Atmel Reports Fourth Quarter and Full Year 2012 Financial Results

 

ATMEL CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(Unaudited)



















Three Months Ended 


Twelve Months Ended



December 31,

September 30,

December 31,


December 31,

December 31,



2012

2012

2011


2012

2011









GAAP gross margin


$       131,539

$        155,526

$       184,657


$       601,319

$       908,233

Loss related to foundry arrangement 


10,628

-

-


10,628

-

Stock-based compensation expense


1,329

2,154

2,057


8,052

7,840

Non-GAAP gross margin


$       143,496

$        157,680

$       186,714


$       619,999

$       916,073









GAAP research and development expense


$         58,872

$          59,966

$         63,669


$       251,519

$       255,653

Stock-based compensation expense


(5,257)

(4,925)

(6,591)


(22,825)

(22,916)

Non-GAAP research and development expense


$         53,615

$          55,041

$         57,078


$       228,694

$       232,737









GAAP selling, general and administrative expense


$         66,376

$          68,036

$         70,817


$       275,257

$       280,410

Stock-based compensation expense


(9,818)

(11,150)

(9,873)


(41,565)

(37,369)

Non-GAAP selling, general and administrative expense

$         56,558

$          56,886

$         60,944


$       233,692

$       243,041









GAAP (loss) income from operations


$        (13,186)

$          27,398

$         48,978


$         47,363

$       382,008

Stock-based compensation expense


16,404

18,229

18,521


72,442

68,125

Acquisition-related charges 


1,946

1,530

2,339


7,388

5,408

Restructuring charges (credit)


11,036

(1,404)

(1,146)


23,986

20,064

Loss related to foundry arrangement 


10,628

-

-


10,628

-

Impairment of receivables from foundry supplier


6,495

-

-


6,495

-

Credit from reserved grant income


-

-

-


(10,689)

-

Gain on sale of assets


-

-

-


-

(35,310)

Non-GAAP income from operations


$         33,323

$          45,753

$         68,692


$       157,613

$       440,295









GAAP benefit from (provision for) income taxes


$          2,192

$           (5,915)

$        (14,381)


$        (11,793)

$        (66,200)

Adjustments for cash tax and other tax settlements


4,790

(3,047)

(14,916)


(4,410)

(64,682)

Non-GAAP (provision for) benefit from income taxes


$         (2,598)

$           (2,868)

$             535


$         (7,383)

$         (1,518)









GAAP net (loss) income


$        (12,332)

$          21,636

$         32,861


$         30,445

$       314,990

Stock-based compensation expense


16,404

18,229

18,521


72,442

68,125

Acquisition-related charges 


1,946

1,530

2,339


7,388

5,408

Restructuring charges (credit)


11,036

(1,404)

(1,146)


23,986

20,064

Loss related to foundry arrangement 


10,628

-

-


10,628

-

Impairment of receivables from foundry supplier


6,495

-

-


6,495

-

Credit from reserved grant income


-

-

-


(10,689)

-

Gain on sale of assets


-

-

-


-

(35,310)

Tax adjustments


(4,790)

3,047

14,916


4,410

64,682

Non-GAAP net income 


$         29,387

$          43,038

$         67,491


$       145,105

$       437,959









GAAP net (loss) income per share - diluted


(0.03)

$             0.05

$            0.07


$            0.07

$            0.68

Stock based compensation expense


0.04

0.04

0.04


0.16

0.14

Acquisition-related charges


0.01

-

-


0.02

-

Restructuring charges (credit)


0.02

-

-


0.05

0.04

Loss related to foundry arrangement 


0.02

-

-


0.02

-

Impairment of receivables from foundry supplier


0.01

-

-


0.01

-

Credit from reserved grant income


-

-

-


(0.02)

-

Gain on sale of assets


-

-

-


-

(0.07)

Tax adjustments


-

0.01

0.03


0.01

0.13

Non-GAAP net income per share  - diluted


0.07

$             0.10

$            0.14


$            0.32

$            0.92









GAAP diluted shares


429,312

433,295

456,514


437,582

462,673

Adjusted dilutive stock awards - non-GAAP


14,669

11,034

14,524


9,764

11,046

Non-GAAP diluted shares


443,981

444,329

471,038


447,346

473,719


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