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Robert Pursel Barrett Golden / Sharon Stern
Director of Investor Relations Joele Frank, Wilkinson Brimmer Katcher
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Atmel Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31, December 31,
2009 2008
---- ----
Current assets
Cash and cash equivalents $384,989 $408,926
Short-term investments 31,897 31,707
Restricted cash 17,272 -
Accounts receivable, net 172,943 184,698
Inventories 244,870 324,016
Current assets held for sale 115,879 -
Prepaid and other current assets 47,333 77,542
------ ------
Total current assets 1,015,183 1,026,889
Fixed assets, net 175,096 383,107
Goodwill 50,039 51,010
Intangible assets, net 32,362 34,121
Non-current assets held for sale 181,833 -
Other assets 36,419 35,527
------ ------
Total assets $1,490,932 $1,530,654
========== ==========
Current liabilities
Current portion of long-term debt $127,221 $131,132
Trade accounts payable 82,933 116,392
Accrued and other liabilities 138,288 207,017
Current liabilities held for sale 64,537 -
Deferred income on shipments to
distributors 39,675 41,512
------ ------
Total current liabilities 452,654 496,053
Long-term debt less current portion 11,999 13,909
Long-term liabilities held for sale 12,138 -
Other long-term liabilities 209,031 218,608
------- -------
Total liabilities 685,822 728,570
------- -------
Stockholders' equity 805,110 802,084
------- -------
Total liabilities and stockholders'
equity $1,490,932 $1,530,654
========== ==========
Atmel Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
-------------------
March 31, December 31, March 31,
2009 2008 2008
---- ---- ----
Net revenues $271,493 $334,610 $411,237
Operating expenses
Cost of revenues 176,088 201,659 265,183
Research and development 52,557 61,859 66,377
Selling, general and
administrative 54,918 77,163 63,562
Acquisition-related charges 5,499 6,504 3,711
Charges for (credit) from
grant repayments 765 254 (119)
Restructuring charges 2,352 8,115 27,908
Gain on sale of assets (164) (2,706) (30,758)
---- ------ -------
Total operating expenses 292,015 352,848 395,864
------- ------- -------
(Loss) income from operations (20,522) (18,238) 15,373
------- ------- ------
Interest and other expense, net (3,545) (2,590) (5,387)
------ ------ ------
(Loss) income before
income taxes (24,067) (20,828) 9,986
Income tax benefit (provision) 27,693 (3,524) (3,198)
------ ------ ------
Net income (loss) $3,626 $(24,352) $6,788
====== ========= ======
Basic net income (loss) per share:
Net income (loss) $0.01 $(0.05) $0.02
===== ====== =====
Weighted-average shares used in
basic net income (loss) per
share calculations 449,685 448,524 444,670
======= ======= =======
Diluted net income (loss) per
share:
Net income (loss) $0.01 $(0.05) $0.02
===== ====== =====
Weighted-average shares used in
diluted net income (loss) per
share calculations 456,431 448,524 447,643
======= ======= =======
Atmel Corporation
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended
-------------------
March 31, December 31, March 31,
2009 2008 2008
---- ---- ----
GAAP net income (loss) $3,626 (24,352) 6,788
Special items:
Stock-based compensation
expense 5,382 9,050 6,307
Acquisition-related charges 5,499 6,504 3,711
Charges for (credit) from
grant repayments 765 254 (119)
Restructuring charges 2,352 8,115 27,908
Gain on sale of assets (164) (2,706) (30,758)
Pension benefit related
to fab sale - (4,267) -
Distributor bad debt
expense (recovery) (2,000) 11,717 -
Unsolicited M&A expense 4,934 1,244 -
Income tax effect of
non-GAAP items (322) (784) (500)
---- ---- ----
Total special items 16,446 29,127 6,549
------ ------ -----
Non-GAAP net income $20,072 $4,775 $13,337
------- ------ -------
Diluted non-GAAP net
income per share:
Net income $0.04 $0.01 $0.03
===== ===== =====
Non-GAAP weighted-
average shares used in
diluted non-GAAP net
income per share
calculations 467,126 466,901 453,100
======= ======= =======
Reconciliation of GAAP
to non-GAAP shares
used in diluted
income per share
calculations: Three Months Ended
-------------------
March 31, December 31, March 31,
2009 2008 2008
---- ---- ----
Diluted weighted-average
shares used in per share
calculations - GAAP 456,431 448,524 447,643
Dilutive stock awards 10,695 18,377 5,457
------ ------ -----
Diluted weighted-average
shares used in per share
calculations - non-GAAP 467,126 466,901 453,100
======= ======= =======
