XILINX, INC. SAN JOSE, Calif., July 22, 2014 /PRNewswire/ -- Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2015 sales of $613 million, down 1% from the prior quarter and up 6% from the same quarter of the prior fiscal year. First quarter fiscal 2015 net income was $174 million or $0.62 per diluted share.
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The Xilinx Board of Directors announced a quarterly cash dividend of $0.29 per outstanding share of common stock, payable on August 27, 2014 to all stockholders of record at the close of business on August 6, 2014.
Additional first quarter comparisons are represented in the charts below:
GAAP
Results
(In
millions,
except
EPS)
Growth Rates
Q1 Q4 Q1 Q-T-Q Y-T-Y
FY 2015 FY 2014 FY 2014
------- ------- -------
Net
revenues $612.6 $617.8 $579.0 -1% 6%
Operating
income $206.5 $189.5 $192.9 9% 7%
Net
income $173.6 $156.0 $157.0 11% 11%
Diluted
earnings
per
share $0.62 $0.53 $0.56 17% 11%
"June quarter revenues were impacted by weaker than anticipated sales from our defense and wireless businesses," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "However, I am pleased by our continued focus on supply chain efficiencies and cost reduction efforts, which resulted in gross and operating margins of 69.1% and 33.7%, respectively. Looking ahead to the second half of our fiscal year, I believe Xilinx is positioned to benefit from a recovery in wireless and defense programs as well as improved business conditions in wired communications and industrial applications."
Net Revenues by
Geography:
Percentages Growth Rates
Q1 Q4 Q1 Q-T-Q Y-T-Y
FY 2015 FY 2014 FY 2014
------- ------- -------
North
America 26% 27% 31% -4% -12%
Asia
Pacific 43% 43% 36% -2% 26%
Europe 21% 21% 24% 1% -7%
Japan 10% 9% 9% 9% 21%
Net Revenues by
End Market:
Percentages Growth Rates
Q1 Q4 Q1 Q-T-Q Y-T-Y
FY 2015 FY 2014 FY 2014
------- ------- -------
Communications &
Data Center 50% 49% 44% 1% 20%
Industrial,
Aerospace &
Defense 31% 34% 37% -9% -11%
Broadcast,
Consumer &
Automotive 16% 15% 16% 5% 3%
Other 3% 2% 3% 39% 11%
Net Revenues by
Product:
Percentages Growth Rates
Q1 Q4 Q1 Q-T-Q Y-T-Y
FY 2015 FY 2014 FY 2014
------- ------- -------
New 45% 42% 30% 6% 58%
Mainstream 34% 34% 36% 0% -2%
Base 18% 21% 30% -14% -36%
Support 3% 3% 4% -9% -9%
Products are classified as follows:
New products: Virtex® Ultrascale(TM), Kintex® Ultrascale, Kintex?7, Artix®-7, Zynq®-7000, Virtex?6, Spartan®?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)
Q1 Q4 Q1
FY 2015 FY 2014 FY 2014
------- ------- -------
Annual Return on Equity (%)* 25 22 21
Operating Cash Flow $130 $189 $144
Depreciation Expense $13 $14 $14
Capital Expenditures $9 $14 $11
Combined Inventory Days 135 115 105
Revenue Turns (%) 47 54 56
*Return on equity calculation:
Annualized net income/average
stockholders' equity
Highlights - June Quarter Fiscal 2015
-- Xilinx announced the first customer shipment of the Virtex®
UltraScale(TM) 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
ir@xilinx.com
XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
------------------
June 28, March 29, June 29,
2014 2014 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
======= ======= =======
XILINX, INC.
CONDENSED
CONSOLIDATED BALANCE
SHEETS
(In thousands)
June 28, 2014 March 29, 2014 *
------------- ---------------
(unaudited)
ASSETS
Current assets:
Cash, cash
equivalents and
short-term
investments $2,485,206 $2,457,321
Accounts receivable,
net 281,335 267,833
Inventories 256,791 233,999
Deferred tax assets
and other current
assets 145,367 107,994
------- -------
Total current assets 3,168,699 3,067,147
Net property, plant
and equipment 350,736 355,089
Long-term investments 1,109,645 1,190,775
Other assets 425,139 424,338
Total Assets $5,054,219 $5,037,349
========== ==========
LIABILITIES ,
TEMPORARY EQUITY AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities $296,825 $369,260
Deferred income on
shipments to
distributors 69,258 55,099
Current portion of
long-term debt 567,765 565,001
------- -------
Total current
liabilities 933,848 989,360
Long-term debt 994,110 993,870
Deferred tax
liabilities 283,492 253,433
Other long-term
liabilities 13,169 13,005
Temporary equity 32,236 34,999
Stockholders' equity 2,797,364 2,752,682
Total Liabilities,
Temporary Equity and
Stockholders' Equity $5,054,219 $5,037,349
========== ==========
* Derived from
audited financial
statements
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
Three Months Ended
------------------
June 28, March 29, June 29,
2014 2014 2013
---- ---- ----
SELECTED CASH FLOW INFORMATION:
Depreciation $13,468 $13,860 $14,033
Amortization 5,205 4,980 4,885
Stock-based
compensation 22,106 25,961 20,954
Net cash
provided by
operating
activities 130,119 189,375 144,209
Purchases of
property,
plant and
equipment 9,116 14,148 11,301
Payment of
dividends to
stockholders 77,421 67,042 66,007
Repurchases of
common stock 101,016 73,955 -
Proceeds from
issuance of
common stock
to employees
and excess
tax benefit 16,855 111,301 33,957
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of
revenues $1,992 $1,974 $1,804
Research and
development 10,505 12,723 10,219
Selling,
general and
administrative 9,609 11,264 8,931
SOURCE Xilinx, Inc.
