Investor Contact: Media Contact:
Robert Pursel Barrett Golden / Sharon Stern
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, December 31,
2009 2008
---- ----
Current assets
Cash and cash equivalents $380,871 $408,926
Short-term investments 38,482 31,707
Accounts receivable, net 170,005 184,698
Inventories 217,936 324,016
Current assets held for sale 126,304 -
Prepaids and other current assets 39,093 77,542
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Total current assets 972,691 1,026,889
Fixed assets, net 167,689 383,107
Goodwill 57,456 51,010
Intangible assets, net 32,323 34,121
Non-current assets held for sale 193,564 -
Other assets 27,921 35,527
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Total assets $1,451,644 $1,530,654
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Current liabilities
Current portion of long-term debt $107,195 $131,132
Trade accounts payable 71,748 116,392
Accrued and other liabilities 133,156 207,017
Current liabilities held for sale 57,699 -
Deferred income on shipments to
distributors 30,391 41,512
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Total current liabilities 400,189 496,053
Long-term debt less current portion 11,520 13,909
Long-term liabilities held for sale 7,815 -
Other long-term liabilities 203,539 218,608
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Total liabilities 623,063 728,570
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Stockholders' equity 828,581 802,084
------- -------
Total liabilities and
stockholders' equity $1,451,644 $1,530,654
========== ==========
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,
2009 2009 2008 2009 2008
---- ---- ---- ---- ----
Net revenues $284,542 $271,493 $420,908 $556,035 $832,145
Operating expenses
Cost of revenues 192,718 176,088 267,382 368,806 532,565
Research and
development 52,186 52,557 68,218 104,743 134,595
Selling, general and
administrative 50,882 54,918 68,573 105,800 132,135
Acquisition-related
charges 3,642 5,499 6,709 9,141 10,420
Charges for grant
repayments 249 765 292 1,014 173
Restructuring charges 2,470 2,352 8,676 4,822 36,584
(Gain) loss on sale of
assets - (164) 810 (164) (29,948)
--- ----- --- ----- --------
Total operating
expenses 302,147 292,015 420,660 594,162 816,524
------- ------- ------- ------- -------
(Loss) income from
operations (17,605) (20,522) 248 (38,127) 15,621
-------- -------- --- -------- ------
Interest and other
expense, net (4,539) (3,545) (859) (8,084) (6,246)
------- ------- ----- ------- -------
(Loss) income before
income taxes (22,144) (24,067) (611) (46,211) 9,375
Income tax benefit
(provision) 9,737 27,693 (4,296) 37,430 (7,494)
----- ------ ------- ------ -------
Net (loss) income $(12,407) $3,626 $(4,907) $(8,781) $1,881
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Basic net (loss)
income per share:
Net (loss) income $(0.03) $0.01 $(0.01) $(0.02) $0.00
====== ===== ====== ====== =====
Weighted-average
shares used in basic
net (loss) income per
share calculations 450,891 449,685 445,793 450,291 445,225
======= ======= ======= ======= =======
Diluted net (loss)
income per share:
Net (loss) income $(0.03) $0.01 $(0.01) $(0.02) $0.00
====== ===== ====== ====== =====
Weighted-average
shares used in
diluted net (loss)
income per share
calculations 450,891 456,431 445,793 450,291 450,337
======= ======= ======= ======= =======
