Atmel Reports First Quarter 2015 Financial Results

 

ATMEL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)










March 31,


December 31, 


2015


2014





Current assets




Cash and cash equivalents

$     200,847


$          206,937

Accounts receivable, net

196,653


222,021

Inventories

274,192


278,242

Prepaids and other current assets

81,553


89,101

Total current assets

753,245


796,301

Fixed assets, net

154,809


158,281

Goodwill

188,554


191,088

Intangible assets, net

46,900


50,286

Other assets

164,839


166,348

Total assets

$  1,308,347


$       1,362,304





Current liabilities




Trade accounts payable

$        83,538


$             97,467

Accrued and other liabilities

126,736


147,109

Deferred income on shipments to distributors

47,913


49,059

Total current liabilities

258,187


293,635

Other long-term liabilities

186,364


198,670

Total liabilities

444,551


492,305





Stockholders' equity

863,796


869,999

Total liabilities and stockholders' equity

$  1,308,347


$       1,362,304

 

ATMEL CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(Unaudited)




















Three Months Ended


March 31,


December 31, 


March 31,


2015


2014


2014

GAAP net revenue

$        318,288


$                    345,954


$        337,361

Revenue from XSense business

(1,371)


-


-

Non-GAAP net revenue

$        316,917


$                    345,954


$        337,361







GAAP gross margin

$        147,297


$                    140,559


$        139,990

Loss from manufacturing facility damage and shutdown

-


-


7,056

Loss (gain) related to foundry arrangements

1,192


-


(58)

Impairment of XSense assets

-


26,624


-

Fair value adjustments to inventory from businesses acquired

-


774


-

Share-based compensation expense

1,115


1,463


1,316

Gross margin from XSense business

1,138


-


-

Non-GAAP gross margin

$        150,742


$                    169,420


$        148,304







GAAP research and development expense

$          59,129


$                      64,817


$          69,752

Share-based compensation expense

(3,578)


(3,825)


(4,729)

French building underutilization and other (credits)

296


317


(961)

Research and development expense from XSense business

(1,457)


-


-

Non-GAAP research and development expense

$          54,390


$                      61,309


$          64,062







GAAP selling, general and administrative expense

$          62,073


$                      67,845


$          64,079

Share-based compensation expense

(8,994)


(8,578)


(9,572)

French building underutilization and other (credits)

(8)


9


(335)

Selling, general and administrative expense from XSense business

64


-


-

Non-GAAP selling, general and administrative expense

$          53,135


$                      59,276


$          54,172







GAAP income (loss) from operations

$          20,545


$                      (5,583)


$            4,755

Share-based compensation expense

13,687


13,866


15,617

Loss from manufacturing facility damage and shutdown

-


-


7,056

Acquisition-related charges

4,403


3,480


1,628

French building underutilization and other (credits)

(288)


(326)


1,296

Restructuring charges (credits) 

1,147


14,849


(224)

Loss (gain) related to foundry arrangements

1,192


-


(58)

Fair value adjustments to inventory from businesses acquired

-


774


-

Recovery of receivables from foundry suppliers

-


(485)


-

Gain on sale of assets

-


(4,364)


-

Impairment of XSense assets

-


26,624


-

Operating loss from the XSense business

2,531


-


-

Non-GAAP income from operations

$          43,217


$                      48,835


$          30,070







GAAP provision for income taxes

$          (7,699)


$                      (1,712)


$          (2,666)

Adjustments for cash tax and other tax settlements

(5,867)


517


(1,651)

Non-GAAP provision for income taxes

$          (1,832)


$                      (2,229)


$          (1,015)







GAAP net income (loss) attributable to Atmel Corporation

$          16,495


$                      (6,457)


$            2,166

Share-based compensation expense

13,687


13,866


15,617

Loss from manufacturing facility damage and shutdown

-


-


7,056

Acquisition-related charges

4,403


3,480


1,628

French building underutilization and other (credits)

(288)


(326)


1,296

Restructuring charges (credits) 

1,147


14,849


(224)

Loss (gain) related to foundry arrangements

1,192


-


(58)

Fair value adjustments to inventory from businesses acquired

-


774


-

Recovery of receivables from foundry suppliers

-


(485)


-

Gain on sale of assets

-


(4,364)


-

Impairment of XSense assets

-


26,624


-

Interest income from sale of assets

-


(1,295)


-

Operating loss from the XSense business

2,531


-


-

Tax adjustments

5,867


(517)


1,651

Net income attributable to noncontrolling interest

51


3,013


-

Consolidated non-GAAP net income

$          45,085


$                      49,162


$          29,132







GAAP net (loss) income per share - diluted attributable to Atmel Corporation

$               0.04


$                         (0.02)


$               0.01

Share-based compensation expense

0.03


0.03


0.04

Loss from manufacturing facility damage and shutdown

-


-


0.02

Acquisition-related charges

0.01


0.01


-

French building underutilization and other (credits)

-


-


-

Restructuring charges (credits) 

-


0.03


-

Loss (gain) related to foundry arrangements

-


-


-

Fair value adjustments to inventory from businesses acquired

-


-


-

Recovery of receivables from foundry suppliers

-


-


-

Gain on sale of assets

-


(0.01)


-

Impairment of XSense assets

-


0.07


-

Interest income from sale of assets

-


-


-

Operating loss from the XSense business

0.01


-


-

Tax adjustments

0.02


-


-

Net income per share attributable to noncontrolling interest

-


0.01


-

Consolidated non-GAAP net income per share  - diluted

$               0.11


$                           0.12


$               0.07







GAAP diluted shares

418,462


417,797


427,276

Adjusted dilutive stock awards - non-GAAP

7,070


9,482


8,501

Non-GAAP diluted shares

425,532


427,279


435,777


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