Atmel Provides Preliminary Third Quarter 2002 Results.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)--Oct. 11, 2002 Atmel Corporation (Nasdaq:ATML ATML Automatic Test Markup Language ATML Automated Test Markup Language ) today announced preliminary results for the third quarter of 2002, ending September 30, 2002. "During the third quarter, our cash and cash equivalents improved from approximately $440 million on June 30, 2002, to approximately $500 million on September 30, 2002, due primarily to a federal tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. ," stated George Perlegos, President and Chief Executive Officer of Atmel. "Revenues totaled approximately $300 million, which is within the expectations provided in our press release of September 17, 2002. I believe the company is in strong financial condition, revenues are stable, and will grow due to our strong product portfolio of leading edge and specialized technologies," continued Mr. Perlegos. "During the quarter we repurchased approximately 3.4 million shares of Atmel stock as part of our buyback program, and we have approval from the Board of Directors to continue the buyback of up to 100 million shares of Atmel common stock at management's discretion," added Mr. Perlegos. "Additionally, Atmel has and will continue to repurchase its outstanding convertible bonds if opportunities arise to purchase at a discount." "We intend to continue to take aggressive actions to lower our cost base and optimize our cash position as we consolidate and reduce the expenses in our manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. worldwide. We expect to be 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 positive going forward. Based upon customer feedback and the early indication of opportunities, we expect a strong year in the wireless solutions, security and EEPROM (Electrically Erasable Programmable ROM) A rewritable memory chip that holds its content without power. Although EEPROMs spawned flash memory, EEPROMs are byte addressable at the write level, whereas flash chips must erase a block of bytes before rewriting. Microcontroller, and RF SiGe product areas. "I am pleased to announce that we have added Dr. Chaiho Kim to our Board of Directors as our fourth external board member, and we have appointed him to head the audit committee," said Mr. Perlegos. Dr. Kim has a Ph.D. in Business Administration from Columbia University Columbia University, mainly in New York City; founded 1754 as King's College by grant of King George II; first college in New York City, fifth oldest in the United States; one of the eight Ivy League institutions. , with major areas of study in Finance and Statistics. He is a senior faculty member and has been Chairman of the Ph.D. program at the Leavey School of Business The Leavey School of Business at Santa Clara University was founded in 1923 and accredited by the Association to Advance Collegiate Schools of Business twenty years later. , Santa Clara University. Atmel will hold its regular quarterly conference call after the release of its quarterly earnings on Thursday, October 17th, after market close. 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 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, Nantes and Rousset, France and Heilbronn, Germany, Irving, Texas, and North Tyneside, England. Atmel designs, manufactures and markets on a worldwide basis advanced logic, mixed-signal, nonvolatile 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 and SiGe process technologies. Atmel product and financial information can be retrieved from its Fax-on Demand service. In North America 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 overcapacity, 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. |
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