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 July 21, 2010 |
XILINX, INC. |
||||
Date: July 21, 2010 | 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 July 21, 2010 |
Q1 | Q4 | Q1 | Growth Rates | |||||||||||||||||
FY 2011 | FY 2010 | FY 2010 | Q-T-Q | Y-T-Y | ||||||||||||||||
Net revenues |
$ | 594.7 | $ | 529.0 | $ | 376.2 | 12 | % | 58 | % | ||||||||||
Operating income |
$ | 208.0 | $ | 156.1 | $ | 57.4 | 33 | % | 263 | % | ||||||||||
Net income |
$ | 158.6 | $ | 148.5 | $ | 38.0 | 7 | % | 317 | % | ||||||||||
Diluted earnings per share |
$ | 0.58 | $ | 0.54 | $ | 0.14 | 7 | % | 314 | % |
Percentages | Growth Rates | |||||||||||||||||||
Q1 | Q4 | Q1 | ||||||||||||||||||
FY 2011 | FY 2010 | FY 2010 | Q-T-Q | Y-T-Y | ||||||||||||||||
North America |
32 | % | 33 | % | 35 | % | 12 | % | 48 | % | ||||||||||
Asia Pacific |
34 | % | 35 | % | 37 | % | 11 | % | 46 | % | ||||||||||
Europe |
26 | % | 24 | % | 20 | % | 19 | % | 103 | % | ||||||||||
Japan |
8 | % | 8 | % | 8 | % | 1 | % | 42 | % |
Percentages | Growth Rates | |||||||||||||||||||
Q1 | Q4 | Q1 | ||||||||||||||||||
FY 2011 | FY 2010 | FY 2010 | Q-T-Q | Y-T-Y | ||||||||||||||||
Communications |
47 | % | 47 | % | 49 | % | 12 | % | 53 | % | ||||||||||
Industrial & Other |
32 | % | 30 | % | 31 | % | 21 | % | 64 | % | ||||||||||
Consumer &
Automotive |
15 | % | 15 | % | 14 | % | 8 | % | 67 | % | ||||||||||
Data Processing |
6 | % | 8 | % | 6 | % | -12 | % | 54 | % |
Percentages | Growth Rates | |||||||||||||||||||
Q1 | Q4 | Q1 | ||||||||||||||||||
FY 2011 | FY 2010 | FY 2010 | Q-T-Q | Y-T-Y | ||||||||||||||||
New |
39 | % | 36 | % | 25 | % | 23 | % | 148 | % | ||||||||||
Mainstream |
30 | % | 31 | % | 36 | % | 9 | % | 33 | % | ||||||||||
Base |
27 | % | 28 | % | 34 | % | 4 | % | 22 | % | ||||||||||
Support |
4 | % | 5 | % | 5 | % | 3 | % | 33 | % |
Q1 | Q4 | Q1 | ||||||||||
FY 2011 | FY 2010 | FY 2010 | ||||||||||
Annual Return on Equity (%)* |
32 | 18 | 8 | |||||||||
Operating Cash Flow |
$ | 107 | $ | 104 | $ | 147 | ||||||
Depreciation Expense |
$ | 12 | $ | 12 | $ | 13 | ||||||
Capital Expenditures |
$ | 18 | $ | 11 | $ | 5 | ||||||
Combined Inventory Days |
80 | 79 | 78 | |||||||||
Revenue Turns (%) |
53 | 56 | 57 |
* | Return on equity calculation: Annualized net income/average stockholders equity |
2
| Xilinx introduced its 7 series FPGAs, the industrys first FPGAs that reduce total power consumption by 50% and offer industry-leading capacity of up to two million logic cells on the only unified architecture that scales across low-cost to ultra high-end families. The new 28nm Artix-7, Kintex-7 and Virtex-7 families combine breakthrough innovations in power efficiency, system performance and design productivity to make programmable logic more accessible to a broader community of users, end markets and applications. |
| Industrial and Other sales increased 21% sequentially in the June quarter reaching a new corporate record. Sales from this category have more than doubled in the past five years as customers are increasingly using PLDs to satisfy their silicon needs in myriad applications such as industrial networking, medical imaging, video surveillance and signal intelligence for defense applications. |
Business Outlook September Quarter Fiscal 2011 |
| Sales are expected to be up 3% to 7% sequentially. |
| Gross margin is expected to be approximately 65% plus or minus one percentage point. |
| Operating expenses are expected to be approximately $185 million. |
| Other income and expense is expected to be a net expense of approximately $4 million. |
| Fully diluted share count is expected to be approximately 264 million. |
| September quarter tax rate is expected to be approximately 22%. |
3
4
Three Months Ended | ||||||||||||
July 3, | April 3, | June 27, | ||||||||||
2010 | 2010 | 2009 | ||||||||||
Net revenues |
$ | 594,737 | $ | 529,020 | $ | 376,235 | ||||||
Cost of revenues |
208,176 | 185,484 | 143,822 | |||||||||
Gross margin |
386,561 | 343,536 | 232,413 | |||||||||
Operating expenses: |
||||||||||||
Research and development |
94,484 | 94,240 | 83,233 | |||||||||
Selling, general and administrative |
84,058 | 90,346 | 73,556 | |||||||||
Amortization of acquisition-related intangibles |
| | 2,493 | |||||||||
Restructuring charges |
| 2,847 | 15,771 | |||||||||
Total operating expenses |
178,542 | 187,433 | 175,053 | |||||||||
Operating income |
208,019 | 156,103 | 57,360 | |||||||||
Impairment loss on investments |
| (764 | ) | | ||||||||
Interest and other income (expense), net |
(5,130 | ) | 6,655 | (10,910 | ) | |||||||
Income before income taxes |
202,889 | 161,994 | 46,450 | |||||||||
Provision for income taxes |
44,302 | 13,462 | 8,444 | |||||||||
Net income |
$ | 158,587 | $ | 148,532 | $ | 38,006 | ||||||
Net income per common share: |
||||||||||||
Basic |
$ | 0.58 | $ | 0.54 | $ | 0.14 | ||||||
Diluted |
$ | 0.58 | $ | 0.54 | $ | 0.14 | ||||||
Cash dividends declared per common share |
$ | 0.16 | $ | 0.16 | $ | 0.14 | ||||||
Shares used in per share calculations: |
||||||||||||
Basic |
272,097 | 274,686 | 275,523 | |||||||||
Diluted |
275,541 | 277,290 | 276,258 | |||||||||
5
July 3, | April 3, | |||||||
2010 | 2010 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash, cash equivalents and short-term investments |
$ | 1,543,665 | $ | 1,386,605 | ||||
Accounts receivable, net |
355,406 | 262,735 | ||||||
Inventories |
151,630 | 130,628 | ||||||
Deferred tax assets and other current assets |
171,471 | 127,098 | ||||||
Total current assets |
2,222,172 | 1,907,066 | ||||||
Net property, plant and equipment |
371,954 | 365,878 | ||||||
Long-term investments |
580,386 | 582,202 | ||||||
Other assets |
298,492 | 329,172 | ||||||
Total Assets |
$ | 3,473,004 | $ | 3,184,318 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ | 298,885 | $ | 277,029 | ||||
Deferred income on shipments to distributors |
74,207 | 80,132 | ||||||
Total current liabilities |
373,092 | 357,161 | ||||||
Convertible debentures |
849,505 | 354,798 | ||||||
Deferred tax liabilities |
322,664 | 294,149 | ||||||
Other long-term liabilities |
60,620 | 57,740 | ||||||
Stockholders equity |
1,867,123 | 2,120,470 | ||||||
Total Liabilities and Stockholders Equity |
$ | 3,473,004 | $ | 3,184,318 | ||||
6
Three Months Ended | ||||||||||||
July 3, | April 3, | June 27, | ||||||||||
2010 | 2010 | 2009 | ||||||||||
SELECTED CASH FLOW INFORMATION: |
||||||||||||
Depreciation |
$ | 12,191 | $ | 12,248 | $ | 13,009 | ||||||
Amortization |
1,743 | 3,105 | 5,307 | |||||||||
Stock-based compensation |
15,120 | 15,471 | 13,729 | |||||||||
Net cash provided by operating activities |
107,084 | 103,870 | 146,967 | |||||||||
Purchases of property, plant and equipment |
18,267 | 10,612 | 4,714 | |||||||||
Payment of dividends to stockholders |
43,817 | 44,031 | 38,574 | |||||||||
Repurchases of common stock |
433,333 | 124,997 | | |||||||||
Proceeds
from issuance of common stock to employees and excess (reduction of) tax benefit |
3,775 | 50,389 | (16,056 | ) | ||||||||
STOCK-BASED COMPENSATION INCLUDED IN: |
||||||||||||
Cost of revenues |
$ | 1,267 | $ | 1,501 | $ | 1,115 | ||||||
Research and development |
7,204 | 7,276 | 5,996 | |||||||||
Selling, general and administrative |
6,649 | 6,694 | 5,673 | |||||||||
Restructuring charges |
| | 945 |
7