Atmel Reports Third Quarter 2013 Financial Results

 

ATMEL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)










September 30,


December 31, 


2013


2012





Current assets




Cash and cash equivalents

$           268,790


$          293,370

Short-term investments

2,094


2,687

Accounts receivable, net

197,990


188,488

Inventories

287,539


348,273

Prepaids and other current assets

123,285


125,019

Total current assets

879,698


957,837

Fixed assets, net

191,261


221,044

Goodwill

106,894


104,430

Intangible assets, net

29,842


27,257

Other assets

160,760


122,965

Total assets

$       1,368,455


$       1,433,533





Current liabilities




Trade accounts payable

$             83,618


$          103,980

Accrued and other liabilities

175,131


203,510

Deferred income on shipments to distributors

50,322


29,226

Total current liabilities

309,071


336,716

Other long-term liabilities

120,348


100,179

Total liabilities

429,419


436,895





Stockholders' equity

939,036


996,638

Total liabilities and stockholders' equity

$       1,368,455


$       1,433,533

 

ATMEL CORPORATION





RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES





(in thousands, except per share data)





(Unaudited)




































Three Months Ended


Nine Months Ended


September 30, 


June 30, 


September 30, 


September 30, 


September 30, 


2013


2013


2012


2013


2012











GAAP gross margin

$            143,467


$  147,925


$            155,526


$            422,697


$            469,780

Loss (gain) related to foundry arrangements

8,938


(1,514)


-


7,424


-

Share-based compensation expense

1,136


1,609


2,154


4,589


6,723

Non-GAAP gross margin

$            153,541


$  148,020


$            157,680


$            434,710


$            476,503











GAAP research and development expense

$              66,790


$    67,362


$              59,966


$            202,460


$            192,647

Share-based compensation expense

(3,100)


(3,016)


(4,925)


(10,724)


(17,568)

Non-GAAP research and development expense

$              63,690


$    64,346


$              55,041


$            191,736


$            175,079











GAAP selling, general and administrative expense

$              55,793


$    58,912


$              68,036


$            178,282


$            208,881

Share-based compensation expense

(3,858)


(2,855)


(11,150)


(15,023)


(31,747)

Non-GAAP selling, general and administrative expense

$              51,935


$    56,057


$              56,886


$            163,259


$            177,134











GAAP income (loss) from operations

$              11,050


$    19,393


$              27,398


$            (31,937)


$              60,549

Share-based compensation expense

8,094


7,480


18,229


30,336


56,038

Acquisition-related charges

1,685


1,759


1,530


5,699


5,442

Restructuring charges (credit)

8,149


582


(1,404)


51,545


12,950

Loss (gain) related to foundry arrangements

8,938


(1,514)


-


7,424


-

Recovery of receivables from foundry suppliers

-


(83)


-


(522)


-

Credit from reserved grant income

-


-


-


-


(10,689)

Gain on sale of assets

-


-


-


(4,430)


-

Settlement charges

-


-


-


21,600


-

Non-GAAP income from operations

$              37,916


$    27,617


$              45,753


$              79,715


$            124,290











GAAP (provision for) benefit from income taxes

$              (7,038)


$    (5,679)


$              (5,915)


$                 1,644


$            (13,985)

Adjustments for cash tax and other tax settlements

(5,449)


(4,057)


(3,047)


5,829


(9,200)

Non-GAAP provision for income taxes

$              (1,589)


$    (1,622)


$              (2,868)


$              (4,185)


$              (4,785)











GAAP net income (loss) 

$                 5,426


$    12,976


$              21,636


$            (29,265)


$              42,777

Share-based compensation expense

8,094


7,480


18,229


30,336


56,038

Acquisition-related charges

1,685


1,759


1,530


5,699


5,442

Restructuring charges (credit)

8,149


582


(1,404)


51,545


12,950

Loss (gain) related to foundry arrangements

8,938


(1,514)


-


7,424


-

Recovery of receivables from foundry suppliers

-


(83)


-


(522)


-

Credit from reserved grant income

-


-


-


-


(10,689)

Gain on sale of assets

-


-


-


(4,430)


-

Settlement charges

-


-


-


21,600


-

Tax adjustments

5,449


4,057


3,047


(5,829)


9,200

Non-GAAP net income

$              37,741


$    25,257


$              43,038


$              76,558


$            115,718











GAAP net income (loss) per share - diluted

$                   0.01


$         0.03


$                   0.05


$                 (0.07)


$                   0.10

Share-based compensation expense

0.02


0.02


0.04


0.07


0.12

Acquisition-related charges

0.01


0.00


0.00


0.01


0.01

Restructuring charges (credit)

0.02


0.00


(0.00)


0.12


0.03

Loss (gain) related to foundry arrangements

0.02


(0.00)


-


0.02


-

Recovery of receivables from foundry suppliers

-


(0.00)


-


(0.00)


-

Credit from reserved grant income

-


-


-


-


(0.02)

Gain on sale of assets

-


-


-


(0.01)


-

Settlement charges

-


-


-


0.05


-

Tax adjustments

0.01


0.01


0.01


(0.02)


0.02

Non-GAAP net income per share  - diluted

$                   0.09


$         0.06


$                   0.10


$                   0.17


$                   0.26











GAAP diluted shares

429,639


430,536


433,295


427,944


438,232

Adjusted dilutive stock awards - non-GAAP

9,207


9,131


11,034


11,707


11,840

Non-GAAP diluted shares

438,846


439,667


444,329


439,651


450,072


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