Xilinx Announces Q1 Fiscal 2013 Results; Q1 Sales Increase 4% Sequentially

SAN JOSE, Calif., July 18, 2012-- Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2013 sales of $582.8 million, up 4% sequentially and down 5% from the first quarter of the prior fiscal year.  First quarter fiscal 2013 net income was $129.8 million, or $0.47 per diluted share. 

The Xilinx Board of Directors announced a quarterly cash dividend of $0.22 per outstanding share of common stock,payable on August 29, 2012 to all stockholders of record at the close of business on August 8, 2012.

Additional first quarter comparisons are represented in the charts below:

GAAP Results
(In millions, except EPS)

"Sales from our 28-nm products are off to an excellent start, as we are realizing the advantages of our breakout portfolio that now includes not only FPGAs but our pioneering All Programmable 3DICs and SoCs.  In the June quarter, sales from these products, including Virtex®-7 and Kintex™-7 FPGAs, Virtex®-7 3D IC, and Zynq™-7000 SoC products, increased significantly, passing our $10 million milestone.  We continue to expect the 28-nm node to be Xilinx's most successful ever," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "In addition, gross margin remained very healthy during the quarter at 66.0%.  This was at the high end of our forecast due primarily to a continued focus by the Company on yield improvement and cost reduction."           

Net Revenues by Geography:

Note:  The end market categories have been restated to reflect the reclassification of Data Center customers into the Communications category.  End market categories have also been renamed to be more descriptive and to better reflect actual composition of sales.  Additionally, the product categories represented below have been modified to make categories more meaningful given new product introductions and maturing of products.  For comparative purposes, we have provided supplemental information on our website at www.investor.xilinx.com that presents results based on previous classifications.        

Net Revenues by End Market:           

 Net Revenues by Product:

Products are classified as follows:

• New products: Virtex‐7, Kintex‐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

Highlights – June Quarter Fiscal 2013

• Xilinx extended its 28-nm leadership by announcing initial shipments of the Virtex-7 H580T FPGA, the world's first 3D heterogeneous all programmable product. Virtex-7 HT devices use Xilinx's stacked silicon interconnect (SSI) technology to deliver the industry's highest bandwidth FPGAs, featuring up to sixteen 28 Gbps and seventy-two 13.1 Gbps transceivers, making them the only single-chip solutions for addressing key Nx100G and 400G line card applications and functions. 
• Xilinx announced first shipments of its Artix™-7 FPGA family. The new devices extend the reach of FPGA technology to applications requiring performance capabilities traditionally served by Virtex-class FPGAs, but the form-factor of small, low-cost programmable devices. Artix-7 devices are securing design wins in a number of applications including portable medical, hand-held radio and small cellular base stations.
• New Product sales increased 31% sequentially with strong growth from our 28-nm, 40-nm and 45-nm families.  These product families have achieved widespread customer adoption in applications such as: Communications, Data Center, Aerospace and Defense and Broadcast.

Business Outlook – September Quarter Fiscal 2013 

• Sales are expected to be down 4% to 8% sequentially.
• Gross margin is expected to be approximately 66%.
• Operating expenses are expected to be approximately $220 million, including $2 million of amortization of acquisition-related intangibles.
• Other income and expense is expected to be an expense of approximately $8 million.
• Fully diluted share count is expected to be approximately 274 million.
• September quarter tax rate is expected to be approximately 16%.

Financial tables

To read financial tables, click here

Conference Call

A conference call will be held today at 2:00 p.m. Pacific Time to discuss the first 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 94512167. 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.