys first ASIC-class programmable architecture called UltraScale . These milestones expand on Xilinxs industry first 28-nm tape-out, All Programmable SoCs, All Programmable 3D ICs, and SoC-strength design suite. With unprecedented scalability and significantly faster performance, UltraScale devices enable next generation smarter systems including 400G OTN, 4X4 Mixed Mode Radio applications and high performance computing applications for the data center.

During the quarter, Xilinx and TSMC extended a highly successful collaboration by announcing that we are teaming together to create the fastest time-to-market and highest performance FPGAs to be built on TSMCs 16-nm FinFET process. This program is expected to deliver test chips in 2013 and first product in 2014.

Business Outlook - September Quarter Fiscal 2014

Sales are expected to be flat to up 3% sequentially.

Gross margin is expected to be approximately 69%.

Operating expenses are expected to be approximately $225 million, including $2 million of amortization of acquisition-related intangibles.

Other income and expenses are expected to be a net expense of approximately $9 million.

Fully diluted share count is expected to be approximately 284 million.

September quarter tax rate is expected to be approximately 14%.

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the June quarter financial results and managements outlook for the September quarter. The webcast and subsequent replay will be available in the Investor Relations section of the Companys 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 16932631. 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 a

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