Atmel Reports Second Quarter 2013 Financial Results

 

ATMEL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)










June 30,


December 31, 


2013


2012





Current assets




Cash and cash equivalents

$     224,001


$          293,370

Short-term investments

2,591


2,687

Accounts receivable, net

206,072


188,488

Inventories

323,762


348,273

Prepaids and other current assets

114,530


125,019

Total current assets

870,956


957,837

Fixed assets, net

197,242


221,044

Goodwill

104,501


104,430

Intangible assets, net

31,566


27,257

Other assets

168,712


122,965

Total assets

$  1,372,977


$       1,433,533





Current liabilities




Trade accounts payable

83,109


103,980

Accrued and other liabilities

190,176


203,510

Deferred income on shipments to distributors

41,350


29,226

Total current liabilities

314,635


336,716

Other long-term liabilities

111,800


100,179

Total liabilities

426,435


436,895





Stockholders' equity

946,542


996,638

Total liabilities and stockholders' equity

$  1,372,977


$       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


Six Months Ended


June 30, 


March 31, 


June 30, 


June 30, 


June 30, 


2013


2013


2012


2013


2012











GAAP gross margin

$  147,925


$  131,305


$  161,887


$  279,230


$  314,254

Gain related to foundry arrangements

(1,514)


-


-


(1,514)


-

Share-based compensation expense

1,609


1,844


2,314


3,453


4,569

Non-GAAP gross margin

$  148,020


$  133,149


$  164,201


$  281,169


$  318,823











GAAP research and development expense

$    67,362


$    68,308


$    66,392


$  135,670


$  132,681

Share-based compensation expense

(3,016)


(4,608)


(5,880)


(7,624)


(12,643)

Non-GAAP research and development expense

$    64,346


$    63,700


$    60,512


$  128,046


$  120,038











GAAP selling, general and administrative expense

$    58,912


$    63,577


$    70,990


$  122,489


$  140,845

Share-based compensation expense

(2,855)


(8,310)


(10,288)


(11,165)


(20,597)

Non-GAAP selling, general and administrative expense

$    56,057


$    55,267


$    60,702


$  111,324


$  120,248











GAAP income (loss) from operations

$    19,393


$  (62,380)


$      8,195


$  (42,987)


$    33,151

Share-based compensation expense

7,480


14,762


18,482


22,242


37,809

Acquisition-related charges

1,759


2,255


1,956


4,014


3,912

Restructuring charges

582


42,814


14,354


43,396


14,354

Gain related to foundry arrangements

(1,514)


-


-


(1,514)


-

Recovery of receivables from foundry suppliers

(83)


(439)


-


(522)


-

Credit from reserved grant income

-


-


-


-


(10,689)

Gain on sale of assets

-


(4,430)


-


(4,430)


-

Settlement charges

-


21,600


-


21,600


-

Non-GAAP income from operations

$    27,617


$    14,182


$    42,987


$    41,799


$    78,537











GAAP (provision for) benefit from income taxes

$    (5,679)


$    14,361


$    (3,725)


$      8,682


$    (8,070)

Adjustments for cash tax and other tax settlements

(4,057)


15,335


(1,879)


11,278


(6,153)

Non-GAAP provision for income taxes

$    (1,622)


$        (974)


$    (1,846)


$    (2,596)


$    (1,917)











GAAP net income (loss) 

$    12,976


$  (47,667)


$          754


$  (34,691)


$    21,141

Share-based compensation expense

7,480


14,762


18,482


22,242


37,809

Acquisition-related charges

1,759


2,255


1,956


4,014


3,912

Restructuring charges

582


42,814


14,354


43,396


14,354

Gain related to foundry arrangements

(1,514)


-


-


(1,514)


-

Recovery of receivables from foundry suppliers

(83)


(439)


-


(522)


-

Credit from reserved grant income

-


-


-


-


(10,689)

Gain on sale of assets

-


(4,430)


-


(4,430)


-

Settlement charges

-


21,600


-


21,600


-

Tax adjustments

4,057


(15,335)


1,879


(11,278)


6,153

Non-GAAP net income

$    25,257


$    13,560


$    37,425


$    38,817


$    72,680











GAAP net income (loss) per share - diluted

$         0.03


$      (0.11)


$         0.00


$      (0.08)


$         0.05

Share-based compensation expense

0.02


0.03


0.04


0.05


0.08

Acquisition-related charges

0.00


0.01


0.01


0.01


0.01

Restructuring charges

0.00


0.10


0.03


0.10


0.03

Gain related to foundry arrangements

(0.00)


-


-


(0.00)


-

Recovery of receivables from foundry suppliers

(0.00)


(0.00)


-


(0.00)


-

Credit from reserved grant income

-


-


-


-


(0.02)

Gain on sale of assets

-


(0.01)


-


(0.01)


-

Settlement charges

-


0.05


-


0.05


-

Tax adjustments

0.01


(0.04)


0.00


(0.03)


0.01

Non-GAAP net income per share  - diluted

$         0.06


$         0.03


$         0.08


$         0.09


$         0.16











GAAP diluted shares

430,536


428,999


436,851


428,617


440,919

Adjusted dilutive stock awards - non-GAAP

9,131


13,768


5,102


11,355


4,696

Non-GAAP diluted shares

439,667


442,767


441,953


439,972


445,615


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