Xilinx Announces 2014 Fiscal Q1 Results; Sales Increase 9% Sequentially

SAN JOSE, Calif. -- July 17, 2013 -- Xilinx, Inc. (Nasdaq: XLNX) today announced first quarter fiscal 2014 sales of $579 million, up 9% from the prior quarter and down 1% from the same quarter of the prior fiscal year.  First quarter fiscal 2014 net income was $157 million or $0.56 per diluted share.  

The Xilinx Board of Directors announced a quarterly cash dividend of $0.25 per outstanding share of common stock, payable on August 28, 2013 to all stockholders of record at the close of business on August 7, 2013.

Additional first quarter comparisons are represented in the charts below:       

GAAP Results
(In millions, except EPS)

"The June quarter was exceptional on many fronts.  Better than expected sales during the quarter were driven by broad-based end market strength, with particularly strong growth from wired communications and aerospace and defense applications. Gross margin was 69% in the quarter, up from 66% in prior quarter, and a new record for the Company.  Operating margin of 33% was up from 28% in the prior quarter and a direct result of improved gross margin and continued spending discipline," said Moshe Gavrielov, Xilinx President and Chief Executive Officer.  "Sales of our 28-nm products exceeded $50 million during the quarter, once again surpassing our expectations with strong growth from all five products.  With the first 20-nm product in the semiconductor industry recently taped out by the Company, I am confident that Xilinx will continue to drive market expansion opportunities and augment our PLD leadership."

Net Revenues by Geography:

Net Revenues by End Market:

Net Revenues by Product:

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)

 *Return on equity calculation: Annualized net income/average equities, including temporary equity

Highlights – June Quarter Fiscal 2014

• Xilinx recently announced it has taped out the semiconductor industry's first 20-nm device and the PLD industry's first 20-nm All Programmable device. Xilinx has also implemented the industry's first ASIC-class programmable architecture called UltraScale™. These milestones expand on Xilinx's industry first 28-nm tape-out, All Programmable SoCs, All Programmable 3D ICs, and SoC-strength design suite. With unprecedented scalability and significantly faster performance, UltraScale devices enable next generation smarter systems including 400G OTN, 4X4 Mixed Mode Radio applications and high performance computing applications for the data center.
• During the quarter, Xilinx and TSMC extended a highly successful collaboration by announcing that we are teaming together to create the fastest time-to-market and highest performance FPGAs to be built on TSMC's 16-nm FinFET process. This program is expected to deliver test chips in 2013 and first product in 2014.

Business Outlook – September Quarter Fiscal 2014

• Sales are expected to be flat to up 3% sequentially.
• Gross margin is expected to be approximately 69%.
• Operating expenses are expected to be approximately $225 million, including $2 million of amortization of acquisition-related intangibles.
• Other income and expenses are expected to be a net expense of approximately $9 million.
• Fully diluted share count is expected to be approximately 284 million.
• September quarter tax rate is expected to be approximately 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.

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