Atmel Reports Third Quarter 2014 Financial Results

 

ATMEL CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(Unaudited)
































Three Months Ended


Nine Months Ended


September 30, 


June 30, 


September 30, 


September 30, 


September 30, 


2014


2014


2013


2014


2013











GAAP gross margin

$            176,843


$  161,238


$            143,467


$            478,071


$            422,697

(Gain) loss from manufacturing facility damage and shutdown

(3,571)


-


-


3,485


-

(Gain) loss related to foundry arrangements

(454)


(2,071)


8,938


(2,583)


7,424

Fair value adjustments to inventory from businesses acquired

1,548


-


-


1,548


-

Share-based compensation expense

1,605


1,971


1,136


4,892


4,589

Non-GAAP gross margin

$            175,971


$  161,138


$            153,541


$            485,413


$            434,710











GAAP research and development expense

$              69,917


$    70,082


$              66,790


$            209,751


$            202,460

Share-based compensation expense

(4,632)


(4,383)


(3,100)


(13,744)


(10,724)

French building underutilization and other

(608)


(651)


-


(2,220)


-

Non-GAAP research and development expense

$              64,677


$    65,048


$              63,690


$            193,787


$            191,736











GAAP selling, general and administrative expense

$              65,324


$    64,783


$              55,793


$            194,186


$            178,282

Share-based compensation expense

(8,680)


(8,924)


(3,858)


(27,176)


(15,023)

French building underutilization and other

(214)


(515)


-


(1,064)


-

Non-GAAP selling, general and administrative expense

$              56,430


$    55,344


$              51,935


$            165,946


$            163,259











GAAP income (loss) from operations

$              33,600


$    26,459


$              11,050


$              64,814


$            (31,937)

Share-based compensation expense

14,917


15,278


8,094


45,812


30,336

(Gain) loss from manufacturing facility damage and shutdown

(3,571)


-


-


3,485


-

Acquisition-related charges

7,162


1,497


1,685


10,287


5,699

French building underutilization and other

822


1,166


-


3,284


-

Restructuring charges (credits) 

840


(1,583)


8,149


(967)


51,545

(Gain) loss related to foundry arrangements

(454)


(2,071)


8,938


(2,583)


7,424

Fair value adjustments to inventory from businesses acquired

1,548


-


-


1,548


-

Recovery of receivables from foundry suppliers

-


-




-


(522)

Gain on sale of assets

-


-




-


(4,430)

Settlement charges

-


-




-


21,600

Non-GAAP income from operations

$              54,864


$    40,746


$              37,916


$            125,680


$              79,715











GAAP (provision for) benefit from income taxes

$            (11,619)


$    (6,021)


$              (7,038)


$            (20,306)


$                 1,644

Adjustments for cash tax and other tax settlements

(9,522)


(4,788)


(5,449)


(15,961)


5,829

Non-GAAP provision for income taxes

$              (2,097)


$    (1,233)


$              (1,589)


$              (4,345)


$              (4,185)











GAAP net income (loss) 

$              17,250


$    19,236


$                 5,426


$              38,652


$            (29,265)

Share-based compensation expense

14,917


15,278


8,094


45,812


30,336

(Gain) loss from manufacturing facility damage and shutdown

(3,571)


-


-


3,485


-

Acquisition-related charges

7,162


1,497


1,685


10,287


5,699

French building underutilization and other

822


1,166


-


3,284


-

Restructuring charges (credits) 

840


(1,583)


8,149


(967)


51,545

(Gain) loss related to foundry arrangements

(454)


(2,071)


8,938


(2,583)


7,424

Fair value adjustments to inventory from businesses acquired

1,548


-


-


1,548


-

Recovery of receivables from foundry suppliers

-


-


-


-


(522)

Gain on sale of assets

-


-


-


-


(4,430)

Settlement charges

-


-


-


-


21,600

Write-down of investments in privately-held companies

1,805


-


-


1,805


-

Tax adjustments

9,522


4,788


5,449


15,961


(5,829)

Non-GAAP net income

$              49,841


$    38,311


$              37,741


$            117,284


$              76,558











GAAP net income (loss) per share - diluted

$                   0.04


$         0.05


$                   0.01


$                   0.09


$                 (0.07)

Share-based compensation expense

0.04


0.03


0.02


0.11


0.07

(Gain) loss from manufacturing facility damage and shutdown

(0.01)


-


-


0.01


-

Acquisition-related charges

0.02


-


0.01


0.02


0.01

French building underutilization and other

-


-


-


0.01


-

Restructuring charges (credits) 

-


-


0.02


-


0.12

(Gain) loss related to foundry arrangements

-


-


0.02


(0.01)


0.02

Fair value adjustments to inventory from businesses acquired

-


-


-


-



Recovery of receivables from foundry suppliers

-


-


-


-


-

Gain on sale of assets

-


-


-


-


(0.01)

Settlement charges

-


-


-


-


0.05

Write-down of investments in privately-held companies

0.01


-




-



Tax adjustments

0.02


0.01


0.01


0.04


(0.02)

Non-GAAP net income per share  - diluted

$                   0.12


$         0.09


$                   0.09


$                   0.27


$                   0.17











GAAP diluted shares

420,964


422,834


429,639


423,700


427,944

Adjusted dilutive stock awards - non-GAAP

7,297


7,212


9,207


6,676


11,707

Non-GAAP diluted shares

428,261


430,046


438,846


430,376


439,651


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