Atmel Comments That Guidance Remains Unchanged; Company Outlines Restructuring Plans.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)--July 26, 2002 Atmel(R) Corporation (Nasdaq:ATML ATML Automatic Test Markup Language ATML Automated Test Markup Language ) commented today that its financial guidance remains unchanged, and that the Company is executing on its restructuring plan to bring costs down and return the Company to profitability. George Perlegos, President and Chief Executive Officer, stated, "We believe Atmel's business is improving, as evidenced by the 14% sequential increase in second quarter revenues to $315 million, from $276 million in the first quarter of 2002. "Also, our financial position remains strong," continued Perlegos. "Cash and equivalents totaled over $440 million at June 30, and our estimated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become totaled $26 million for the second quarter, which is approximately double the level of the previous quarter. "As we stated on the quarterly conference call last week, we have made a great deal of progress in the restructuring program to date, such as a reduction of approximately 1500 in headcount, and a $97 million reduction in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. since the first quarter of 2001. Also we are continuing to take the appropriate steps to best position the Company for the upturn, such as the recently announced closure of Fab 8 in 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 . Perlegos concluded, "We remain tightly focused on achieving our expense reduction goals by completing the Company-wide migration to more cost-effective technology processes such as 0.18 micron, closing or idling factories until the capacity is needed, and eventually closing some of our older facilities." Management believes these cost reduction measures should be completed over the next several quarters. About Atmel Founded in 1984, Atmel Corporation is headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. with manufacturing facilities in North America and Europe. Atmel designs, manufactures and markets worldwide, advanced logic, mixed-signal, nonvolatile memory and RF semiconductors. Atmel is also a leading provider of system-level integration semiconductor solutions using 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, SiGe, and high-voltage BCDMOS process technologies. Note to Editors: Atmel, the Atmel logo and combinations thereof and others contained herein, are trademarks of Atmel Corporation. IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) is a trademark of IBM-Lotus. Terms and product names in this document may be the trademarks of others. Information: Requests may be sent via e-mail to literature@atmel.com or by visiting Atmel's website at www.atmel.com. |
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