0000872448-14-000006.txt : 20140211 0000872448-14-000006.hdr.sgml : 20140211 20140211164936 ACCESSION NUMBER: 0000872448-14-000006 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140211 DATE AS OF CHANGE: 20140211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATMEL CORP CENTRAL INDEX KEY: 0000872448 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770051991 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-19032 FILM NUMBER: 14594923 BUSINESS ADDRESS: STREET 1: 1600 TECHNOLOGY DRIVE CITY: SAN JOSE STATE: CA ZIP: 95110 BUSINESS PHONE: 4084410311 MAIL ADDRESS: STREET 1: 1600 TECHNOLOGY DRIVE CITY: SAN JOSE STATE: CA ZIP: 95110 8-K/A 1 atml-q4138xka.htm 8-K/A ATML - Q4'13 8-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 

 
FORM 8-K/A
(Amendment No. 1)

 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):

February 5, 2014 

 
ATMEL CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
 
0-19032
 
77-0051991
(State or other jurisdiction of
incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
1600 Technology Drive
San Jose, CA 95110
(Address of principal executive offices, including zip code)
 
(408) 441-0311
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 2.02.    Results of Operations and Financial Condition.

Atmel Corporation (the "Company") is filing this Amendment No. 1 (the “Amendment”) to Form 8-K to correct typographical errors in Exhibit No. 99.1 to the Form 8-K it furnished to the Securities and Exchange Commission on February 5, 2014 . These corrections do not result in any change to GAAP financial results or any of the non-GAAP gross margin, non-GAAP income from operations, non-GAAP net income or non-GAAP diluted net income per share amounts disclosed in the Company's February 5, 2014 press release, each of which remains as originally reported for the twelve months ended December 31, 2013.

Specifically, the amounts for the “Twelve months ended December 31, 2013” as set forth in the columns below are hereby revised:

 
Revised
 
Originally Reported
 
(in thousands)
Share-based compensation - research and development expense                          

$
(15,529
)
 
$
15,529

Non-GAAP research and development expense                                                          

$
250,790

 
$
281,848

Share-based compensation - selling, general and administrative expense             

$
(24,404
)
 
$
24,404

Non-GAAP selling, general and administrative expense                                                           
$
214,997

 
$
263,805


The information in this Amendment is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information in this Amendment shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.
 
Description
 
 
 
99.1
 
Reconciliation of GAAP financial measures to non-GAAP financial measures.










SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
Atmel Corporation
 
 
 
 
 
 
February 11, 2014
By:
/s/ Steve Skaggs
 
 
Steve Skaggs
 
 
Senior Vice President and Chief Financial Officer



EXHIBIT INDEX
 
Exhibit No.
 
Description
 
 
 
99.1
 
Reconciliation of GAAP financial measures to non-GAAP financial measures.



EX-99.1 2 ex991-q413revised.htm EXHIBIT ex991 -q4'13 revised

ATMEL CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except for per share data)
(Unaudited)
 
 
Three Months Ended
 
Twelve Months Ended
 
 
December 31,
2013
 
September 30,
2013
 
December 31,
2012
 
December 31,
2013
 
December 31,
2012
GAAP gross margin
 
$
150,928

 
$
143,467

 
$
131,539

 
$
573,625

 
$
601,319

Loss from manufacturing facility damage and shutdown
 
2,205

 
—

 
—

 
2,205

 
—

Loss related to foundry arrangements
 
—

 
8,938

 
10,628

 
7,424

 
10,628

Share-based compensation expense
 
1,301

 
1,136

 
1,329

 
5,889

 
8,052

Non-GAAP gross margin
 
$
154,434

 
$
153,541

 
$
143,496

 
$
589,143

 
$
619,999

 
 
 
 
 
 
 
 
 
 
 
GAAP research and development expense
 
$
64,625

 
$
66,790

 
$
58,872

 
$
267,085

 
$
251,519

Share-based compensation expense
 
(4,804
)
 
(3,100
)
 
(5,257
)
 
(15,529
)
 
(22,825
)
French building underutilization and other
 
(766
)
 
—

 
—

 
(766
)
 
—

Non-GAAP research and development expense
 
$
59,055

 
$
63,690

 
$
53,615

 
$
250,790

 
$
228,694

 
 
 
 
 
 
 
 
 
 
 
GAAP selling, general and administrative expense
 
$
61,298

 
$
55,793

 
$
66,376

 
$
239,580

 
$
275,257

Share-based compensation expense
 
(9,382
)
 
(3,858
)
 
(9,818
)
 
(24,404
)
 
(41,565
)
French building underutilization and other
 
(179
)
 
—

 
—

 
(179
)
 
—

Non-GAAP selling, general and administrative expense
 
$
51,737

 
$
51,935

 
$
56,558

 
$
214,997

 
$
233,692

 
 
 
 
 
 
 
 
 
 
 
GAAP income (loss) from operations
 
$
26,767

 
$
11,050

 
$
(13,186
)
 
$
(5,170
)
 
$
47,363

Share-based compensation expense
 
15,486

 
8,094

 
16,404

 
45,822

 
72,442

Acquisition-related (credits) charges
 
(165
)
 
1,685

 
1,946

 
5,534

 
7,388

Restructuring (credits) charges
 
(1,519
)
 
8,149

 
11,036

 
50,026

 
23,986

Loss from manufacturing facility damage and shutdown
 
2,205

 
—

 
—

 
2,205

 
—

Loss related to foundry arrangements
 
—

 
8,938

 
10,628

 
7,424

 
10,628

(Recovery) impairment of receivables from foundry suppliers
 
(78
)
 
—

 
6,495

 
(600
)
 
6,495

Credit from reserved grant income
 
—

 
—

 
—

 
—

 
(10,689
)
French building underutilization and other
 
945

 
—

 
—

 
945

 
—

Gain on sale of assets
 
—

 
—

 
—

 
(4,430
)
 
—

Settlement charges
 
—

 
—

 
—

 
21,600

 
—

Non-GAAP income from operations
 
$
43,641

 
$
37,916

 
$
33,323

 
$
123,356

 
$
157,613

 
 
 
 
 
 
 
 
 
 
 
GAAP (provision for) benefit from income taxes
 
$
(23,186
)
 
$
(7,038
)
 
$
2,192

 
$
(21,542
)
 
$
(11,793
)
Adjustments for cash tax and other tax settlements
 
(22,257
)
 
(5,449
)
 
4,790

 
(16,428
)
 
(4,410
)
Non-GAAP provision for income taxes
 
$
(929
)
 
$
(1,589
)
 
$
(2,598
)
 
$
(5,114
)
 
$
(7,383
)
 
 
 
 
 
 
 
 
 
 
 
GAAP net income (loss)
 
$
4,512

 
$
5,426

 
$
(12,332
)
 
$
(24,753
)
 
$
30,445

Share-based compensation expense
 
15,486

 
8,094

 
16,404

 
45,822

 
72,442

Acquisition-related (credits) charges
 
(165
)
 
1,685

 
1,946

 
5,534

 
7,388

Restructuring (credits) charges
 
(1,519
)
 
8,149

 
11,036

 
50,026

 
23,986

Loss from manufacturing facility damage and shutdown
 
2,205

 
—

 
—

 
2,205

 
—

Loss related to foundry arrangements
 
—

 
8,938

 
10,628

 
7,424

 
10,628

(Recovery) impairment of receivables from foundry suppliers
 
(78
)
 
—

 
6,495

 
(600
)
 
6,495

Credit from reserved grant income
 
—

 
—

 
—

 
—

 
(10,689
)
French building underutilization and other
 
945

 
—

 
—

 
945

 
—

Gain on sale of assets
 
—

 
—

 
—

 
(4,430
)
 
—

Settlement charges
 
—

 
—

 
—

 
21,600

 
—

Tax adjustments
 
22,257

 
5,449

 
(4,790
)
 
16,428

 
4,410

Non-GAAP net income
 
$
43,643

 
$
37,741

 
$
29,387

 
$
120,201

 
$
145,105

 
 
 
 
 
 
 
 
 
 
 
GAAP net income (loss) per share - diluted
 
$
0.01

 
$
0.01

 
$
(0.03
)
 
$
(0.06
)
 
$
0.07

Share-based compensation expense
 
0.03

 
0.02

 
0.04

 
0.10

 
0.16

Acquisition-related (credits) charges
 
—

 
0.01

 
0.01

 
0.01

 
0.02

Restructuring (credits) charges
 
—

 
0.02

 
0.02

 
0.11

 
0.05

Loss from manufacturing facility damage and shutdown
 
0.01

 
—

 
—

 
0.01

 
—

Loss related to foundry arrangements
 
—

 
0.02

 
0.02

 
0.02

 
0.02

(Recovery) impairment of receivables from foundry suppliers
 
—

 
—

 
0.01

 
—

 
0.01

Credit from reserved grant income
 
—

 
—

 
—

 
—

 
(0.02
)
Gain on sale of assets
 
—

 
—

 
—

 
(0.01
)
 
—

Settlement charges
 
—

 
—

 
—

 
0.05

 
—

Tax adjustments
 
0.05

 
0.01

 
—

 
0.04

 
0.01

Non-GAAP net income per share - diluted
 
$
0.10

 
$
0.09

 
$
0.07

 
$
0.27

 
$
0.32

 
 
 
 
 
 
 
 
 
 
 
GAAP diluted shares
 
428,008

 
429,639

 
429,312

 
427,460

 
437,582

Adjusted dilutive stock awards - non-GAAP
 
9,503

 
9,207

 
14,669

 
11,841

 
9,764

Non-GAAP diluted shares
 
437,511

 
438,846

 
443,981

 
439,301

 
447,346