Atmel Reports Second Quarter 2015 Financial Results

 

ATMEL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)










June 30,


December 31, 


2015


2014





Current assets




Cash and cash equivalents

$          196,359


$          206,937

Accounts receivable, net

206,070


222,021

Inventories

275,268


278,242

Prepaids and other current assets

78,225


89,101

Total current assets

755,922


796,301

Fixed assets, net

154,943


158,281

Goodwill

191,451


191,088

Intangible assets, net

44,019


50,286

Other assets

164,939


166,348

Total assets

$       1,311,274


$       1,362,304





Current liabilities




Trade accounts payable

$             76,928


$             97,467

Accrued and other liabilities

128,373


147,109

Deferred income on shipments to distributors

53,324


49,059

Total current liabilities

258,625


293,635

Other long-term liabilities

185,931


198,670

Total liabilities

444,556


492,305





Stockholders' equity

866,718


869,999

Total liabilities and stockholders' equity

$       1,311,274


$       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


Six Months Ended


June 30,


March 31,


June 30,


June 30,


June 30,


2015


2015


2014


2015


2014

GAAP net revenue

$          306,353


$          318,288


$          355,534


$          624,641


$          692,895

Revenue from the XSense business

(58)


(1,371)


-


(1,429)


-

Non-GAAP net revenue

$          306,295


$          316,917


$          355,534


$          623,212


$          692,895











GAAP gross margin

$          141,314


$          147,297


$          161,238


$          288,611


$          301,228

Loss from manufacturing facility damage and shutdown

-


-


-


-


7,056

Loss (gain) related to foundry arrangements

765


1,192


(2,071)


1,957


(2,129)

Share-based compensation expense

1,682


1,115


1,971


2,797


3,287

Gross margin from the XSense business

115


1,138


-


1,253


-

Non-GAAP gross margin

$          143,876


$          150,742


$          161,138


$          294,618


$          309,442











GAAP research and development expense

$             59,998


$             59,129


$             70,082


$          119,127


$          139,834

Share-based compensation expense

(3,573)


(3,578)


(4,383)


(7,151)


(9,112)

French building underutilization and other (credits)

(376)


296


(651)


(80)


(1,612)

Research and development expense from the XSense business

(156)


(1,457)


-


(1,613)


-

Non-GAAP research and development expense

$             55,893


$             54,390


$             65,048


$          110,283


$          129,110











GAAP selling, general and administrative expense

$             59,922


$             62,073


$             64,783


$          121,995


$          128,862

Share-based compensation expense

(7,282)


(8,994)


(8,924)


(16,276)


(18,496)

French building underutilization and other (credits)

(126)


(8)


(515)


(134)


(850)

Selling, general and administrative expense from the XSense business

37


64


-


101


-

Non-GAAP selling, general and administrative expense

$             52,551


$             53,135


$             55,344


$          105,686


$          109,516











GAAP income from operations

$             14,758


$             20,545


$             26,459


$             35,303


$             31,214

Share-based compensation expense

12,537


13,687


15,278


26,224


30,895

Loss from manufacturing facility damage and shutdown

-


-


-


-


7,056

Acquisition-related charges

3,807


4,403


1,497


8,210


3,125

French building underutilization and other (credits)

502


(288)


1,166


214


2,462

Restructuring charges (credits) 

4,882


1,147


(1,583)


6,029


(1,807)

Loss (gain) related to foundry arrangements

765


1,192


(2,071)


1,957


(2,129)

Gain on sale of assets

(2,053)


-


-


(2,053)


-

Operating loss from the XSense business

234


2,531


-


2,765


-

Non-GAAP income from operations

$             35,432


$             43,217


$             40,746


$             78,649


$             70,816











GAAP provision for income taxes

$             (9,693)


$             (7,699)


$             (6,021)


$          (17,392)


$             (8,687)

Non-GAAP tax adjustments

(8,144)


(5,867)


(4,788)


(14,011)


(6,439)

Non-GAAP provision for income taxes

$             (1,549)


$             (1,832)


$             (1,233)


$             (3,381)


$             (2,248)











GAAP net income attributable to Atmel 

$               6,312


$             16,495


$             19,236


$             22,807


$             21,402

Share-based compensation expense

12,537


13,687


15,278


26,224


30,895

Loss from manufacturing facility damage and shutdown

-


-


-


-


7,056

Acquisition-related charges

3,807


4,403


1,497


8,210


3,125

French building underutilization and other (credits)

502


(288)


1,166


214


2,462

Restructuring charges (credits) 

4,882


1,147


(1,583)


6,029


(1,807)

Loss (gain) related to foundry arrangements

765


1,192


(2,071)


1,957


(2,129)

Gain on sale of assets

(2,053)


-


-


(2,053)


-

Gain on sale of investments in privately-held companies

(1,317)


-


-


(1,317)


-

Operating loss from the XSense business

234


2,531


-


2,765


-

Non-GAAP tax adjustments

8,144


5,867


4,788


14,011


6,439

Net (loss) income attributable to noncontrolling interest

(85)


51


-


(34)


-

Consolidated non-GAAP net income

$             33,728


$             45,085


$             38,311


$             78,813


$             67,443











GAAP net income per share - diluted attributable to Atmel 

$                 0.02


$                 0.04


$                 0.05


$                 0.05


$                 0.05

Share-based compensation expense

0.03


0.03


0.03


0.06


0.07

Loss from manufacturing facility damage and shutdown

-


-


-


-


0.02

Acquisition-related charges

0.01


0.01


-


0.02


0.01

French building underutilization and other (credits)

-


-


-


-


-

Restructuring charges (credits) 

0.01


-


-


0.01


-

Loss (gain) related to foundry arrangements

-


-


-


-


-

Gain on sale of assets

(0.01)


-


-


-


-

Gain on sale of investments in privately-held companies

-


-


-


-


-

Operating loss from the XSense business

-


0.01


-


0.01


-

Non-GAAP tax adjustments

0.02


0.02


0.01


0.04


0.01

Net income per share attributable to noncontrolling interest

-


-


-


-


-

Consolidated non-GAAP net income per share  - diluted

$                 0.08


$                 0.11


$                 0.09


$                 0.19


$                 0.16











GAAP diluted shares

419,158


418,462


422,834


418,784


424,876

Adjusted dilutive stock awards - non-GAAP

6,486


7,070


7,212


6,414


7,288

Non-GAAP diluted shares

425,644


425,532


430,046


425,198


432,164


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