Atmel Updates Fourth Quarter Income Tax Expense With Filing of Annual Form 10-K
Poster: SySAdmin
Posted on March 1, 2010 at 10:58:46 AM
Atmel Updates Fourth Quarter Income Tax Expense With Filing of Annual Form 10-K
SAN JOSE, Calif., March 1 -- Atmel® Corporation (NASDAQ:ATML), a leader in microcontroller and touch solutions, today announced revised fourth quarter income tax expense in conjunction with filing its Form 10-K for the year ended December 31, 2009. The company recorded out-of-period adjustments totaling $8.7 million to income tax expense associated with certain foreign intercompany loans and alternative minimum tax, which related to fiscal years 2003 to 2008. The company also recorded out-of-period adjustments of $1.3 million to income tax expense related to the prior interim quarters of 2009. As a result, total out-of-period adjustments to income tax expense for the fourth quarter of 2009 totaled $10.0 million. As a result of the additional out-of-period adjustments noted above, income tax expense for the fourth quarter of 2009 totaled $10.5 million, compared to income tax expense of $4.2 million reported in our press release dated February 8, 2010.
Management has assessed the impact of these errors on prior period financial statements in accordance with the SEC's Staff Accounting Bulletin No. 99 ("SAB 99") and concluded that these amounts are not material to any prior period financial statements, nor is the correction of these errors material to the 2009 financial statements. As a result, the company has not restated any prior period amounts.
As a result of the income tax expense correction, net loss for the fourth quarter and for the year ended December 31, 2009 has been revised to $83.3 million and $109.5 million, respectively, or a loss of $0.18 and $0.24 per share. In the press release dated February 8, 2010, the company had previously reported net loss for the fourth quarter and for the year ended December 31, 2009 of $76.9 million and $103.2 million, respectively, or a loss of $0.17 and $0.23 per share.
Further information on Atmel's results for 2009 and prior years is available in our Form 10-K filed today for the year ended December 31, 2009. This document can be accessed at our company website at: http://atml.client.shareholder.com/sec.cfm
About Atmel
Atmel is a worldwide leader in the design and manufacture of capacitive touch solutions, microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel is able to provide the electronics industry with complete system solutions focused on consumer, industrial, security, communications, computing and automotive markets.
Investor Contact: Media Contact:
Deborah Stapleton Barrett Golden / Jaime Wert
Stapleton Communications Inc. Joele Frank, Wilkinson Brimmer Katcher
Investor Relations Counsel 212-355-4449
650.470.4200
Source: Atmel Corporation
CONTACT: Investors, Deborah Stapleton of Stapleton Communications Inc.,
Investor Relations Counsel, +1-650-470-4200, or Media, Barrett Golden or Jaime
Wert of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, all for Atmel
Corporation
Web Site: http://www.atmel.com/
SAN JOSE, Calif., March 1 -- Atmel® Corporation (NASDAQ:ATML), a leader in microcontroller and touch solutions, today announced revised fourth quarter income tax expense in conjunction with filing its Form 10-K for the year ended December 31, 2009. The company recorded out-of-period adjustments totaling $8.7 million to income tax expense associated with certain foreign intercompany loans and alternative minimum tax, which related to fiscal years 2003 to 2008. The company also recorded out-of-period adjustments of $1.3 million to income tax expense related to the prior interim quarters of 2009. As a result, total out-of-period adjustments to income tax expense for the fourth quarter of 2009 totaled $10.0 million. As a result of the additional out-of-period adjustments noted above, income tax expense for the fourth quarter of 2009 totaled $10.5 million, compared to income tax expense of $4.2 million reported in our press release dated February 8, 2010.
Management has assessed the impact of these errors on prior period financial statements in accordance with the SEC's Staff Accounting Bulletin No. 99 ("SAB 99") and concluded that these amounts are not material to any prior period financial statements, nor is the correction of these errors material to the 2009 financial statements. As a result, the company has not restated any prior period amounts.
As a result of the income tax expense correction, net loss for the fourth quarter and for the year ended December 31, 2009 has been revised to $83.3 million and $109.5 million, respectively, or a loss of $0.18 and $0.24 per share. In the press release dated February 8, 2010, the company had previously reported net loss for the fourth quarter and for the year ended December 31, 2009 of $76.9 million and $103.2 million, respectively, or a loss of $0.17 and $0.23 per share.
Further information on Atmel's results for 2009 and prior years is available in our Form 10-K filed today for the year ended December 31, 2009. This document can be accessed at our company website at: http://atml.client.shareholder.com/sec.cfm
About Atmel
Atmel is a worldwide leader in the design and manufacture of capacitive touch solutions, microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel is able to provide the electronics industry with complete system solutions focused on consumer, industrial, security, communications, computing and automotive markets.
Investor Contact: Media Contact:
Deborah Stapleton Barrett Golden / Jaime Wert
Stapleton Communications Inc. Joele Frank, Wilkinson Brimmer Katcher
Investor Relations Counsel 212-355-4449
650.470.4200
Source: Atmel Corporation
CONTACT: Investors, Deborah Stapleton of Stapleton Communications Inc.,
Investor Relations Counsel, +1-650-470-4200, or Media, Barrett Golden or Jaime
Wert of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, all for Atmel
Corporation
Web Site: http://www.atmel.com/