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Xilinx Announces Q3 Fiscal 2012 Results
SAN JOSE, Calif., Jan. 18, 2012 -- Xilinx, Inc. (Nasdaq: XLNX) today announced third quarter fiscal 2012 sales of $511.1 million, down 8 percent sequentially from the prior quarter and down 10 percent from the same quarter of the prior year. Third quarter net income was $127.0 million, or $0.47 per diluted share. Included in the third quarter net income was a tax benefit of $15.3 million, or $0.06 per diluted share, related to one-time items including the lapse of the statute of limitations with respect to certain previously unrecognized tax positions. The Xilinx Board of Directors announced a quarterly cash dividend of $0.19 per outstanding share of common stock, payable on February 29, 2012 to all stockholders of record at the close of business on February 8, 2012. Additional third quarter comparisons are represented in the charts below: GAAP Results
(In millions, except EPS)
| Growth Rates | | | Q3
FY 2012 | Q2
FY 2012 | Q3
FY 2011 |
Q-T-Q |
Y-T-Y | | | | | | | | | Net revenues | $511.1 | $555.2 | $567.2 | -8% | -10% | | Operating income | $137.1 | $154.8 | $183.5 | -11% | -25% | | Net income | $127.0 | $126.3 | $152.3 | 1% | -17% | | Diluted earnings per share | $0.47 | $0.47 | $0.58 | 0% | -19%
| Xilinx's sales declined 8 percent sequentially during the December quarter, impacted by particularly weak business from large communications customers. The Company's profitability as measured by gross margin and cash flow remained robust. December quarter gross margin was 65.8 percent and operating cash flow for the quarter was $181.0 million. Operating cash flow for calendar year 2011 was $863.2 million, a new Company record. "We experienced strong growth in our Virtex®-6 and Spartan®-6 product families and achieved significant milestones in our 28-nm rollout, in spite of challenging industry conditions. During the quarter, we commenced shipments of the PLD industry's first Stacked Silicon Interconnect (SSI) product as well as the industry's first embedded systems platform, the Zynq-7000 product family," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Xilinx is not only expanding its addressable market but also paving the way for the entire semiconductor industry with these innovative new offerings." Net Revenues by Geography:
| | Percentages | Growth Rates | | | Q3 FY 2012 | Q2 FY 2012 | Q3 FY 2011 | Q-T-Q | Y-T-Y | | North America | 32% | 29% | 30% | 1% | -6% | | Asia Pacific | 35% | 31% | 38% | 5% | -17% | | Europe | 23% | 29% | 22% | -27% | -6% | | Japan | 10% | 11% | 10% | -16% | -4% | Net Revenues by End Market:
| | Percentages | Growth Rates | | | Q3
FY 2012 | Q2
FY 2012 | Q3
FY2011 |
Q-T-Q |
Y-T-Y | | Communications | 43% | 44% | 45% | -10% | -13% | | Industrial & Other | 34% | 33% | 34% | -7% | -9% | | Consumer & Automotive | 15% | 16% | 15% | -9% | -8% | | Data Processing | 8% | 7% | 6% | 0% | 6% |
Net Revenues by Product:
| | Percentages | Growth Rates | | | Q3
FY 2012 | Q2
FY 2012 | Q3
FY 2011 |
Q-T-Q |
Y-T-Y | | New | 51% | 54% | 43% | -13% | 5% | | Mainstream | 24% | 22% | 27% | -1% | -20% | | Base | 21% | 20% | 25% | 0% | -22%
| | Support | 4% | 4% | 5% | -15% | -26% | Products are classified as follows: - New Products: Virtex-7, Kintex™-7, Zynq-7000, Virtex-6, Virtex-5, Spartan-6, Spartan-3A and Spartan-3E product families
- Mainstream Products: Virtex-4, Spartan-3, Spartan–IIE, 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)
| | Q3
FY 2012 | Q2
FY 2012 | Q3
FY 2011 | | Annual Return on Equity (%)* | 22 | 23 | 30 | | Operating Cash Flow | $181 | $200 | $333 | | Depreciation Expense | $14 | $13 | $13 | | Capital Expenditures | $19 | $18 | $15 | | Combined Inventory Days | 142
| 126
| 130 | | Revenue Turns (%) | 56 | 51 | 44 | *Return on equity calculation: Annualized net income/average stockholders' equity Product Highlights - Xilinx began shipping the industry's first extensible processing platform, the Zynq-7000 device. This product family integrates industry-standard ARM dual-core Cortex™-A9 MPCore™ processing system with Xilinx's scalable 28-nm programmable logic architecture. The Zynq-7000 product family already has nearly 40 design wins in the areas of Automotive, Computing & Data Processing, Defense, Industrial, Scientific and Medical.
- The Company's first Stacked Silicon Interconnect (SSI) product, Virtex-7 2000T FPGA, commenced shipments in the December quarter. With an unprecedented two million logic cells, this devices is the PLD industry's ultimate integration vehicle. Demand for these devices is strong with initial customers in the areas of communications, test and measurement and ASIC Emulation.
Business Outlook – March Quarter Fiscal 2012 - Sales are expected to increase 2% to 6% sequentially.
- Gross margin is expected to be approximately 64% to 65%.
- Operating expenses are expected to be approximately $207 million, including approximately $2 million of amortization of acquisition-related intangibles.
- Other income and expense is expected to be an expense of approximately $10 million.
- Fully diluted share count is expected to be approximately 270 million.
- March quarter tax rate is expected to be approximately 14%.
About Xilinx
Xilinx is the world's leading provider of programmable platforms. For more information, visit www.xilinx.com.
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