Information in this release regarding Atmel's forecasts, outlook, expectations and beliefs are forward-looking statements that involve risks and uncertainties. These statements include statements about new product introductions, markets for our products, restructuring initiatives, manufacturing disciplines, strategies and third quarter business outlook. All forward-looking statements included in this release are based upon information available to Atmel as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include general economic conditions, the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new products and technologies, ability to ramp new products into volume production, industry wide shifts in supply and demand for semiconductor products, industry and/or Company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets and the impact of foreign exchange rates, the inability to realize the anticipated benefits of our recent strategic transactions, restructuring plans and other initiatives in a timely manner or at all, unanticipated costs and expenses or the inability to identify expenses which can be eliminated, the market price of our common stock and other risks detailed from time to time in Atmel's SEC reports and filings, including our Form 10-K for the year ended December 31, 2007, filed on February 29, 2008, and our subsequent Form 10-Q reports.
Investor Contact: Media Contact:
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Director of Investor Relations Joele Frank, Wilkinson Brimmer Katcher
408-487-2677 212-355-4449
Atmel Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
June 30, March 31, December 31,
2008 2008 2007
Current assets
Cash and cash equivalents $354,003 $308,365 $374,130
Short-term investments 21,786 28,455 55,817
Accounts receivable, net 220,956 223,615 209,189
Inventories 336,415 348,603 357,301
Assets held for sale - 47,414 -
Prepaids and other current assets 94,215 99,665 88,781
Total current assets 1,027,375 1,056,117 1,085,218
Fixed assets, net 471,569 499,717 579,566
Goodwill and intangible assets, net 109,395 112,623 19,552
Other assets 42,118 45,150 18,417
Total assets $1,650,457 $1,713,607 $1,702,753
Current liabilities
Current portion of long-term debt $133,654 $135,558 $142,471
Trade accounts payable 127,596 113,335 191,856
Accrued and other liabilities 227,225 291,885 266,987
Deferred income on shipments to
distributors 19,541 21,334 19,708
Total current liabilities 508,016 562,112 621,022
Long-term debt less current portion 18,641 20,251 20,408
Other long-term liabilities 245,738 253,809 237,844
Total liabilities 772,395 836,172 879,274
Stockholders' equity 878,062 877,435 823,479
Total liabilities and stockholders'
equity $1,650,457 $1,713,607 $1,702,753
Atmel Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2008 2008 2007 2008 2007
Net revenues $420,908 $411,237 $404,247 $832,145 $795,560
Operating expenses
Cost of revenues 267,382 265,183 262,605 532,565 513,981
Research and development 68,218 66,377 69,266 134,595 136,565
Selling, general and
administrative 68,573 63,562 67,881 132,135 125,940
Acquisition-related
charges 6,709 3,711 - 10,420 -
Charges for (credit
from) grant repayments 292 (119) - 173 -
Restructuring charges
(credits) 8,676 27,908 (2,640) 36,584 (858)
Loss (gain) on sale of
assets 810 (30,758) - (29,948) -
Total operating expenses 420,660 395,864 397,112 816,524 775,628
Income from operations 248 15,373 7,135 15,621 19,932
Interest and other
(expense) income, net (859) (5,387) 610 (6,246) 1,589
(Loss) income from
continuing operations
before income taxes (611) 9,986 7,745 9,375 21,521
Provision for income
taxes (4,296) (3,198) (7,067) (7,494) 8,097
Net (loss) income $(4,907) $6,788 $678 $1,881 $29,618
Basic net (loss) income
per share:
Net (loss) income $(0.01) $0.02 $0.00 $0.00 $0.06
Weighted-average shares
used in basic net
(loss) income per share
calculations 445,793 444,670 488,916 445,225 488,879
Diluted net (loss)
income per share:
Net (loss) income $(0.01) $0.02 $0.00 $0.00 $0.06
Weighted-average shares
used in diluted net
(loss) income per share
calculations 445,793 447,643 494,244 450,337 494,285
Atmel Corporation
Reconciliation of GAAP Net (Loss) Income to Non-GAAP Net Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2008 2008 2007 2008 2007
GAAP net (loss) income $(4,907) $6,788 $678 $1,881 $29,618
Special items:
Stock-based
compensation expense 6,353 6,307 3,310 12,660 6,620
Acquisition-related charges 6,709 3,711 - 10,420 -
Charges for (credit from)
grant repayments 292 (119) - 173 -
Restructuring charges
(credits) 8,676 27,908 (2,640) 36,584 (858)
Loss (gain) on sale
of assets 810 (30,758) - (29,948) -
Income tax effect of
non-GAAP items (658) (500) - (1,158) (300)
Total special items 22,182 6,549 670 28,731 5,462
Non-GAAP net income $17,275 $13,337 $1,348 $30,612 $35,080
Diluted non-GAAP net
income per share:
Net income $0.04 $0.03 $0.00 $0.07 $0.07
