Xilinx Announces Fiscal 2013 Results; Q4 Sales Increase 4% Sequentially

SAN JOSE, Calif. -- April 24, 2013 -- Xilinx, Inc. (Nasdaq: XLNX) today announced fiscal 2013 sales of $2.17 billion, down 3% from the prior fiscal year. Fiscal 2013 net income decreased 8% to $487.5 million, or $1.79 per diluted share, versus fiscal 2012 net income of $530.1 million or $1.95 per diluted share.
Fourth quarter fiscal 2013 sales were $532.2 million, up 4% sequentially and down 5% from the fourth quarter of the prior fiscal year. Fourth quarter fiscal 2013 net income was $130.6 million, or $0.47 per diluted share.

Additional fourth quarter comparisons are represented in the charts below:

(In millions, except EPS)

"During fiscal 2013, Xilinx completed the rollout of the PLD industry's broadest 28-nm product portfolio. Sales from these products exceeded $40 million during the quarter, significantly exceeding our expectations," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "As we embark on the new fiscal year, I expect continued strong growth from these new products fueled by ASIC and ASSP displacement as well as increased participation in high-growth megatrends such as nx100G wired networks, datacenter, video, vision and wireless HetNets."

Net Revenues by Geography:

Net Revenues by End Market:

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(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)

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

• During fiscal year 2013, sales from Xilinx's 28-nm product portfolio, which includes the 7 series FPGAs and the Zynq-7000 family, surpassed $100 million. In the March quarter, over 500 customers received shipments for a broad base of applications including wired and wireless communications, industrial, defense and broadcast.
• Xilinx expanded its software leadership with the introduction of the Vivado™ Design Suite, a design environment built from the ground up, providing customers with up to a 4X productivity advantage. Currently, Vivado is used for approximately 50 percent of 28-nm designs and 100 percent of 3D IC designs.
• Xilinx announced its strategy for its 20-nm product 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 Company achieved a record 66% gross margin in fiscal year 2013, up from 65% in the prior fiscal year. This improvement is a testament to the Company's continued focus on margin expansion projects across our product portfolio.
• Xilinx continued to demonstrate a strong commitment to returning shareholder value through dividend increase and repurchase activity. Xilinx recently increased its quarterly dividend $0.03 per share to $0.25 per share. During the fiscal year, Xilinx paid its stockholders a record $230 million in dividends and repurchased 6.2 million shares for $198 million.

• Sales are expected to be up 1% to 5% sequentially.
• Gross margin is expected to be approximately 66% - 67%.
• Operating expenses are expected to be approximately $206 million, including $2 million of amortization of acquisition-related intangibles.
• Other income and expenses are expected to be a net expense of approximately $8 million.
• Fully diluted share count is expected to be approximately 277 million.
• June quarter tax rate is expected to be approximately 13% - 14%.

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the March quarter financial results and management's outlook for the June 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 29883361. The telephonic replay will be available for two weeks following the live call.

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.