Atmel Reports Fourth Quarter and Full Year 2008 Financial Results

Safe Harbor for Forward-Looking Statements

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 future profit growth, our products, shareholder value and future operating and financial performance including first quarter 2009 revenues. 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 ability 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, impact of Microchip's unsolicited acquisition proposal (including that it may seek to elect a slate of seven director representatives at Atmel's 2009 Annual Meeting of Stockholders) and the Company's response thereto, the market price of our common stock, unfavorable results of legal proceedings 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. Atmel assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

 

     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)

                                  December 31,   September 30, December 31,
                                      2008            2008         2007
    Current assets
    Cash and cash equivalents      $408,926        $394,231      $374,130
    Short-term investments           31,707          26,702        55,817
    Accounts receivable, net        184,698         220,978       209,189
    Inventories                     324,016         315,358       357,301
    Current assets held for sale          -          10,537             -
    Prepaids and other
     current assets                  77,542          83,736        88,781
    Total current assets          1,026,889       1,051,542     1,085,218
    Fixed assets, net               383,107         407,024       579,566
    Goodwill                         51,010          58,005             -
    Intangible assets, net           34,121          40,535        19,552
    Non-current assets held
     for sale                             -           2,357             -
    Other assets                     35,527          35,184        18,417
    Total assets                 $1,530,654      $1,594,647    $1,702,753

    Current liabilities
    Current portion of
     long-term debt                $131,132        $131,383      $142,471
    Trade accounts payable          116,392         109,976       191,856
    Accrued and other liabilities   207,017         221,382       266,987
    Liabilities held for sale             -           5,368             -
    Deferred margin on shipments
     to distributors                 41,512          39,237        19,708
    Total current liabilities       496,053         507,346       621,022
    Long-term debt less
     current portion                 13,909          15,304        20,408
    Long-term liabilities held
     for sale                             -              23,986                          -
        Other  long-term  liabilities          218,608                  207,267              237,844
        Total  liabilities                              728,570                  753,903              879,274

        Stockholders'  equity                        802,084                  840,744              823,479
        Total  liabilities  and
          stockholders'  equity                $1,530,654            $1,594,647        $1,702,753



                                                                Atmel  Corporation
                                  Condensed  Consolidated  Statements  of  Operations
                                            (In  thousands,  except  per  share  data)
                                                                      (Unaudited)

                                                          Three  Months  Ended                  Twelve  Months  Ended
                                            December      September      December    December      December
                                                  31,                30,                  31,              31,                31,
                                                2008              2008                2007            2008              2007

        Net  revenues          $334,610        $400,008      $425,580  $1,566,763  $1,639,237

        Operating
          expenses
        Cost  of
          revenues                  201,659          241,999        275,962        976,223    1,059,006
        Research  and
          development              61,859            63,856          71,867        260,310        272,041
        Selling,  general
          and
          administrative        77,163            63,898          58,353        273,196        242,811
        Acquisition-
          related  charges        6,504              6,690                    -          23,614                    -
        Charges  for
          grant  repayments          254                  291                275                718            1,464
        Restructuring
          charges                        8,115            26,625          12,711          71,324          13,239
        Gain  on  sale
          of  assets                  (2,706)                    -                    -        (32,654)                  -
        Asset  impairment
          charges
          (recovery)                          -              7,969                    -            7,969          (1,057)
        Total  operating
          expenses                  352,848          411,328        419,168    1,580,700    1,587,504
        (Loss)  income
          from
          operations              (18,238)        (11,320)          6,412        (13,937)        51,733
        Interest  and
          other  (expense)
          income,  net              (2,590)            2,530            1,088          (6,306)          3,976
        (Loss)  income
          before  income
          taxes                        (20,828)          (8,790)          7,500        (20,243)        55,709
        Income  tax
          (provision)
          benefit                      (3,524)            4,052          (5,786)        (6,966)        (7,824)
        Net  (loss)
          income                    $(24,352)        $(4,738)        $1,714      $(27,209)      $47,885

        Basic  net
          (loss)
          income  per
          share:
        Net  (loss)
          income                        $(0.05)          $(0.01)          $0.00          $(0.06)          $0.10
        Weighted-
          average  shares
          used  in  basic
          net  (loss)
          income  per
          share
          calculations          448,524          447,013        446,003        4  46,504        477,213
        Diluted  net
          (loss)  income
          per  share:
        Net  (loss)
          income                        $(0.05)          $(0.01)          $0.00          $(0.06)          $0.10
        Weighted-average
          shares  used  in
          diluted  net
          (loss)  income
          per  share
          calculations          448,524          447,013        449,136        446,504        481,737



                                                                Atmel  Corporation
                  Reconciliation  of  GAAP  Net  (Loss)  Income  to  Non-GAAP  Net  Income
                                            (In  thousands,  except  per  share  data)
                                                                      (Unaudited)

                                                          Three  Months  Ended                Twelve  Months  Ended
                                            December      September      December    December      December
                                                  31,                  30,                31,              31,                  31,
                                                2008                2008              2007            2008                2007



        GAAP  net  (loss)
          income                      $(24,352)        $(4,738)      $1,714        $(27,209)      $47,885

        Special  items:
        Stock-based
          compensation
          expense                          9,050              7,426          5,146            29,136          16,652
        Acquisition-
          related
          charges                          6,504              6,690                  -            23,614                    -
        Charges  for
          grant
          repayments                        254                  291              275                  718            1,464
        Restructuring
          charges                          8,115            26,625        12,711            71,324          13,239
        Gain  on  sale
          of  assets                  (2,706)                      -                  -          (32,654)                  -
        Asset  impairment
          charges
          (recovery)                            -              7,969                  -              7,969          (1,057)
        Pension  benefit
          related  to
          fab  sale                      (4,267)                    -                  -            (4,267)                  -
        Distributor  bad
          debt  expense              11,717                      -                  -            11,717                    -
        Unsolicited  M&A
          expense                          1,244                      -                  -              1,244                    -
        Income  tax  effect
          of  non-GAAP
          items                                (784)          (1,653)            (43)          (3,595)            (343)
        Total  special
          items                            29,127            47,348        18,089          105,206          29,955
        Non-GAAP  net
          income                          $4,775          $42,610      $19,803          $77,997        $77,840

        Diluted  non-GAAP
          net  income
          per  share:
        Net  income                      $0.01              $0.09          $0.04              $0.17            $0.16
        Non-GAAP
          weighted-average
          shares  used  in
          diluted  non-GAAP
          net  income  per
          share
          calculations            466,901          462,277      452,243          460,804        482,998

        Reconciliation  of
          GAAP  to  non-GAAP
          shares  used  in
          diluted  income
          per  share
          calculations:                    Three  Months  Ended                  Twelve  Months  Ended
                                            December      September      December    December      December
                                                  31,                  30,                31,              31,                31,
                                                2008                2008              2007            2008              2007
        Diluted  weighted-
          average  shares
          used  in  per
          share  calculations
          -  GAAP                        448,524          447,013      449,136          446,504        481,737
        Dilutive  stock
          awards                          18,377            15,264          3,107            14,300            1,261
        Diluted  weighted-
          average  shares
          used  in  per
          share  calculations
          -  non-GAAP                466,901          462,277      452,243          460,804        482,998


 




Review Article Be the first to review this article

Featured Video
Jobs
GIS Analyst II for Air Worldwide at Boston, MA
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Mechanical Engineer for IDEX Corporation at West Jordan,, UT
Senior Structural Engineer for Design Everest at San Francisco, CA
Upcoming Events
SPTechCon 2016, Dec 5 - 8, 2016, San Francisco, CA at San Francisco CA - Dec 5 - 8, 2016
RoboUniverse San Diego at San Diego CA - Dec 14 - 15, 2016
DGI 2017 at QEII Centre London United Kingdom - Jan 23 - 25, 2017
Trimble
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy