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Xilinx Inc. Reports Operating Results (10-Q)

November 02, 2012 | About:
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10qk

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Xilinx Inc. (XLNX) filed Quarterly Report for the period ended 2012-09-29.

Xilinx Inc has a market cap of $8.61 billion; its shares were traded at around $33.19 with a P/E ratio of 17.8 and P/S ratio of 3.8. The dividend yield of Xilinx Inc stocks is 2.7%. Xilinx Inc had an annual average earning growth of 26.6% over the past 10 years. GuruFocus rated Xilinx Inc the business predictability rank of 3.5-star.

Highlight of Business Operations:

Net revenues of $543.9 million in the second quarter of fiscal 2013 represented a 2% decrease from the comparable prior year period of $555.2 million. Net revenues from New Products increased significantly in the second quarter of fiscal 2013 versus the comparable prior year period, but were offset by declines from our Mainstream, Base and Support Products. One end customer accounted for 11% and 14% of our net revenues for the second quarter of fiscal 2013 and 2012, respectively. For the first six months of fiscal 2012, one end customer accounted for 11% of our net revenues. No end customer accounted for more than 10% of our net revenues for the first six months of fiscal 2013.

For the first six months of fiscal 2013, approximately 57% of our net revenues were from products sold to distributors for subsequent resale to original equipment manufacturers (OEMs) or their subcontract manufacturers. As of September 29, 2012, we had $68.3 million of deferred revenue and $20.3 million of deferred cost of revenues recognized as a net $48.0 million of deferred income on shipments to distributors. As of March 31, 2012, we had $90.0 million of deferred revenue and $23.0 million of deferred cost of revenues recognized as a net $67.0 million of deferred income on shipments to distributors. The deferred income on shipments to distributors that will ultimately be recognized in our consolidated statement of income will be different than the amount shown on the consolidated balance sheet due to actual price adjustments issued to the distributors when the product is sold to their end customers.

SG&A expenses increased by $3.2 million during the second quarter of fiscal 2013 and by $3.0 million during the first six months of fiscal 2013 compared to the same periods last year. The increases were primarily due to higher employee-related expenses, including stock-based compensation expense, and were partially offset by reduction in outside sales commission due to lower revenues.

The decrease in the effective tax rate in the second quarter of fiscal 2013 as compared to the prior year period was primarily attributable to a release of reserves for uncertain tax positions in fiscal 2013. The decrease was partially offset by an increase due to the expiration of the U.S. federal research tax credit on December 31, 2011. The effective tax rate remained flat for the first six months of fiscal year 2013 as compared to the same prior year period due to the release of reserves for uncertain tax positions in fiscal 2013 offset by the expiration of the credit in fiscal 2012 and by a change in the geographic mix of profit before tax.

Operating Activities — During the first six months of fiscal 2013, our operations generated net positive cash flow of $360.3 million, which was $77.0 million lower than the $437.3 million generated during the second quarter of fiscal 2012. The positive cash flow from operations generated during the second quarter of fiscal 2013 was primarily from net income as adjusted for non-cash related items, decreases in deferred income taxes and prepaid expenses and other current assets, as well as an increase in accounts payables. These items were partially offset by decreases in deferred income on shipments to distributors and income taxes payable, as well as an increase in accounts receivable. Accounts receivable increased by $7.3 million and days sales outstanding (DSO) increased to 36 days at September 29, 2012 from 35 days at March 31, 2012 due to timing of shipments. Our inventory levels were $799 thousand lower at September 29, 2012 compared to March 31, 2012. Combined inventory days at Xilinx and distribution were 106 days at September 29, 2012 and March 31, 2012.

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