SAN JOSE, Calif., Jan. 21, 2015 -- Xilinx, Inc. (Nasdaq: XLNX) today announced third quarter fiscal 2015 sales of $594 million, down 2% from the prior quarter and up 1% from the same quarter of the prior fiscal year. Third quarter fiscal 2015 net income was $168 million or $0.62 per share, including a $0.02 per diluted share benefit primarily related to the reinstatement of the R&D tax credit.
The Xilinx Board of Directors announced a quarterly cash dividend of $0.29 per outstanding share of common stock, payable on February 25, 2015 to all stockholders of record at the close of business on February 4, 2015.
Additional third quarter comparisons are represented in the charts below:
GAAP Results
(In millions, except EPS)
| Growth Rates | |||||
| Q3 FY 2015 | Q2 FY 2015 | Q3 FY 2014 | Q-T-Q | Y-T-Y | |
| Net revenues | $593.5 | $604.3 | $586.8 | -2% | 1% |
| Operating income | $190.0 | $200.0 | $202.7 | -5% | -6% |
| Net income | $168.5 | $171.5 | $175.9 | -2% | -4% |
| Diluted earnings per share | $0.62 | $0.62 | $0.61 | 0% | 2% |
"Solid profitability during the quarter was tempered by disappointing sales from broadcast and communications end markets," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "However, I am pleased with the renewed growth of our 28nm product family, which increased nearly 20% sequentially. I expect this product family to continue to post healthy growth in 2015 driven by a broad base of applications."
Net Revenues by Geography:
| Percentages | Growth Rates | ||||
| Q3 FY 2015 | Q2 FY 2015 | Q3 FY 2014 | Q-T-Q | Y-T-Y | |
| North America | 34% | 32% | 29% | 4% | 18% |
| Asia Pacific | 39% | 37% | 40% | 3% | -2% |
| Europe | 17% | 21% | 22% | -18% | -16% |
| Japan | 10% | 10% | 9% | -4% | 2% |
Net Revenues by End Market:
| Percentages | Growth Rates | ||||
| Q3 FY 2015 | Q2 FY 2015 | Q3 FY 2014 | Q-T-Q | Y-T-Y | |
| Communications & Data Center | 41% | 41% | 44% | -3% | -7% |
| Industrial, Aerospace & Defense | 43% | 41% | 37% | 4% | 18% |
| Broadcast, Consumer & Automotive | 14% | 15% | 16% | -6% | -9% |
| Other | 2% | 3% | 3% | -41% | -39% |
Net Revenues by Product:
| Percentages | Growth Rates | ||||
| Q3 FY 2015 | Q2 FY 2015 | Q3 FY 2014 | Q-T-Q | Y-T-Y | |
| New | 43% | 43% | 38% | -1% | 14% |
| Mainstream | 29% | 31% | 33% | -8% | -10% |
| Base | 25% | 23% | 26% | 4% | -3% |
| Support | 3% | 3% | 3% | -2% | -1% |
Products are classified as follows:
Key Statistics:
(Dollars in millions)
| Q3 FY 2015 | Q2 FY 2015 | Q3 FY 2014 | |
| Annual Return on Equity (%)* | 25 | 25 | 20 |
| Operating Cash Flow | $291 | $204 | $216 |
| Depreciation Expense | $14 | $14 | $14 |
| Capital Expenditures | $6 | $8 | $11 |
| Combined Inventory Days | 134 | 153 | 114 |
| Revenue Turns (%) | 44 | 48 | 52 |
*Return on equity calculation: Annualized net income/average stockholders' equity
Highlights - December Quarter Fiscal 2015
Business Outlook - March Quarter Fiscal 2015
Conference Call
A conference call will be held today at 2:00 p.m. Pacific Time to discuss the December quarter financial results and management's outlook for the March 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 50649087. 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.