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8-K - FORM 8-K - XILINX INC | c16068e8vk.htm |
Exhibit 99.1
Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com
XILINX ANNOUNCES RECORD FISCAL 2011 RESULTS;
Q4 SALES INCREASE 4% SEQUENTIALLY
Q4 SALES INCREASE 4% SEQUENTIALLY
SAN JOSE, CA, April 27, 2011 Xilinx, Inc. (Nasdaq: XLNX) today announced record fiscal 2011 sales
of $2.37 billion, up 29% from the prior fiscal year. Fiscal 2011 net income increased 80% to of
$641.9 million, or $2.39 per diluted share, versus fiscal 2010 net income of $357.5 million or
$1.29 per diluted share.
Fourth quarter fiscal 2011 sales were $587.9 million, up 4% sequentially and up 11% from the fourth
quarter of the prior fiscal year. Fourth quarter fiscal 2011 net income was $160.1 million, or
$0.59 per diluted share.
Additional fourth quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
(In millions, except EPS)
Q4 | Q3 | Q4 | Growth Rates | |||||||||||||||||
FY 2011 | FY 2011 | FY 2010 | Q-T-Q | Y-T-Y | ||||||||||||||||
Net revenues |
$ | 587.9 | $ | 567.2 | $ | 529.0 | 4 | % | 11 | % | ||||||||||
Operating income |
$ | 181.2 | $ | 183.5 | $ | 156.1 | -1 | % | 16 | % | ||||||||||
Net income |
$ | 160.1 | $ | 152.3 | $ | 148.5 | 5 | % | 8 | % | ||||||||||
Diluted earnings per share |
$ | 0.59 | $ | 0.58 | $ | 0.54 | 2 | % | 9 | % |
I am very pleased with our fiscal 2011 results. Record sales and continued fiscal discipline
contributed to significant improvements in our profitability. Gross and operating margins were a
record 65.4% and 33.6%, respectively, in fiscal 2011. This is up from 63.4% and 23.6%,
respectively, in the prior fiscal year, said Moshe Gavrielov, Xilinx President and Chief Executive
Officer. In fiscal 2012, we will continue to demonstrate clear 28-nm technology leadership with
our game changing product strategy. Xilinx was the first PLD company to tape out 28-nm product, the
first to deliver 28-nm silicon to customers, and the first and only company to demonstrate working
28-nm silicon at the recent NAB Conference and Globalpress Electronics Summit. We have already
taped out three 28-nm FPGAs thus far and we continue to expect the product rollout at this
technology node to be the fastest in our history.
Net Revenues by Geography:
Percentages | ||||||||||||||||||||
Q4 | Q3 | Q4 | Growth Rates | |||||||||||||||||
FY 2011 | FY 2011 | FY 2010 | Q-T-Q | Y-T-Y | ||||||||||||||||
North America |
27 | % | 30 | % | 33 | % | -8 | % | -8 | % | ||||||||||
Asia Pacific |
35 | % | 38 | % | 35 | % | -5 | % | 12 | % | ||||||||||
Europe |
30 | % | 22 | % | 24 | % | 40 | % | 35 | % | ||||||||||
Japan |
8 | % | 10 | % | 8 | % | -7 | % | 10 | % |
Net Revenues by End Market:
Percentages | ||||||||||||||||||||
Q4 | Q3 | Q4 | Growth Rates | |||||||||||||||||
FY 2011 | FY 2011 | FY2010 | Q-T-Q | Y-T-Y | ||||||||||||||||
Communications |
47 | % | 45 | % | 47 | % | 8 | % | 10 | % | ||||||||||
Industrial & Other |
32 | % | 34 | % | 30 | % | -1 | % | 18 | % | ||||||||||
Consumer &
Automotive |
14 | % | 15 | % | 15 | % | -1 | % | 8 | % | ||||||||||
Data Processing |
7 | % | 6 | % | 8 | % | 12 | % | -2 | % |
Net Revenues by Product:
Percentages | ||||||||||||||||||||
Q4 | Q3 | Q4 | Growth Rates | |||||||||||||||||
FY 2011 | FY 2011 | FY 2010 | Q-T-Q | Y-T-Y | ||||||||||||||||
New |
46 | % | 43 | % | 36 | % | 10 | % | 42 | % | ||||||||||
Mainstream |
26 | % | 27 | % | 31 | % | 1 | % | -6 | % | ||||||||||
Base |
23 | % | 25 | % | 28 | % | -5 | % | -10 | % | ||||||||||
Support |
5 | % | 5 | % | 5 | % | 4 | % | 13 | % |
Products are classified as follows:
New Products: Virtex®-6, Virtex-5, Spartan®-6, Spartan-3A and Spartan-3E product families
Mainstream Products: Virtex-4, Spartan-3, 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)
Q4 | Q3 | Q4 | ||||||||||
FY 2011 | FY 2011 | FY 2010 | ||||||||||
Annual Return on Equity (%)* |
28 | 30 | 18 | |||||||||
Operating Cash Flow |
$ | 245 | $ | 333 | $ | 104 | ||||||
Depreciation Expense |
$ | 13 | $ | 13 | $ | 12 | ||||||
Capital Expenditures |
$ | 17 | $ | 15 | $ | 11 | ||||||
Combined Inventory Days |
133 | 130 | 79 | |||||||||
Revenue Turns (%) |
53 | 44 | 56 |
* | Return on equity calculation: Annualized net income/average stockholders equity |
2
Product and Financial Highlights Fiscal 2011
| Xilinx fortified its 28-nm leadership by shipping the industrys first 28-nm FPGA, a Kintex-7 device, in March. As Xilinxs first mid-range FPGA family, Kintex-7 leverages the unified architecture shared across the 7 series families to enable the industrys fastest product rollout of next generation programmable logic devices. At the same time, customers benefit with the ability to begin designs now that may ultimately migrate to Virtex®-7 or Artix-7 FPGAs. | ||
| Xilinx extended its competitive leadership by taping out the industrys first stacked silicon interconnect technology for delivering breakthrough capacity, bandwidth and power savings using multiple FPGA die in a single package. This FPGA-based platform approach currently has no competition in the marketplace. It is the result of five years of Xilinx research and development efforts coupled with industry leading technology from TSMC and our assembly suppliers. | ||
| Xilinx unveiled the Zynq7000 family, the industrys first Extensible Processing Platform, which tightly integrates a complete ARM(R) Cortex-A9 MPCore processor-based system with 28-nm, low-power programmable logic. This product targets end markets such as video surveillance, automotive driver assistance, factory automation, and audio, video and broadcast and has already received a number of design wins. | ||
| Xilinx generated record cash flow and returned record value to shareholders in fiscal 2011 as measured by total dollars invested in buyback and dividend. In fiscal 2011, Xilinx generated over $720 million in cash, up from $554 million in the prior fiscal year. During the fiscal year, Xilinx increased its dividend by $0.03 per diluted share to $0.19 per diluted share and repurchased $469 million in stock. |
Business Outlook June Quarter Fiscal 2012 |
| Sales are expected to be flat to up 4% sequentially. | ||
| Gross margin is expected to be approximately 64% to 65%. | ||
| Operating expenses are expected to be approximately $206 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. | ||
| June quarter tax rate is expected to be approximately 16%. |
Conference Call
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the fourth quarter
financial results and managements outlook for the June quarter. The webcast and subsequent replay
will be available in the investor relations section of the Companys web site at
www.investor.xilinx.com. A telephonic replay of the call may be accessed later in the day by
calling (800) 642-1687 and referencing confirmation code 57880006. The telephonic replay will be
available for two weeks following the live call.
3
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 to identify such forward-looking statements
that include, but are not limited to, statements related to the semiconductor market, the
growth and acceptance of our programmable platforms, 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 June quarter for fiscal 2012. 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, and other risk
factors listed in our most recent Forms 10-Q and 10-K.
About Xilinx
Xilinx is the worlds leading provider of programmable platforms. For more information, visit
www.xilinx.com.
Xilinx, the Xilinx logo, Virtex, Spartan, ISE, and other brands designated herein are trademarks of
Xilinx in the United States and other countries. All other trademarks are the property of their
respective owners.
#1127F
4
XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
Apr. 2, | Apr. 3, | Jan. 1, | Apr. 2, | Apr. 3, | ||||||||||||||||
2011 | 2010 | 2011 | 2011 | 2010 | ||||||||||||||||
Net revenues |
$ | 587,852 | $ | 529,020 | $ | 567,190 | $ | 2,369,445 | $ | 1,833,554 | ||||||||||
Cost of revenues |
203,703 | 185,484 | 194,419 | 819,558 | 671,803 | |||||||||||||||
Gross margin |
384,149 | 343,536 | 372,771 | 1,549,887 | 1,161,751 | |||||||||||||||
Operating expenses: |
||||||||||||||||||||
Research and development |
102,967 | 94,240 | 98,453 | 392,482 | 369,485 | |||||||||||||||
Selling, general and administrative |
92,863 | 90,346 | 86,531 | 350,626 | 327,560 | |||||||||||||||
Amortization of acquisition-related intangibles |
1,034 | | | 1,034 | 2,493 | |||||||||||||||
Restructuring charges |
6,070 | 2,847 | 4,276 | 10,346 | 30,064 | |||||||||||||||
Total operating expenses |
202,934 | 187,433 | 189,260 | 754,488 | 729,602 | |||||||||||||||
Operating income |
181,215 | 156,103 | 183,511 | 795,399 | 432,149 | |||||||||||||||
Impairment loss on investments |
(5,904 | ) | (764 | ) | | (5,904 | ) | (3,805 | ) | |||||||||||
Interest and other income (expense), net |
(6,499 | ) | 6,655 | (3,302 | ) | (18,415 | ) | (6,579 | ) | |||||||||||
Income before income taxes |
168,812 | 161,994 | 180,209 | 771,080 | 421,765 | |||||||||||||||
Provision for income taxes |
8,760 | 13,462 | 27,868 | 129,205 | 64,281 | |||||||||||||||
Net income |
$ | 160,052 | $ | 148,532 | $ | 152,341 | $ | 641,875 | $ | 357,484 | ||||||||||
Net income per common share: |
||||||||||||||||||||
Basic |
$ | 0.61 | $ | 0.54 | $ | 0.59 | $ | 2.43 | $ | 1.30 | ||||||||||
Diluted |
$ | 0.59 | $ | 0.54 | $ | 0.58 | $ | 2.39 | $ | 1.29 | ||||||||||
Cash dividends declared per common share |
$ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.64 | $ | 0.60 | ||||||||||
Shares used in per share calculations: |
||||||||||||||||||||
Basic |
263,603 | 274,686 | 259,418 | 264,094 | 276,012 | |||||||||||||||
Diluted |
272,161 | 277,290 | 263,612 | 268,061 | 276,953 | |||||||||||||||
XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Apr. 2, | Apr. 3, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash, cash equivalents and short-term investments |
$ | 1,926,413 | $ | 1,386,605 | ||||
Accounts receivable, net |
286,464 | 262,735 | ||||||
Inventories |
264,745 | 130,628 | ||||||
Deferred tax assets and other current assets |
145,164 | 127,098 | ||||||
Total current assets |
2,622,786 | 1,907,066 | ||||||
Net property, plant and equipment |
380,570 | 365,878 | ||||||
Long-term investments |
766,452 | 582,202 | ||||||
Other assets |
371,042 | 329,172 | ||||||
Total Assets |
$ | 4,140,850 | $ | 3,184,318 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ | 268,377 | $ | 277,029 | ||||
Deferred income on shipments to distributors |
99,763 | 80,132 | ||||||
Total current liabilities |
368,140 | 357,161 | ||||||
Convertible debentures |
890,980 | 354,798 | ||||||
Deferred tax liabilities |
403,990 | 294,149 | ||||||
Other long-term liabilities |
63,123 | 57,740 | ||||||
Stockholders equity |
2,414,617 | 2,120,470 | ||||||
Total Liabilities and Stockholders Equity |
$ | 4,140,850 | $ | 3,184,318 | ||||
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands)
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
Apr. 2, | Apr. 3, | Jan. 1, | Apr. 2, | Apr. 3, | ||||||||||||||||
2011 | 2010 | 2011 | 2011 | 2010 | ||||||||||||||||
SELECTED CASH FLOW INFORMATION: |
||||||||||||||||||||
Depreciation |
$ | 12,923 | $ | 12,248 | $ | 12,500 | $ | 50,361 | $ | 50,180 | ||||||||||
Amortization |
2,972 | 3,205 | 1,873 | 8,531 | 14,982 | |||||||||||||||
Stock-based compensation |
14,963 | 15,471 | 14,754 | 60,258 | 56,481 | |||||||||||||||
Net cash provided by operating activities |
244,967 | 103,870 | 332,527 | 724,152 | 554,291 | |||||||||||||||
Purchases of property, plant and equipment |
16,655 | 10,612 | 14,880 | 64,979 | 28,152 | |||||||||||||||
Payment of dividends to stockholders |
42,121 | 44,031 | 41,489 | 169,072 | 165,648 | |||||||||||||||
Repurchases of common stock |
| 124,997 | 2,634 | 468,943 | 149,997 | |||||||||||||||
Proceeds from issuance of common stock to employees and excess tax benefit |
105,135 | 50,389 | 24,991 | 177,759 | 63,556 | |||||||||||||||
STOCK-BASED COMPENSATION INCLUDED IN: |
||||||||||||||||||||
Cost of revenues |
$ | 1,154 | $ | 1,501 | $ | 1,092 | $ | 4,825 | $ | 5,180 | ||||||||||
Research and development |
7,115 | 7,276 | 7,120 | 28,780 | 25,766 | |||||||||||||||
Selling, general and administrative |
6,694 | 6,694 | 6,542 | 26,653 | 24,590 | |||||||||||||||
Restructuring charges |
| | | | 945 |