Xilinx Announces Q2 Fiscal 2013 Results

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

Highlights - September Quarter Fiscal 2013

  • Xilinx announced the acquisition of substantially all of the assets of two companies during the quarter:   Modesat Communications and PetaLogix.  The acquisition of Modesat, a high performance wireless backhaul solutions provider, allows customers to retain their proprietary IP, while leveraging the backhaul solutions and the flexibility of Xilinx All Programmable FPGAs and SoC devices to achieve faster time-to-market.  The acquisition of PetaLogix, an embedded Linux solutions provider, enables Xilinx to strengthen its capabilities and commitment to customers to provide the best Linux solutions possible.
  • Xilinx remains committed to delivering stockholder value.   In spite of a challenging macroeconomic environment, Xilinx generated nearly $200 million in operating cash flow during the quarter, paid $57 million in dividends to stockholders and repurchased 2.5 million shares. 

Business Outlook - December Quarter Fiscal 2013 

  • Sales are expected to be down 1% to down 5% sequentially.
  • Gross margin is expected to be approximately 66%.
  • Operating expenses are expected to be approximately $224 million, including $3 million of amortization of acquisition-related intangibles.
  • Other income and expense is expected to be an expense of approximately $7 million.
  • Fully diluted share count is expected to be approximately 269 million.
  • Full year fiscal 2013 tax rate is expected to be approximately 15%.

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the second quarter financial results and management's outlook for the December 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 30459116. 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 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 December quarter for fiscal 2013.  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

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.

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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


Six Months Ended


September 29, 2012


June 30, 2012


October 1, 2011


September 29, 2012


October 1, 2011

Net revenues

$                    543,933


$          582,784


$             555,209


$                 1,126,717


$          1,170,672

Cost of revenues

187,713


198,411


200,564


386,124


423,696

Gross margin

356,220


384,373


354,645


740,593


746,976

Operating expenses:










Research and development

113,887


121,447


105,774


235,334


211,791

Selling, general and administrative

91,928


96,201


88,681


188,129


185,077

Amortization of acquisition-related intangibles

2,319


2,148


1,982


4,467


3,605

Restructuring charges

-


-


3,369


-


3,369

Total operating expenses

208,134


219,796


199,806


427,930


403,842











Operating income

148,086


164,577


154,839


312,663


343,134

Interest and other expense, net

10,003


9,672


8,598


19,675


16,409

Income before income taxes

138,083


154,905


146,241


292,988


326,725

Provision for income taxes

14,646


25,074


19,955


39,720


46,065

Net income

$                    123,437


$          129,831


$             126,286


$                    253,268


$             280,660

Net income per common share:










Basic

$                          0.47


$                0.49


$                   0.48


$                          0.97


$                   1.06

Diluted

$                          0.46


$                0.47


$                   0.47


$                          0.93


$                   1.03

Cash dividends per common share

$                          0.22


$                0.22


$                   0.19


$                          0.44


$                   0.38

Shares used in per share calculations:










Basic

260,605


263,055


264,006


262,143


264,853

Diluted

270,265


273,820


267,927


272,182


273,009


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