SAN JOSE, Calif., Jan. 17, 2013 -- Xilinx, Inc. (Nasdaq: XLNX) today announced third quarter fiscal 2013 sales of $509.8 million, down 6% sequentially and flat from the third quarter of the prior fiscal year. Third quarter fiscal 2013 net income was $103.6 million, or $0.38 per diluted share.
The Xilinx Board of Directors announced a quarterly cash dividend of $0.22 per outstanding share of common stock, payable on February 27, 2013 to all stockholders of record at the close of business on February 6, 2013.
Additional third quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
| Growth Rates |
| Q3
FY 2013 | Q2
FY 2013 | Q3
FY 2012 | Q-T-Q | Y-T-Y |
| Net revenues | $509.8 | $543.9 | $511.1 | -6% | 0% |
| Operating income | $120.8 | $148.1 | $137.1 | -18% | -12% |
| Net income | $103.6 | $123.4 | $127.0 | -16% | -18% |
| Diluted earnings per share | $0.38 | $0.46 | $0.47 | -17% | -19% |
"New Product sales increased 17% sequentially in the December quarter, driven by robust adoption of Kintex™-7 and Virtex®-6 FPGAs. Strength from New Products is an encouraging sign in the face of macroeconomic conditions that remained challenging during the quarter," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Exiting calendar 2012, I believe we have the strongest product portfolio in our history, a generation ahead of the competition. Our 28-nm products have gained significant momentum across a broad base of applications with clear leadership in performance, power and integration. Sales from these product families increased nearly 20% sequentially in the December quarter, exceeding expectations."
Net Revenues by Geography:
| Percentages | Growth Rates |
| Q3
FY 2013 | Q2
FY 2013 | Q3
FY 2012 | Q-T-Q | Y-T-Y |
| North America | 32% | 28% | 32% | 6% | 0% |
| Asia Pacific | 34% | 36% | 35% | -11% | -3% |
| Europe | 24% | 26% | 23% | -15% | 1% |
| Japan | 10% | 10% | 10% | -4% | 5% |
Net Revenues by End Market:
| Percentages | Growth Rates |
| Q3
FY 2013 | Q2
FY 2013 | Q3
FY 2012 | Q-T-Q | Y-T-Y |
| Communications & Data Center | 47% | 49% | 46% | -11% | 2% |
| Industrial, Aerospace & Defense | 36% | 32% | 34% | 7% | 5% |
| Broadcast, Consumer & Automotive | 15% | 15% | 15% | -7% | -2% |
| Other | 2% | 4% | 5% | -42% | -52% |
Net Revenues by Product:
| Percentages | Growth Rates |
| Q3
FY 2013 | Q2
FY 2013 | Q3
FY 2012 | Q-T-Q | Y-T-Y |
| New | 25% | 20% | 14% | 17% | 79% |
| Mainstream | 41% | 47% | 43% | -18% | -4% |
| Base | 30% | 29% | 39% | -3% | -24% |
| Support | 4% | 4% | 4% | 1% | 3% |
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)
| Q3
FY 2013 | Q2
FY 2013 | Q3
FY 2012 |
| Annual Return on Equity (%)* | 17 | 19 | 22 |
| Operating Cash Flow | $123 | $197 | $181 |
| Depreciation Expense | $14 | $14 | $14 |
| Capital Expenditures | $8 | $8 | $19 |
| Combined Inventory Days | 131 | 109 | 142 |
| Revenue Turns (%) | 57 | 57 | 56 |
*Return on equity calculation: Annualized net income/average stockholders' equity
Highlights - December Quarter Fiscal 2013
- Xilinx announced its strategy for its 20-nm portfolio, including the next-generation 8 series All Programmable FPGAs and second generation of 3D ICs and SoCs. This next generation product family builds on a substantial competitive technology lead and addresses the rigorous requirements of next-generation ever 'smarter,' highly integrated, bandwidth hungry systems. The Vivado™ Design Suite is co-optimized with the 20-nm products to enable an unprecedented level of routability, quality of results, and up to a 4X improvement in design productivity.
- Xilinx estimates its share of the PLD market increased by nearly three percentage points in calendar 2012. Share gains were driven by particularly strong customer adoption of our 40-nm and 28-nm product families. These product families are being designed into a broad base of applications within wired and wireless communications, industrial, defense, audio video broadcast and automotive.
Business Outlook – March Quarter Fiscal 2013
- Sales are expected to be up 2% to 6% sequentially.
- Gross margin is expected to be approximately 66%.
- Operating expenses are expected to be approximately $208 million, including $2 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 274 million.
- March quarter tax rate is expected to be approximately 13 - 14%.
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.
