Atmel Announces First Quarter 2002 Financial Results; Revenues of $275.8 Million; Net Loss of $0.09 Per Share.Business Editors/High-Tech Writers SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--April 18, 2002 Atmel Corporation (Nasdaq:ATML ATML Automatic Test Markup Language ATML Automated Test Markup Language ) today announced financial results for the first quarter ended March 31, 2002. Revenues for the first quarter of 2002 totaled $275,773,000, versus $284,576,000 in the fourth quarter of 2001 and $525,944,000 in the first quarter of 2001. Net loss for the first quarter of 2002 totaled $44,333,000 or $0.09 per share. In the fourth quarter of 2001, the Company reported a net loss of $31,568,000 or $0.07 per share. In the first quarter of 2001, the Company's net income was $56,014,000 or $0.12 per share on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. "First quarter revenues were lower than expected, primarily due to an unfavorable mix of turns business," stated George Perlegos, Atmel's president and chief executive officer. "However, we believe the Company has reached the bottom of the cycle as we ended the quarter with positive sales momentum. Our book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can exceeded 1.1 to 1, and lead times in certain products have lengthened length·en tr. & intr.v. length·ened, length·en·ing, length·ens To make or become longer. length  en·er n. . We increased our manufacturing activity accordingly
towards the end of the quarter."
Perlegos added, "We expect revenues to grow by approximately 8 to 12 percent in Q2, driven by growth in proprietary products such as our AVR (Automatic Voltage Regulation) See voltage regulator. microcontrollers, USB hub A device that increases the number of USB ports on a PC. However, since the hub plugs into one of the USB ports on the computer, the total number of additional ports is minus one. For example, a four-port hub adds three new ports. controllers, wireless LAN A local area network that transmits over the air typically in the 2.4 GHz or 5 GHz unlicensed frequency band. It does not require line of sight between sender and receiver. Wireless base stations (access points) are wired to an Ethernet network and transmit a radio frequency over an area , secure Smart Card, and SiGe products. "We continue to implement further cost reductions and will focus on returning the Company to profitability as soon as possible," concluded Perlegos. Teleconference Atmel will hold a teleconference for the financial community at 3:00 PM Pacific Standard Time today to discuss fourth quarter financial results. Atmel will provide a real-time audio broadcast of the teleconference from the Investor Relations Investor relations The process by which the corporation communicates with its investors. page of its website at http://www.atmel.com. Investors may access the live teleconference by dialing 212-699-6810, passcode 458955. A webcast replay will be available for two weeks after the teleconference at http://www.atmel.com. Atmel will also provide a telephone recording of the teleconference, which will be available at approximately 5:00 PM PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT today. Interested parties may listen to the playback Playback could mean:
About Atmel Founded in 1984, Atmel Corporation is headquartered in San Jose, Calif. with principal manufacturing facilities in Colorado Springs Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. , Colo.; Grenoble, Nantes and Rousset, France; Heilbronn, Germany; Irving, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to ; and North Tyneside North Tyneside is a metropolitan borough of Tyne and Wear in the North East of England. Its seat is at the Town Hall, Wallsend. Created in 1974, the borough lies within the historic county boundaries of Northumberland. , England. Atmel designs, manufactures and markets on a worldwide basis advanced logic, mixed-signal, nonvolatile memory See non-volatile memory. , and RF semiconductors. Atmel is also a leading provider of system-level integration semiconductor solutions using advanced CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. , BiCMOS, BiPolar (1) See bipolar transmission. (2) One of two major categories of transistor; the other is "field effect transistor" (FET). Although the first transistors and first silicon chips were bipolar, most chips today are field effect transistors wired as CMOS logic, which and SiGe process technologies. Atmel product and financial information can be retrieved from its Fax-on Demand service. In North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. call 1(800) 292-8635. Internationally from a fax phone, dial 1(408) 441-0732. Requests may be sent via e-mail to literature@atmel.com or by visiting Atmel's website at http://www.atmel.com. Except for historical information contained herein, the matters set forth in this press release are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially, including the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new technologies, ability to ramp new products into volume, industry wide shifts in supply and demand for semiconductor products, industry and/or company overcapacity o·ver·ca·pac·i·ty n. Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. , effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets, ability to integrate and manage acquisitions, and other risks detailed from time to time in the Atmel's SEC reports and filings.
Atmel Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31, 2002 Dec. 31, 2001
---------- ----------
Current assets:
Cash and cash equivalents $ 270,300 $ 333,131
Short-term investments 216,121 259,877
Accounts receivable, net 192,392 186,558
Inventories 299,679 301,591
Other current assets 67,647 107,966
---------- ----------
Total current assets 1,046,139 1,189,123
Fixed assets, net 1,595,203 1,651,475
Other assets 181,005 183,599
---------- ----------
Total assets $2,822,347 $3,024,197
========== ==========
Current liabilities:
Current portion of long-term debt $ 166,826 $ 255,742
Trade accounts payable 107,827 147,315
Accrued liabilities and other 304,969 307,400
Deferred income on shipments to
distributors 21,701 24,296
---------- ----------
Total current liabilities 601,323 734,753
Convertible notes 350,262 345,918
Long-term debt less current portion 334,861 347,294
Other long-term liabilities 109,353 109,705
---------- ----------
Total liabilities 1,395,799 1,537,670
Stockholders' equity:
Common stock 1,167,781 1,183,427
Retained earnings 258,767 303,100
---------- ----------
Total stockholders' equity 1,426,548 1,486,527
Total liabilities and stockholders'
equity $2,822,347 $3,024,197
========== ==========
Atmel Corporation
Condensed Consolidated Income Statements
(In thousands, except per-share data)
(Unaudited)
Three Months Ended
March 31
2002 2001
--------- ---------
Net revenues: $ 275,773 $ 525,944
Expenses:
Cost of sales 223,469 314,750
Research and development 63,174 69,195
Selling, general and
administrative 30,305 55,149
--------- ---------
Total expenses 316,948 439,094
Operating income (loss) (41,175) 86,850
Other income (expense), net (8,084) 672
--------- ---------
Income (loss) before taxes (49,259) 87,522
Income tax benefit (provision) 4,926 (31,508)
--------- ---------
Net income (loss) ($ 44,333) $ 56,014
========= =========
Basic net income (loss) per share ($ 0.09) $ 0.12
Diluted net income (loss) per share ($ 0.09) $ 0.12
Shares used in basic net income
(loss) per-share calculation 466,782 463,400
Shares used in diluted net income
(loss) per-share calculation 466,782 494,013
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion