Safe Harbor for Forward-Looking Statements
Information in this release regarding Atmel's forecasts, business outlook, expectations, new product launches, and beliefs are forward-looking statements that involve risks and uncertainties. These statements may include comments about our future operating and financial performance, including our outlook for 2013 and beyond, our expectations regarding market share and product revenue growth, and Atmel's strategies. 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. 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, without limitation, general global macroeconomic conditions (especially in Europe and Asia); the cyclical nature of the semiconductor industry; the inability to realize the anticipated benefits of transactions related to acquisitions, restructuring activities or other initiatives in a timely manner or at all; the impact of competitive products and pricing; disruption to our business caused by our increased dependence on outside foundries; and the financial instability of those foundries in some cases; industry and/or company overcapacity or undercapacity, including capacity constraints of our independent assembly contractors; the success of our customers' end products and timely design acceptance by our customers; timely introduction of new products and technologies (including, for example, our XSense and new maXTouch products) and implementation of new manufacturing technologies; our ability to ramp new products into volume production; our reliance on non-binding customer forecasts and the absence of long-term supply contracts with most of our customers; financial stability in foreign markets and the impact or volatility of foreign exchange rates; unanticipated changes in environmental, health and safety regulations; our dependence on selling through independent distributors; the complexity of our revenue recognition policies; information technology system failures; business interruptions, natural disasters and terrorist acts; unanticipated costs and expenses or the inability to identify expenses which can be eliminated; the market price or volatility of our common stock; disruptions in the availability of raw materials; compliance with U.S. and international laws and regulations by us and our distributors; our dependence on key personnel; our ability to protect our intellectual property rights; litigation (including intellectual property litigation in which we may be involved or in which our customers may be involved, especially in the mobile device sector), and the possible 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, 2012, filed on February 26, 2013. Atmel assumes no obligation and does not intend to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Peter Schuman
Senior Director, Investor Relations
(408) 437-2026
ATMEL CORPORATION | |||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||
(In thousands, except per share data) | |||||||||||
(Unaudited) | |||||||||||
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Three Months Ended | ||||||||||
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March 31, 2013 |
|
December 31, 2012 |
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March 31, 2012 | ||||||
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|
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Net revenue |
$ |
329,143 |
|
|
$ |
345,083 |
|
|
$ |
357,837 |
|
|
|
|
|
|
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Operating expenses |
|
|
|
|
| ||||||
Cost of revenue |
197,838 |
|
|
213,544 |
|
|
205,470 |
| |||
Research and development |
68,308 |
|
|
58,872 |
|
|
66,289 |
| |||
Selling, general and administrative |
63,577 |
|
|
66,376 |
|
|
69,855 |
| |||
Acquisition-related charges |
2,255 |
|
|
1,946 |
|
|
1,956 |
| |||
Restructuring charges |
42,814 |
|
|
11,036 |
|
|
— |
| |||
(Recovery) impairment of receivables from foundry supplier |
(439) |
|
|
6,495 |
|
|
— |
| |||
Credit from reserved grant income |
— |
|
|
— |
|
|
(10,689) |
| |||
Gain on sale of assets |
(4,430) |
|
|
— |
|
|
— |
| |||
Settlement charges |
21,600 |
|
|
— |
|
|
— |
| |||
Total operating expenses |
391,523 |
|
|
358,269 |
|
|
332,881 |
| |||
(Loss) income from operations |
(62,380) |
|
|
(13,186) |
|
|
24,956 |
| |||
|
|
|
|
|
| ||||||
Interest and other income (expense), net |
352 |
|
|
(1,338) |
|
|
(224) |
| |||
(Loss) income before income taxes |
(62,028) |
|
|
(14,524) |
|
|
24,732 |
| |||
Benefit from (provision for) income taxes |
14,361 |
|
|
2,192 |
|
|
(4,345) |
| |||
Net (loss) income |
$ |
(47,667) |
|
|
$ |
(12,332) |
|
|
$ |
20,387 |
|
|
|
|
|
|
| ||||||
Basic net (loss) income per share: |
|
|
|
|
| ||||||
Net (loss) income per share |
$ |
(0.11) |
|
|
$ |
(0.03) |
|
|
$ |
0.05 |
|
Weighted-average shares used in basic net (loss) income per share calculations |
428,999 |
|
|
429,312 |
|
|
440,265 |
| |||
Diluted net (loss) income per share: |
|
|
|
|
| ||||||
Net (loss) income per share |
$ |
(0.11) |
|
|
$ |
(0.03) |
|
|
$ |
0.05 |
|
Weighted-average shares used in diluted net (loss) income per share calculations |
428,999 |
|
|
429,312 |
|
|
444,927 |
|