Delaware | 000-18548 | 77-0188631 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
2100 Logic Drive, San Jose, California |
95124 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1
|
Press release of Xilinx, Inc. dated April 27, 2011 |
XILINX, INC. |
||||
Date: April 27, 2011 | By: | /s/ | Jon A. Olson | |
Jon A. Olson | ||||
Senior Vice President, Finance and Chief Financial Officer |
||||
Exhibit No. | Description | |
99.1
|
Press release of Xilinx, Inc. dated April 27, 2011 |
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 | % |
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 | % |
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 | % |
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 | % |
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
| 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%. |
3
4
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 | |||||||||||||||
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 | ||||
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 |