Atmel Net Income Up 298%; EPS of $0.26 Up 225%.Business Editors 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 20, 2000 Atmel | foundation = 1984 | location = San Jose, California, USA | industry = Semiconductors | products = Microcontrollers Flash memory | num_employees = 7800 | homepage = www.atmel.com }} Atmel Corporation (NASDAQ: ATML) is a manufacturer of semiconductors, founded in 1984. Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ATML ATML Automatic Test Markup Language ATML Automated Test Markup Language ), today announced record results for the second quarter ended June June: see month. 30, 2000. Revenues for the second quarter of 2000 totaled $478,758,000, up 54% from a year ago, and up 12% sequentially. Net income for the second quarter of 2000 totaled $61,325,000 or $0.26 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. Basic EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. for the quarter was $0.27. In the previous quarter (first quarter 2000), the Company reported net income of $41,852,000 or $0.19 per share. In last year's second quarter, the Company's net income was $15,404,000 or $0.08 per share. George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Perlegos, President and Chief Executive Officer, commented, "Revenues for the second quarter of 2000 were the highest in Atmel's history, and we are extremely pleased with our growth and profit performance. Revenues were ahead of our expectations driven by continued product sales strength, a stable to increasing pricing environment, and the continued successful ramp of our manufacturing capacity. Profitability measures improved as our gross margin increased to 43.5 percent from 37.6 percent a year ago, and our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: more than doubled from a year ago to 19.4 percent due to our continued focus on expense control, illustrating the leverage of our business model. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.26 also more than tripled from a year ago, despite the additional shares from the secondary offering completed in February February: see month. 2000 and the recent conversion of our $150 million convertible bond issue. In conclusion Perlegos stated, "New orders received in the quarter were strong, giving us confidence in the future. As we look out to the remainder of 2000 we are enthusiastic about the growth opportunities that take advantage of our expertise in a broad range of product areas, including advanced logic, nonvolatile memory See non-volatile memory. , security and radio frequency capabilities." 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 principal manufacturing facilities in Colorado Springs, Colorado The City of Colorado Springs is the second most populous city (after Denver) in the state of Colorado and the 48th most populous city in the United States.[4] The city is the county seat of El Paso County. , Grenoble Grenoble (grənô`blə), city (1990 pop. 153,973), capital of Isère dept., SE France, on the Isère River at the foot of the Alps. It is the hydroelectric center of France and has an important nuclear-research center. , Nantes Nantes (näNt), city (1990 pop. 252,029), capital of Loire-Atlantique dept., W France, on the Loire River. It is an important industrial and shipping center with its ocean port at Saint-Nazaire. and Rousset Rousset is the name or part of the name of several communes in France:
(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 800/292-8635. Internationally from a fax phone, dial 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 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)
June 30, 2000 Dec. 31, 1999
(Unaudited)
Current assets:
Cash and cash equivalents $ 841,503 $ 251,272
Short-term investments 252,938 161,190
Accounts receivable, net 340,053 281,843
Inventories 286,455 274,065
Other current assets 85,674 70,938
---------- ----------
Total current assets 1,806,623 1,039,308
Other assets 44,443 37,040
Fixed assets, net 1,175,027 938,562
---------- ----------
Total assets $3,026,093 $2,014,910
========== ==========
Current liabilities:
Current portion of
long-term debt $ 133,614 $ 147,166
Trade accounts payable 277,078 278,562
Accrued liabilities and other 147,454 94,584
Deferred income on
shipments to distributors 32,543 31,500
---------- ----------
Total current liabilities 590,689 551,812
Convertible notes 129,330 275,899
Long-term debt less
current portion 627,151 378,134
Other long-term liabilities 7,586 7,586
---------- ----------
Total liabilities 1,354,756 1,213,431
---------- ----------
Shareholders' equity:
Common stock 1,112,688 346,007
Retained earnings 558,649 455,472
---------- ----------
Total shareholders' equity 1,671,337 801,479
---------- ----------
Total liabilities and
shareholders' equity $3,026,093 $2,014,910
========== ==========
Atmel Corporation
Condensed Consolidated Income Statements
(In thousands, except per-share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Net revenues: $ 478,758 $ 311,142 $ 907,944 $ 601,179
Expenses:
Cost of sales 270,707 194,210 523,429 380,375
Research and development 62,616 43,124 124,529 90,353
Selling, general
and administrative 52,433 44,405 97,543 80,325
--------- --------- --------- ---------
Total expenses 385,756 281,739 745,501 551,053
--------- --------- --------- ---------
Operating income 93,002 29,403 162,443 50,126
Other income (expense), net 2,818 (5,335) (1,230) 32
--------- --------- --------- ---------
Income before taxes 95,820 24,068 161,213 50,158
Income tax (provision) (34,495) (8,664) (58,036) (18,056)
--------- --------- --------- ---------
Income before cumulative
effect of accounting change 61,325 15,404 103,177 32,102
Cumulative effect of
accounting change
(net of tax effect) 0 0 0 (29,068)
--------- --------- --------- ---------
Net income $ 61,325 $ 15,404 $ 103,177 $ 3,034
========= ========= ========= =========
Basic net income per share
Income per share before
cumulative effect of
accounting change $ 0.27 $ 0.08 $ 0.47 $ 0.16
Cumulative effect of
accounting change per share 0.00 0.00 0.00 (0.14)
--------- --------- --------- ---------
Basic net income per share $ 0.27 $ 0.08 $ 0.47 $ 0.02
========= ========= ========= =========
Diluted net income per share
Income per share before
cumulative effect of
accounting change $ 0.26 $ 0.08 $ 0.45 $ 0.16
Cumulative effect of
accounting change per share 0.00 0.00 0.00 (0.14)
--------- --------- --------- ---------
Diluted net income per share $ 0.26 $ 0.08 $ 0.45 $ 0.02
========= ========= ========= =========
Shares used in basic net
income per-share calculation 224,583 200,380 219,792 200,182
========= ========= ========= =========
Shares used in diluted net
income per-share calculation 241,445 205,850 236,951 205,316
========= ========= ========= =========
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