Atmel Reports Second Quarter 2012 Financial Results

Investor Contact:
Peter Schuman
Director, Investor Relations
(408) 437-2026

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,


2012


2012


2011


2012


2011





















Net revenue

$         368,200


$         357,837


$          478,642


$          726,037


$          940,069











Operating expenses










Cost of revenue

206,313


205,470


230,842


411,783


456,884

Research and development

66,392


66,289


65,441


132,681


127,824

Selling, general and administrative

70,990


69,855


70,340


140,845


141,126

Acquisition-related charges

1,956


1,956


1,019


3,912


2,050

Restructuring charges

14,354


-


-


14,354


21,210

Credit from reserved grant income

-


(10,689)


-


(10,689)


-

Gain on sale of assets

-


-


-


-


(1,882)

Total operating expenses

360,005


332,881


367,642


692,886


747,212

Income from operations

8,195


24,956


111,000


33,151


192,857











Interest and other (expense) income, net

(3,716)


(224)


(1,309)


(3,940)


1,182

Income before income taxes

4,479


24,732


109,691


29,211


194,039

Provision for income taxes

(3,725)


(4,345)


(18,821)


(8,070)


(28,616)

Net income 

$                754


$          20,387


$           90,870


$           21,141


$          165,423











Basic net income per share:










Net income 

$               0.00


$              0.05


$               0.20


$               0.05


$               0.36

Weighted-average shares used in basic net income per share calculations

433,616


440,265


456,753


436,941


456,622

Diluted net income per share:










Net income 

$               0.00


$              0.05


$               0.19


$               0.05


$               0.35

Weighted-average shares used in diluted net income per share calculations

436,851


444,927


469,882


440,919


470,141

 



Atmel Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)






June 30,


December 31,


2012


2011

Current assets




Cash and cash equivalents

$         240,908


$         329,431

Short-term investments

4,743


3,079

Accounts receivable, net

239,842


212,929

Inventories

349,040


377,433

Prepaids and other current assets

96,271


116,929

Total current assets

930,804


1,039,801

Fixed assets, net

242,935


257,070

Goodwill 

66,372


67,662

Intangible assets, net

16,053


20,594

Other assets

140,162


141,471

Total assets

$      1,396,326


$       1,526,598





Current liabilities




Trade accounts payable 

85,695


76,445

Accrued and other liabilities

187,092


207,118

Deferred income on shipments to distributors

36,514


47,620

Total current liabilities

309,301


331,183

Other long-term liabilities

93,788


112,971

Total liabilities

403,089


444,154





Stockholders' equity

993,237


1,082,444

Total liabilities and stockholders' equity

$      1,396,326


$       1,526,598



ATMEL CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except per-share data)

(Unaudited)












Three Months Ended 


Six Months Ended


June 30,


March 31,


June 30,


June 30,


June 30,


2012


2012


2011


2012


2011











GAAP gross margin

$         161,887


$         152,367


$         247,800


$         314,254


$         483,185

Stock-based compensation expense

2,314


2,255


2,347


4,569


4,640

Non-GAAP gross margin

$         164,201


$         154,622


$         250,147


$         318,823


$         487,825











GAAP research and development expense

$           66,392


$           66,289


$           65,441


$         132,681


$         127,824

Stock-based compensation expense

(5,880)


(6,763)


(4,786)


(12,643)


(10,768)

Non-GAAP research and development expense

$           60,512


$           59,526


$           60,655


$         120,038


$         117,056











GAAP selling, general and administrative expense

$           70,990


$           69,855


$           70,340


$         140,845


$         141,126

Stock-based compensation expense

(10,288)


(10,309)


(7,124)


(20,597)


(17,738)

Non-GAAP selling, general and administrative expense

$           60,702


$           59,546


$           63,216


$         120,248


$         123,388











GAAP income from operations

$            8,195


$           24,956


$         111,000


$           33,151


$         192,857

Stock-based compensation expense

18,482


19,327


14,257


37,809


33,146

Acquisition-related charges 

1,956


1,956


1,019


3,912


2,050

Restructuring charges

14,354


-


-


14,354


21,210

Credit from reserved grant income

-


(10,689)


-


(10,689)


-

Gain on sale of assets

-


-


-


-


(1,882)

Non-GAAP income from operations

$           42,987


$           35,550


$         126,276


$           78,537


$         247,381











GAAP provision for income taxes

$           (3,725)


$            (4,345)


$          (18,821)


$           (8,070)


$          (28,616)

Adjustments for cash tax and other tax settlements

(1,879)


(4,274)


(18,160)


(6,153)


(26,563)

Non-GAAP provision for income taxes

$           (1,846)


$                (71)


$              (661)


$           (1,917)


$           (2,053)











GAAP net income

$               754


$           20,387


$           90,870


$           21,141


$         165,423

Stock-based compensation expense

18,482


19,327


14,257


37,809


33,146

Acquisition-related charges 

1,956


1,956


1,019


3,912


2,050

Restructuring charges

14,354


-


-


14,354


21,210

Credit from reserved grant income

-


(10,689)


-


(10,689)


-

Gain on sale of assets

-


-


-


-


(1,882)

Tax adjustments

1,879


4,274


18,160


6,153


26,563

Non-GAAP net income 

$           37,425


$           35,255


$         124,306


$           72,680


$         246,510











GAAP net income per share - diluted

$              0.00


$              0.05


$              0.19


$              0.05


$              0.35

Stock based compensation expense

0.04


0.04


0.03


0.08


0.07

Acquisition-related charges

0.01


-


-


0.01


-

Restructuring charges

0.03


-


-


0.03


0.04

Credit from reserved grant income

-


(0.02)


-


(0.02)


-

Gain on sale of assets

-


-


-


-


-

Tax adjustments

-


0.01


0.04


0.01


0.06

Non-GAAP net income per share  - diluted

$              0.08


$              0.08


$              0.26


$              0.16


$              0.52











GAAP diluted shares

436,851


444,927


469,882


440,919


470,141

Adjusted dilutive stock awards - non-GAAP

5,102


10,865


8,149


4,696


8,149

Non-GAAP diluted shares

441,953


455,792


478,031


445,615


478,290


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