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The Xilinx Board of Directors announced a $0.02 increase in the quarterly cash dividend to $0.16 per outstanding share of common stock, payable on November 24, 2009 to all stockholders of record at the close of business on November 4, 2009.
Additional second quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
Growth Rates
Q2 Q1 Q2
FY 2010 FY 2010 FY 2009(1) Q-T-Q Y-T-Y
------- ------- ---------- ----- -----
Net revenues $415.0 $376.2 $483.5 10% -14%
Operating income $82.1 $57.4 $124.6 43% -34%
Net income $64.0 $38.0 $81.1 68% -21%
Diluted earnings
per share $0.23 $0.14 $0.29 64% -21%
(1) As adjusted due to the retrospective adoption of the accounting
standard for convertible debentures in the first quarter of fiscal
2010.
Sales growth in the September quarter was driven by strength from all end markets and geographic regions. New Product sales increased 36% sequentially during the quarter due primarily to strong growth from the Virtex(R)-5 and Spartan(R)-3 FPGA families.
"I am encouraged by the broad-based recovery in our business," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Strong sales growth coupled with continued operating expense control contributed to a significant improvement in operating margin. September quarter operating margin was 20%, up from 15% in the prior quarter."
Net Revenues by Geography:
Percentages Growth Rates
Q2 Q1 Q2
FY 2010 FY 2010 FY 2009 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
North America 35% 35% 34% 12% -10%
Asia Pacific 35% 37% 32% 3% -8%
Europe 21% 20% 23% 15% -23%
Japan 9% 8% 11% 26% -23%
Net Revenues by End Market:
Percentages Growth Rates
Q2 Q1 Q2
FY 2010 FY 2010 FY 2009 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
Communications 46% 49% 43% 4% -8%
Industrial & Other 31% 31% 32% 9% -17%
Consumer &
Automotive 16% 14% 17% 27% -22%
Data Processing 7% 6% 8% 31% -20%
Net Revenues by Product:
Percentages Growth Rates
Q2 Q1 Q2
FY 2010 FY 2010 FY 2009 Q-T-Q Y-T-Y
------- ------- ------- ----- -----
New 31% 25% 16% 36% 63%
Mainstream 33% 36% 37% 4% -22%
Base 31% 34% 42% -1% -37%
Support 5% 5% 5% 2% -23%
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(TM)-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)
Q2 Q1 Q2
FY 2010 FY 2010 FY 2009
------- ------- -------
Annual Return on Equity (%)* 10 8 17
Operating Cash Flow $118 $147 $95
Depreciation Expense $12 $13 $13
Capital Expenditures $4 $5 $12
Combined Inventory Days 75 78 93
Revenue Turns (%) 57 57 59
* Return on equity calculation: Annualized net income/average
stockholders' equity
Highlights -Second Quarter Fiscal 2010
-- Xilinx announced design support for Virtex-6 HXT FPGAs with Version 11.3
of the ISE(R) Design Suite software. Optimized for 40G/100G wired
telecommunications and data communications, Virtex-6 HXT FPGAs deliver
serial interface technology to designers of ultra-high bandwidth systems
with line rates in excess of 11 Gigabits per second. As the leader in
serial connectivity solutions for FPGAs, Xilinx estimates that it
shipped over 75% of the PLD industry's FPGAs with embedded transceivers
in the September quarter.
-- The Spartan-6 family continues to be the PLD industry's only 45nm
high-volume FPGA family. Manufactured by Samsung, this family marks the
first time transceiver capability and high-performance PCIe and memory
controller blocks have been integrated into a 45nm low-cost FPGA fabric.
These key technologies enable customers to make FPGA-based products and
platforms that are lower power, lower cost and easier to use.
-- The Company's consistent profitability and cash flow generation--even
during challenging economic conditions, led to the Board's recent
decision to increase the quarterly cash dividend by $0.02 to $0.16 per
common share. This is the fifth time Xilinx has increased its dividend
since initiating the dividend program in April 2004.
Business Outlook - December Quarter Fiscal 2010
-- Sales are expected to be up approximately 6% to 10% sequentially.
-- Gross margin is expected to be approximately 62% to 63%.
-- Operating expenses are expected to be approximately $186 million,
including $3 million in charges relating to restructuring activity
announced on April 15, 2009.
-- Other income and expense is expected to be a net expense of
approximately $1 million.
-- Fully diluted share count is expected to be approximately 278 million.
-- December quarter tax rate is expected to be approximately 19%.
Conference Call
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the quarter's results and management's outlook for the December 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 (800) 642-1687 and referencing confirmation code 32161500. The telephonic replay will be available for two weeks following the live call.
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," "may," "will," "could," "believe," "anticipate," "estimate," "continue," "plan," "intend," "project" or other similar words. 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 the general health of global economies as well as of the semiconductor industry, the health of our end markets and our customers' customers, our ability to forecast end customer demand, customer acceptance of our new products, the ability of the Company to generate cost and operating expense savings in an efficient and timely fashion, the ability of our customers to manage their inventories, a high dependence on turns business, the ability of our foundry suppliers to deliver sufficient wafer volumes in a timely manner, 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-K and 10-Q.
About Xilinx
Xilinx, Inc. (NASDAQ: XLNX | Quote | Chart | News | PowerRating) is the worldwide leader of programmable logic solutions. Additional information about Xilinx is available at http://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.
#0952F
XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
------------------ ----------------
Sept. 26, Sept. 27, June 27, Sept. 26, Sept. 27,
2009 2008* 2009 2009 2008*
---- ---- ---- ---- ----
Net revenues $414,950 $483,537 $376,235 $791,185 $971,783
Cost of revenues 158,177 177,407 143,822 301,999 353,913
------- ------- ------- ------- -------
Gross margin 256,773 306,130 232,413 489,186 617,870
------- ------- ------- ------- -------
Operating expenses:
Research and
development 90,145 89,501 83,233 173,378 180,235
Selling, general
and
administrative 78,621 88,080 73,556 152,177 181,084
Amortization of
acquisition-
related
intangibles - 1,426 2,493 2,493 2,851
Restructuring
charges 5,915 2,487 15,771 21,686 22,023
----- ----- ------ ------ ------
Total
operating
expenses 174,681 181,494 175,053 349,734 386,193
------- ------- ------- ------- -------
Operating income 82,092 124,636 57,360 139,452 231,677
Impairment loss
on investments - (29,001) - - (33,622)
Interest and
other income
(expense), net (1,782) 7,240 (10,910) (12,692) 11,718
------ ----- ------- ------- ------
Income before
income taxes 80,310 102,875 46,450 126,760 209,773
Provision for
income taxes 16,272 21,815 8,444 24,716 45,535
------ ------ ----- ------ ------
Net income $64,038 $81,060 $38,006 $102,044 $164,238
======= ======= ======= ======== ========
Net income per common share:
Basic $0.23 $0.29 $0.14 $0.37 $0.59
===== ===== ===== ===== =====
Diluted $0.23 $0.29 $0.14 $0.37 $0.59
===== ===== ===== ===== =====
Cash dividends
declared per
common share $0.14 $0.14 $0.14 $0.28 $0.28
===== ===== ===== ===== =====
Shares used in per share calculations:
Basic 276,353 276,169 275,523 275,735 277,357
======= ======= ======= ======= =======
Diluted 276,988 277,714 276,258 276,271 279,258
======= ======= ======= ======= =======
* As adjusted due to the retrospective adoption of the accounting
standard for convertible debentures in the first quarter of fiscal 2010
XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Sept. 26, March 28,
2009 2009*
---- ----
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents
and short-term investments $1,517,610 $1,324,933
Accounts receivable, net 226,673 216,390
Inventories 100,957 119,832
Deferred tax assets and
other current assets 99,192 91,313
------ ------
Total current assets 1,944,432 1,752,468
Net property,
plant and equipment 371,689 387,907
Long-term investments 352,375 347,787
Other assets 292,189 323,739
------- -------
Total Assets $2,960,685 $2,811,901
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $216,701 $170,702
Deferred income on shipments
to distributors 75,755 62,364
------ ------
Total current liabilities 292,456 233,066
Convertible debentures 353,471 352,110
Deferred tax liabilities 206,714 196,189
Other long-term liabilities 141,906 81,776
Stockholders' equity 1,966,138 1,948,760
--------- ---------
Total Liabilities and
Stockholders' Equity $2,960,685 $2,811,901
========== ==========
* Derived from audited financial statements and adjusted due
to the retrospective adoption of the accounting standard for
convertible debentures in the first quarter of fiscal 2010
XILINX, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
(In thousands) Three Months Ended Six Months Ended
------------------ ----------------
Sept. 26, Sept. 27, June 27, Sept. 26, Sept. 27,
2009 2008* 2009 2009 2008*
---- ---- ---- ---- ----
SELECTED CASH FLOW INFORMATION:
Depreciation $12,056 $13,309 $13,009 $25,065 $28,729
Amortization 3,260 4,176 5,307 8,567 8,351
Stock-based
compensation 11,762 13,724 13,729 25,491 28,147
Net cash provided
by operating
activities 117,976 94,700 146,967 264,943 253,197
Purchases of
property, plant and
equipment (4,133) (11,777) (4,714) (8,847) (21,650)
Payment of
dividends to
stockholders (38,744) (38,697) (38,574) (77,318) (77,625)
Repurchases of
common stock - (125,000) - - (275,000)
Proceeds from
issuance of common
stock to employees
and excess tax
benefit 15,677 49,856 (16,056) (379) 81,387
STOCK-BASED COMPENSATION INCLUDED IN:
Cost of revenues $1,272 $1,497 $1,115 $2,387 $3,079
Research and
development 5,205 6,293 5,996 11,201 12,647
Selling, general
and
administrative 5,285 5,629 5,673 10,958 11,857
Restructuring
charges - 305 945 945 564
* As adjusted due to the retrospective adoption of the accounting
standard for convertible debentures in the first quarter of fiscal 2010
Investor Relations Contact:
Lori Owen
Xilinx, Inc.
(408) 879-6911
ir@xilinx.com
SOURCE Xilinx, Inc.
http://www.xilinx.com
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